In a brief mention buried in a long X post, OpenSea’s CMO said the platform is about to raise fees to fund its pre-TGE rewards pool.
Non-fungible token (NFT) marketplace OpenSea is doubling trading fees from 0.5% to 1% just weeks before the debut of its native SEA token.
The increase, only briefly mentioned, came alongside other updates from OpenSea CMO Adam Hollander in a long X post on Monday, Sept. 8, including a new mobile app, a multimillion-dollar NFT collection, and the final rewards campaign.
According to Hollander, starting Sept. 15, half of all fees — now set at 1% for trading NFTs and 0.85% for token swaps — will be funneled into OpenSea’s pre-token launch rewards pool, which already includes $1 million in Optimism’s OP and Arbitrum’s ARB tokens, with additional NFTs and tokens set to be distributed through a gamified system of “treasure chests.”
A spokesperson for OpenSea confirmed to The Defiant that OpenSea’s fees “will be updated as part of powering the final pre-TGE rewards phase,” adding, however, that they “don’t have information to share on whether the NFT fee will revert or be adjusted after the rewards program concludes.”
By raising fees, OpenSea may be shooting itself in the foot, especially with its key rival Blur charging no trading fees and competitors Magic Eden and LooksRare holding steady at 0.5%.
The fee change coincides with a broader product push. OpenSea unveiled a mobile app it calls “AI-native,” designed to unify portfolios across chains and offer real-time trading recommendations. The company also rolled out a Flagship Collection, committing over $1 million to acquire historic NFTs such as CryptoPunks.
An update on the long-awaited SEA token is expected in early October, with the foundation behind the project promising “thoughtful mechanics, clear reasons to hold, and long-term sustainability baked in from the start.”