• Blur announced that it will enforce total creator royalties for any gathering that blocks trading on the dominant NFT trading platform OpenSea.
• OpenSea had previously toyed with the idea of discontinuing recognizing creator royalties, but in the face of significant opposition from the NFT community, the company ultimately decided against taking such a step.
• Blur announced today that it will enforce any license charge demanded by any NFT project creator as long as the author prohibits the trade of their collections on OpenSea.
Advising Against Trading On OpenSea
Blur has advised NFT Creators to take action against OpenSea due to ongoing conflict over royalties. The marketplace recently announced a policy shift while riding high on its BLUR token airdrop’s popularity. This has caused big NFT markets to break out into open conflict.
Enforcing Total Creator Royalties
Blur has stated they will enforce total creator royalties for any gathering that blocks trading on the dominant NFT trading platform OpenSea. The platform does not impose a charge typically ranging from 5-10%, that NFT artists frequently seek on secondary sales of their works, but traders do have the choice to pay more than 0.5%.
Open Seas Response
OpenSea responded by releasing a blocklist tool which enabled creators to prevent their non-fungible tokens (NFTs) from being sold on any platform that did not respect creator royalties if they took advantage of this opportunity. This weakened Blurs value proposition to artists and could cause them to miss out on millions in income particularly for dominating collections.
Blur’s Latest Move
Blur announced today that it would enforce any license charge demanded by any NFT project creator as long as the author prohibits the trade of their collections on OpenSea. This escalates hostility between Blur and its primary competitor, OpenSea, who continues to be one of the most important players in Ethereum’s NFT ecosystem with a market capitalization of $13.3 billion USD.
The latest move from Blur means further escalation in this conflict between two major players in Ethereum’s growing economy and suggests serious changes are ahead for blockchain-based art platforms like these two in particular and beyond them, potentially affecting all kinds of digital asset markets in general going forward into 2023 and beyond..