Rarible Trading Volume Soars 585% on NFT Royalty Advocacy

Rarible experiences a substantial surge in trading volume within 24 hours after publicly advocating for NFT creator royalties. This move follows competitors like OpenSea retracting royalty support, leading other projects to follow suit.

TL;DR:

• Rarible’s trading volume surges by 585% in 24 hours after advocating for NFT creator royalties.
• The platform plans to stop aggregating orders from competitors not enforcing royalties, including OpenSea.
• Ethereum-based NFT projects experience royalties hitting a two-year low, as NFT landscape shifts.

Rarible Shines As Guiding Light In Royalty Feud

Analytics data from DappRadar reveals Rarible’s fiat trading volume soaring by nearly 585%, surpassing $45,000 on August 23, 2023.

Rarible plans to cease aggregate orders from royalty-neglecting competitors like OpenSea by October, prompting its volume increase. Co-founder Alex Salnikov’s statement on August 22 also announced non-support for such marketplaces by September 30. This further emphasizes the importance of valuing and compensating creativity.

“This space is about redefining the paradigm in which creativity is valued and compensated,” Salnikov says. “We cannot continue to standby as that promise is taken away.”

Although Rarible‘s figures are modest in comparison rivals, it outperforms OpenSea and LooksRare with volume surges. Meanwhile X2Y2 witnesses a minor increase.

OpenSea abandoned NFT creator royalty enforcement in February, citing competition from platforms like Blur that don’t enforce royalties. On August 17, OpenSea announced the discontinuation of its royalty enforcement tool due to lack of adoption.

Meanwhile, Ethereum-based NFT projects experienced a two-year low in royalties, according to July data by Nansen, reflecting ongoing shifts in the NFT landscape.