In the face of rising competition from upstart rival Blur, leading NFT marketplace OpenSea announced that it will temporarily eliminate its 2.5% fee on sales, as well as cut down creator royalty protections as it attempts to weather a rapidly changing market.
Along with axing its own marketplace fee on trades for a “limited time,” effectively cutting off its primary source of revenue, OpenSea tweeted that it will only enforce a 0.5% mandatory creator royalty fee on NFT trades for projects that don’t have an on-chain enforcement method, although sellers can choose to pay a larger percentage.
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