In response to increased competition from emerging platform Blur, OpenSea has announced changes to its creator royalty fees and sales fees. OpenSea will temporarily remove its 2.5% sales fee and implement a 0.5% mandatory creator royalty fee only for NFT trades without on-chain enforcement. However, sellers can still choose to pay more, and creator royalty fees are typically 5% to 10% of the sale price.

OpenSea’s enforcement tool will no longer block marketplaces that follow this new approach. The move comes after Blur’s successful airdrop of its BLUR token to over 100,000 NFT traders and its recommendation that creators prevent their tokens from being traded on OpenSea. Unlike OpenSea,

Blur does not charge sellers a fee, and it prohibits secondary trades on OpenSea. OpenSea claims that it aimed to protect creators from platforms like Blur, which it accuses of not fully enforcing creator royalty settings. Roughly 80% of NFT trading volume occurs without some form of creator royalty, and OpenSea is trying to find a way forward that benefits both NFT creators and traders.

Summary:
OpenSea is lowering creator royalty protections to compete with Blur. A 0.5% required creator royalty fee is now being implemented by OpenSea for NFT deals without on-chain enforcement.
Unlike OpenSea, Blur doesn’t charge vendors. As a result, OpenSea is losing users while Blur is attracting them.
Secondary OpenSea trades are forbidden by Law. OpenSea asserts that it safeguarded creators as a result of Blur and other platforms’ actions.