NFTs will revolutionize the Blockchain according to the CEO of Aptos Labs

In the NFT marketplaces segment, the giant OpenSea finds itself in great competition with Blur, a younger player. Last Wednesday, the new NFT marketplace indeed outclassed OpenSea in terms of trading volumes on Ethereum. According to data provided by Nansen.ai, at the time of this exploit, Blur recorded 6,600 ETH in transactions, compared to 5,649 for its competitor. On the side of OpenSea, it is time for the reversal of the trend. What is the company doing to regain its leading position in this segment?

Temporary reduction of fees on NFT sales, but not only!

In a thread published on February 17, the leader of NFT marketplaces, OpenSea announced a new price list on its platform. This involves a temporary reduction to 0% of the commission on NFT sales. Usually the commission charged here is 2.5%.

Additionally, OpenSea will charge a minimum of 0.5% on creation royalties for old and new collections of NFTs, which do not use the on-chain application method.

The new OpenSea changes

According to the update, marketplaces with the same policies will not be blocked by the operator filter. This update comes in a context where Blur, a competitor of OpenSea recorded, a few days ago, higher trading volume than the giant of the segment. An upturn favored by much more attractive services for NFT market participants, and which weakens OpenSea’s leading position.

Indeed, the Blur marketplace, which has been active since October, does not charge fees on NFT sales.

“There has been a massive shift in the NFT ecosystem. In October, we started to see significant volume and users moving to NFT marketplaces that don’t fully enforce creator revenue charges. Today, this change has accelerated dramatically despite our best efforts”, we read in the OpenSea thread. Thus, OpenSea hopes to regain a good momentum and regain its leading position in this market.

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