OpenSea NFT marketplace cancels service fees

OpenSea, the world’s leading NFT marketplace, has decided to make a serious decision in order to maintain its market leading position.

During the day on Friday, the trading platform announced, to suspend the payment of service fees to users for an indefinite period. All of this was most likely done by the company because the competition between OpenSea and Blur is intensifying. The aforementioned NFT marketplace has become widely popular, among other things, because trading is 100% free of charge on the platform.

The tension was at a fever pitch last week as Blur’s own token debuted on Tuesday, but the real black soup didn’t arrive until Wednesday. It turned out that Blur surpassed OpenSea in terms of trading volume. He needed only 4 months for this, following his departure in October.

The platform announced the details of the amendment to its large following via its official Twitter account. Under this “for a limited time” It will function with 0% fees, and optional creator fees have also been introduced, which start at 0.5%. What’s more, marketplaces using similar policies will no longer be blocked by the filter – this includes Blur. This means that creators will no longer have to choose between two marketplaces in the future.

“This is the beginning of a new era for OpenSea. We are excited to test this model and find the right balance of incentives for all parties involved.”can be read on Twitter.

OpenSea is doing everything to stay in the saddle and continue to be the hottest marketplace in the NFT sector. Last September, for example, it introduced a new protocol that ranks various NFT rarities for collectors.

At the same time, presumably, Blur won’t stand idly by when its rival tries to cross it. Moreover, he takes every opportunity to encourage users to say goodbye to OpenSea’s unfair reward system and switch to Blur.