For those who may not be familiar, OpenSea is an online marketplace where users can buy, sell, and trade digital assets - everything from NFTs to virtual real estate. On February 17th, 2023, the company made a major announcement that has many in the crypto community excited: they are going "zero-fee." In other words, when you buy or sell something on OpenSea, you won't have to pay any transaction fees.
This is a pretty significant move, as fees can add up quickly - especially for active traders. So why is OpenSea making this change? According to the company, it's all part of their larger vision for a more open and equitable Web3.
For those who may not be familiar, Web3 is a term used to describe a decentralized version of the internet where users have more control over their data and identities. In this vision of the future, users are not beholden to large corporations or centralized platforms, and are able to engage with the web in a more democratic and transparent way.
For OpenSea, going zero-fee is a way to make their marketplace more accessible to everyone - regardless of how much they can afford to pay in fees. This is a nod to the company's commitment to decentralization and Web3 principles, as they strive to create a marketplace that is truly equitable and accessible to all.
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But that's not all. OpenSea is also changing the way they handle creator royalties. In the past, whenever someone bought one of your creations on OpenSea, you would automatically get a cut of the sale. However, as of the same announcement, creators can now waive those royalties altogether.
At first glance, this might seem counterintuitive - why would anyone want to give up their share of a sale? However, there are a few good reasons why a creator might choose to waive their royalties. For one thing, it can make their work more affordable, which could in turn make it more appealing to potential buyers. By setting a lower price, the creator may be able to reach a wider audience, increasing their visibility and potentially leading to more sales in the long run.
