OpenSea admitted that it is losing users due to competing NFT trading platforms. Therefore, from February 18, the platform will temporarily cancel the sales commission of 2.5%.
According to the Nansen analytical platform, condition As of February 18, the NFT marketplace Blur has surpassed OpenSea in terms of daily trading volume. According to experts, the activity of users and the growing volume of trading demonstrates how much NFT platform clients agree with the tariff policy of its operator. They expect a greater return on their investment and choose a marketplace that serves their interests.
Responding to growing competition from alternative NFT trading platforms, OpenSea announced that it will temporarily eliminate the 2.5% sales commission effective February 18, as well as reduce the level of royalties. The minimum royalty payable to authors of NFT collections is temporarily set at 0.5% of the deal. Members of the crypto community speculate that OpenSea will increase fees again in the future if it manages to win back lost customers.
In January, an OpenSea user who suffered from phishing sued the site for a three-month blocking of his account, as a result of which he suffered $500,000 in damages.
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