OpenSea makes major changes in its marketplace policy, thanks to Blur

ambcrypto.com:

Popular NFT marketplaceOpenSea announced that it will cut its 2.5% service fee on sales for a limited period of time and will move towards optional creator royalties, as the competition among NFT marketplaces heats up.

— OpenSea (@opensea) February 17, 2023

OpenSea stated that it will enforce a minimum of just 0.5% creator royalty for all collections without on-chain royalty enforcement.

It also said that it will allow sales on NFT marketplaces like Blur with the same policies, going back on its earlier policy of blocking marketplaces that don’t honor royalty payments.

Blur marketplace, which released its native tokenBLUR recently, has expanded at a rapid pace since its launch just four months ago. A combination of enticing marketplace rules, where it charges zero trading fees, and a marketing strategy of dropping BLUR tokens to boost activity on the platform, has threatened OpenSea’s dominance in the NFT marketplace landscape.

In fact, the daily trading volume on Blur increased by more than four times since the launch of Blur token, data from Dune Analytics revealed. Blur’s share of the total NFT trading volume remained above 70% since the launch, comfortably surpassing OpenSea.

Source: Dune Analytics

Blur’s gain has been OpenSea’s loss. As evident from data by Token Terminal, key indicators on OpenSea showed a decline. The daily active users on the marketplace nosedived from a monthly peak of 90.6k on 10 February to a little