Opensea announces major adjustments to revive the market

02/18/2023 21:44 • Metaverse Matters • 136 views

According to reports, Opensea’s official Twiiter announced that in view of the changes in the market ecological environment, the following major adjustments will be made: First, the time-limited transaction activity of zero service charge will be launched; 2、 Enable optional copyright services with a minimum standard of 0.5%, applicable to all non-chain compulsory royalty series; 3、 Update operator filters to allow NFT markets with the same policies to jointly increase market liquidity.

Opensea announced the launch of the time-limited 0 service fee transaction and the non-mandatory implementation of the optional royalty service

Interpret the above information:

Opensea, the biggest NFT marketplace, reportedly announced major adjustments on their official Twitter page to address the ongoing changes in the cryptocurrency market ecological environment. The adjustments include launching a time-limited transaction activity that features zero service charge, enabling optional copyright services, and updating operator filters to improve market liquidity.

The first adjustment involves the launch of a time-limited transaction activity. It aims to encourage more people to transact on the platform by reducing the cost of transactions. The zero-service charge is a temporary policy which aims to drive more transactions until the market stabilizes. Lower transaction costs reduce the burden on the buyer and with sellers. This reduction in the transactional costs will open up room for more transaction activities to occur in the market, which will restore the market to its previous glory.

The second major adjustment stems from the platform’s desire to build a trust-based ecosystem. They are enabling optional copyright services that meet a minimum standard of 0.5%. The policy is applicable to all non-chain compulsory royalty series. This policy will eliminate copyright infringement in the market while at the same time providing creators with the means to protect their product. The policy will encourage genuine sellers to bring their products to the market, and in doing so, will help drive up the quality of the NFTs being transacted.

The final adjustment announced is the update of operator filters to allow NFT markets with the same policies to jointly increase market liquidity. This policy aims to establish high standards within the NFT marketplace ecosystem, which encourages good practice and collaboration between NFT marketplaces. By allowing varying marketplaces to work together with compatible policies, this policy aims to improve market liquidity, drive the market further and help to create a safe and secure environment for all buyers and sellers.

In conclusion, Opensea’s adjustments provide a firm message of hope for the market’s participants. By driving up market liquidity, encouraging creators to embrace the platform, and reducing transactional costs, the platform aims to revive the NFT marketplace. The temporary policy signals a platform-wide effort to restore confidence and drive up transactional activities until the next rises. They make us believe that the market still has potential and should not be written off yet.

Keywords play a significant role in understanding any message. The three keywords- Opensea, market ecological environment, and market liquidity provide insight in this analysis by highlighting the current state of the NFT marketplace and the efforts being made to revive it.

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