Blur Announces Renewal of NFT Royalty Policy

02/16/2023 00:10 • Metaverse Matters • 142 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

Interpret the above information:

Blur, an NFT marketplace, has recently announced the renewal of its royalty policy, which aims to regulate the creator’s royalty in the market. The policy outlined some options for the royalty rate, which could have different effects on Blur, creators, and OpenSea, a competing independent platform. The policy involves four scenarios that impact how royalties are collected for NFT projects.

First, if a collection does not use Block, the platform will charge 0.5% of the royalty, and OpenSea will be an optional royalty. The second scenario is that any NFT project that prohibits zero or optional royalty markets will be subject to compulsory royalty enforcement on OpenSea. However, the transaction can still be conducted on Blur, but a minimum royalty of 0.5% is required. Third, Blur recommends not using OpenSea and hopes that creators would follow suit. As a result, any projects that do not use OpenSea will be subject to full royalties on Blur. Finally, Blur requires OpenSea to cancel the optional royalty setting for NFT projects on Blur. If OpenSea cancels this policy, NFT projects can collect royalties on both platforms simultaneously.

The new royalty policy aims to standardize the rates that creators charge on the platform. By offering these different scenarios, Blur hopes to attract more creators to its platform and dissuade them from using OpenSea instead. The policy also supports fair competition in the NFT market, which is critical to maintain the integrity of the industry.

In conclusion, the renewal of the royalty policy on Blur’s platform will significantly impact the way creators charge royalties for their work. The four scenarios provide several options that creators can choose from, depending on their preferences. As a result, the policy aims to encourage more creators to join Blur’s platform and discourage them from using OpenSea. By doing so, Blur hopes to maintain fair competition in the NFT market and support the ongoing growth of the industry.

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Blur Announces Renewal of NFT Royalty Policy

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

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