OpenSea has recently acknowledged losing users to rival NFT trading platforms and has decided to take action. Starting February 18, the platform will temporarily waive the 2.5% sales commission in an attempt to retain its existing user base and attract new customers. However, according to Nansen, an analytics platform, OpenSea has already been outdone by NFT Blur in terms of daily trading volume.
As per experts, the growing volume of trading on alternative platforms shows that users prefer a tariff policy that aligns with their interests. OpenSea is, therefore, taking steps to offer competitive prices and benefits to its users.
The temporary cancellation of the sales commission and the reduction in royalties are some of the measures that OpenSea has taken to remain relevant in the market.
While OpenSea hopes to win back its lost customers, members of the crypto community are speculating that the platform may increase fees again in the future. In January, an OpenSea user who fell victim to phishing sued the site for blocking his account for three months, resulting in a loss of $500,000.
In conclusion, OpenSea’s decision to reduce fees and offer a more attractive tariff policy is a response to the growing competition from alternative NFT trading platforms. While the move may help retain some users, only time will tell whether it will be enough to win back those who have already left.