Blur’s New Royalty Policy in the NFT Market

02/16/2023 00:10 • Crypto & Markets • 73 views

According to reports, according to Blur’s official announcement, the NFT market announced the renewal of the royalty policy, which outlined some options of the creator’s royalty, each of which would have different impacts on Blur, the creator and OpenSea (Blur’s independent competition), mainly involving four situations: 1. If the collection does not use Block, it will not be able to ban the zero or optional royalty market, in which case Blur will charge 0.5% of the royalty, OpenSea is an optional royalty; 2. Block Blur, any NFT project that prohibits Blur or other zero royalty/royalty optional markets will be subject to compulsory royalty enforcement on OpenSea, but the transaction can still be conducted on Blur, requiring a minimum royalty of 0.5%; 3. Blur recommends not to use OpenSea. Blur hopes that the creator will not use OpenSea. Any NFT project that does not use OpenSea will be subject to full royalties on Blur; 4. Blur requires OpenSea to cancel the setting of optional royalties for NFT projects on Blur. If OpenSea cancels this policy, NFT projects can collect royalties on both platforms at the same time. At present, NFT project creators cannot collect royalties on Blur and OpenSea at the same time. They can only collect all royalties on OpenSea or Blur at the same time, but not at the same time.

Blur issued a royalty update policy, including recommending not to use OpenSea

Interpretation of the news:

According to recent reports, Blur, a popular NFT marketplace, has announced a new royalty policy that aims to provide creators with different ways of earning royalties. This policy implies that any NFT collection that uses Block, either for zero or optional royalty markets, would be subject to different rules that will have an impact on Blur, OpenSea, and the creators.

The policy outlines four different scenarios. First, if a collection doesn’t use Block, Blur will charge a royalty of 0.5%, and OpenSea will be an optional royalty. Second, any NFT project that prohibits Blur or any zero royalty/royalty optional markets will have mandatory royalty enforcement on OpenSea but still trade on Blur, with a minimum royalty of 0.5%. Third, Blur recommends not using OpenSea, and any NFT project that doesn’t use it will subject to full royalties on Blur. Finally, Blur requires OpenSea to cancel the setting of optional royalties for NFT projects on Blur, so creators can collect royalties on both platforms simultaneously.

Blur’s new royalty policy seeks to provide creators with more freedom in the collection and sale of their NFTs. However, the policy also highlights the competition between NFT marketplaces, as Blur aims to attract more creators and increase its market share. For creators, this means weighing the benefits and drawbacks of choosing between different marketplaces to sell their NFTs.

The policy also has implications for OpenSea, which remains Blur’s top competitor. While OpenSea continues to provide compelling opportunities for NFT creators, Blur’s new policy could make it less appealing for some creators who want to avoid mandatory royalties or limit their exposure to different marketplaces.

In conclusion, Blur’s new royalty policy represents a significant development in the NFT market, giving creators more options to earn royalties while also highlighting the importance of competition between marketplaces. The policy also underlines the need for creators to carefully consider their choices and weigh the benefits and drawbacks of selling their NFTs on different platforms.

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Blur’s New Royalty Policy in the NFT Market

Blur issued a royalty update policy, including recommending not to use OpenSea

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