Blur, one of the largest NFT marketplaces by trading volume, may soon revise its operational strategy. Hedge fund Split Capital announced that it has submitted a proposal to the platform to introduce a 0.5% fee on every transaction and eliminate mandatory royalties for creators.
Currently, trading fees stand at 0%, while the minimum royalties are 0.5%, as stated in the platform's protocol. Here is what Split Capital is proposing:
- 0.5% Fee: Unlike the current zero-fee policy, the fund suggests implementing a minimum protocol fee.
- Elimination of Mandatory Royalties: Creators would no longer be guaranteed 0.5% of each sale.
Additionally, Split Capital proposes changes to Blur's token structure:
- BLUR: This will remain a utility token used for the protocol’s operations. Following the news, the token rose by 7.3% over the past day and is currently trading at $0.265 at the time of writing.
- veBLUR: A new NFT-format token that will manage the platform's governance.
In its statement, Split Capital emphasized that these changes would allow Blur to respond more flexibly to market conditions and competition while maintaining its leadership position.
Beyond fixed fees, the fund suggests creating a governing body capable of adjusting fee rates dynamically based on market conditions.
What do you think about this proposal?