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Rarible, a marketplace specializing in non-fungible tokens (NFTs), has experienced a significant surge in trading volume recently. This uptick follows Rarible's public commitment to upholding NFT creator royalties.
In contrast to this, OpenSea, another prominent player in the NFT space, made headlines by scaling back its royalty support. Consequently, several NFT projects began withdrawing their support for OpenSea. This shift in dynamics may have contributed to the notable increase in Rarible's activity.
Insights from DappRadar, a well-regarded analytics agency, reveal that Rarible's trading volume in fiat currency skyrocketed by 586% within a single day, reaching just over $45,000 by August 23rd. While these figures might seem modest when compared to its competitors' performances during the same period, Rarible's surge outshined both OpenSea and LooksRare. The trading volumes on these two platforms experienced declines of approximately 20% and 75%, respectively. Concurrently, X2Y2 saw a 9% increase.
Alex Salnikov, the co-founder of Rarible, had previously expressed concerns about marketplaces neglecting creator royalties. He firmly stated that by the end of September, Rarible would refrain from collaborating with platforms like OpenSea and X2Y2. Salnikov passionately emphasized the significance of the NFT space in reshaping how creativity is valued and rewarded.
Looking back to February, OpenSea announced the discontinuation of NFT creator royalty enforcement, citing its decreasing position in comparison to Blur, a competing NFT marketplace that did not enforce such royalties. By mid-August, OpenSea officially ended its royalty enforcement tool, designed to empower creators to avoid marketplaces that didn't uphold royalty standards. The tool was decommissioned due to low adoption rates.
In related news, NFT projects on the Ethereum network have reported declining royalties. Data from July, sourced from analytics powerhouse Nansen, indicates that these royalties reached a two-year low.
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