Rarible, a renowned NFT marketplace, has witnessed a significant surge in its trading volume following its support of maintaining creator royalties. With the decision making its rounds throughout the crypto market, many have assumed that Rarible made the decision by following in the footsteps of other NFT marketplaces. With the support for royalties and royalty enforcement on the rise, NFT projects have also begun supporting NFT platforms like OpenSea.
Do you think Rarible is right? 🤔
— DappRadar (@DappRadar) August 23, 2023
As per the data shared by the analytics firm DappRadar, the 24-hour trading volume of Rarible jumped up by a staggering 585%, which made it cross the $45,000 mark. However, these figures might look small when compared to the rest of the platform’s competitors over the same period, but the surge in trading volume defeated both OpenSea as well as LooksRare.
Rarible Takes Charge after OpenSea Gives Up
Over the last 24 hours, OpenSea witnessed a decline of approximately 19% whereas LooksRare’s trading volume fell by a staggering 74% during the same time frame. Furthermore, another NFT marketplace, X2Y2 witnessed a surge in its trading volume by almost 8.8% during that time.
Following the surge, analysts have deduced that the increase in volume follows the statements of the platform’s co-founder, Alex Salnikov. Salnikov highlighted that Rarible would no longer support any marketplaces that neglect creator royalties as the platform stands in solidarity with both creators and artists. It was also stated that by Sep 30 this year, the platform would not aggregate any orders from OpenSea, LooksRare, as well as X2Y2.
Back in February this year, Opensea made the decision to scrap its enforcement of creator royalties and admitted that it lost its ground against other marketplaces like Blur. It is necessary to keep in mind that Blur does not enforce creator royalties. On August 17, the NFT marketplace announced that it would permanently halt its royalty enforcer tool that allows creators to blacklist non-royalty enforcing marketplaces.
Rarible stated that marketplaces have moved without the community for a long time and asked the common users for their support in reshaping the future of Web3 together. Furthermore, the platform ensured the creators that both their vision and voice matter a lot.