Rarible To Stop Aggregating Orders From These Three NFT Marketplaces – Here’s Why
24 August 2023 - 5:00AM
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Non-fungible token (NFT) aggregator Rarible has plans to cease
aggregating orders from marketplaces OpenSea, LooksRare, and X2Y2.
The decision comes after OpenSea decided to shift to an optional
royalty model. On Thursday, August 17, OpenSea disclosed that
royalties – pay cuts from secondary sales – will become optional
for new NFT collections after August 31, 2023. Meanwhile, royalty
fees for NFT collections that currently utilize the Operator Filter
– a feature that enforces creator royalties – will become optional
after February 29, 2024. Although the optional royalty model has
always been a source of debate in the NFT community, many
marketplaces embrace it – with X2Y2 and LooksRare introducing zero
royalty fees for artists as far back as 2022. Rarible Throws
Support Behind NFT Creators And Artists On Tuesday, August 22,
Rarible announced – via a post on X (formerly Twitter) that it will
no longer aggregate orders from OpenSea, LooksRare, and X2Y2 by
September 30. According to the NFT aggregator, this decision was
taken because of its “unwavering support for NFT creators and
artists.” Related Reading: Lacoste Unveils Exclusive
Ethereum-Based Virtual Store For NFT Holders Alex Salnikov,
co-founder of Rarible, said in a statement: The principle of
royalties is at the heart of decentralization – a continual
affirmation of a creator’s value in every transaction. We stand in
solidarity with creators and artists. That’s why we will no longer
support marketplaces that neglect royalties. The Rarible co-founder
stated that by making royalties optional, the value and
compensation for creativity are also being stripped off.
“Decentralization offers the opportunity to dispel the stigma of
the “starving artist,” and enable the continued growth of projects
through true ownership and ongoing earnings,” he noted. Salniko
urged the NFT community to become more active in defining the
future of Web3. Pressure Mounts On OpenSea This news is another
potential setback for OpenSea, especially as Rarible is not the
first NFT entity aiming to cut ties with the one-time largest
digital asset marketplace due to its proposed zero-royalty
shift. On Friday, August 18, Yuga Labs – creators of the
popular Bored Ape Yacht Club collection – declared that it had
begun the process of sunsetting support for OpenSea’s SeaPort for
all “upgradable contracts and new collections” before February
2024. Despite the seemingly waning interest in the collection,
Bored Ape Yacht Club is still one of the most significant
contributors to the total trading activity on OpenSea. It ranks as
the top collection on the marketplace, with a daily trading volume
of 1,440 ETH (approximately $2.37 million). Hence, losing
this blue-chip collection – and other Yuga Labs’ creations – will
likely affect OpenSea’s performance and position in the
market. According to a new Messari report, Blur remains the
dominant marketplace, accounting for about 60% of the total NFT
trading volume. Crypto Total Market Cap at $1.029 trillion |
Source: daily TOTAL chart on TradingView Featured image from
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