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Leading non-fungible token (NFT) marketplace OpenSea said Friday that it will temporarily eliminate its marketplace cost, intensifying competition with popular no-fee marketplace Blur.
In a tweet, OpenSea announced that for a short period, it will charge no marketplace fees and will default all collections without on-chain royalty enforcement to voluntary creator royalties beginning at 0.5%.
The marketplace has also updated its blacklist of other markets that do not honor full royalty payments to authors, enabling sales on NFT marketplaces that follow the same principles. It was specifically stated that this includes Blur as they fulfill their pledge of no longer making authors to choose between the two platforms in order to receive full royalties on their collections.
OpenSea also said on Twitter:
“This is the start of a new era for OpenSea. We’re excited to test this model and find the right balance of incentives and motivations for all ecosystem participants – creators, collectors, and power buyers and sellers.”