OpenSea Pro implements new 0.5% fee to all listings; NFT community left upset
The NFT community is dismayed as OpenSea Pro announced a new 0.5% fee to all collections listed on the platform as a response to banning mandatory creator royalties.
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Fee to prevent fake trading volumes
OpenSea Pro unveiled a new fee of 0.5% that will apply to all listings and offers created on the platform starting August 31st. According to a tweet published yesterday, the decision comes as part of an effort to prevent inorganic volume and ensure accurate data.
The platform fee will be charged on the total transaction value of all NFTs offered for sale on OpenSea Pro. The fees are expected to discourage fraudulent activity, as the company has been vigilant in protecting its users and establishing an authentic marketplace for digital artists.
However, this latest decision has drawn mixed reactions from the community, with critics pointing out that adding fees can be a double-edged sword. While they may deter fraudulent activity, they can also drive away traders and genuine creators.
Is OpenSea sabotaging itself?
The announcement seems to be only ruining OpenSea’s already precarious reputation. Several users showed their disapproval of the decision, stating they would be switching platforms and that OpenSea is “slipping into irrelevancy day by day”.
OpenSea has been under scrutiny after recently announcing a cut in mandatory royalties for artists. It is quite possible that the company has shot itself in the foot, as many are calling for a boycott and Yuga Labs has threatened to delist new collections from the platform.
It seems OpenSea may not regain its status as the NFT marketplace leader, as the company seems disconnected from its user base and, thus, poised for a downfall.
