Rarible, a well-known aggregator in the Non-Fungible Token (NFT) marketplace realm, has created a significant stir within the digital art community by announcing on the X app its decision to discontinue the aggregation of orders from prominent platforms like OpenSea, LooksRare, and X2Y2. This move which will take effect from September 30th marks a pivotal moment in the evolution of NFT trading.
Meanwhile, this decision comes shortly after OpenSea announced that the platform will be making NFT creator royalties optional for new collections from September. Recall that LooksRare and X2Y2 also made similar decisions in 2022.
Rarible Desire to Carve a Distinct Identity
With a reputation for being a prominent player in the NFT space, Rarible’s decision to cease the aggregation of orders from these leading platforms has sparked widespread discussions. The decision, while surprising, reflects Rarible’s aspiration to foster uniqueness and differentiation. Additionally, the digital art platform aims to create a more specialized environment for NFT enthusiasts and creators.
“We support royalties and as such we can not continue to stand as that promise is taken away”, Rarible said in an announcement. Alex Salnikov, Rarible Co-founder also said the platform stands in solidarity with creators and artists, hence the reason why it will no longer be supporting marketplaces that ignore royalties.
Furthermore, the impact of Rarible’s decision could potentially lead to a diversification of NFT trading platforms, encouraging competition and innovation. It could also prompt other NFT aggregators to reconsider their strategies and positions within the market.
In all, Rarible’s move also reinforces the idea that NFT platforms are not only technological platforms but also strategic players that influence the direction of the entire market.
OpenSea Loses Partners to Strict Royalty Policy
Interestingly, the move by Rarible continues a trend from platforms that have chosen to sever ties with the NFT marketplace in response to its new policy on creators’ royalties.
A few days ago, Yuga Labs, the creators of Bored Ape Yacht Club (BAYC) NFT collection announced it would end support for OpenSea come February 2024. The move was supported by many in the industry that favor the fee ranging from 0.5% to 10% charged on secondary sales of digital assets on behalf of creators.