Nonfungible token (NFT) marketplace Rarible has seen a substantial uptick in trading volume over 24 hours following a public statement in support of maintaining NFT creator royalties.
It comes as competitor NFT marketplaces such as OpenSea have rewound support for royalties and royalty enforcement — prompting other NFT projects to also begin rewinding support for OpenSea.
Data from the analytics platform DappRadar shows that 24-hour fiat trading volume on Rarible jumped nearly 585% — reaching over $45,000 on Aug. 23.
1/ Following @rarible’s decision to maintain creator royalties, and remove both @opensea and @blur_io from their aggregation data, Rarible’s trading volume is up 637% in the past 24h.
Do you think Rarible is right?
View @rarible on DappRadar https://t.co/9hh0AQa7Nj pic.twitter.com/cg1dPChYar
— DappRadar (@DappRadar) August 23, 2023
While the figures are small relative to its competitors over the same period, Rarible’s volume jump beat out OpenSea and LooksRare— which saw respective trading volume drops of around 19% and 74% over 24 hours. X2Y2 saw a volume increase of 8.8% over that time.
Rarible’s volume rise follows co-founder Alex Salnikov stating on Aug. 22 that it “will no longer support marketplaces that neglect royalties” and by Sep. 30 it won’t aggregate orders from OpenSea, LooksRare or X2Y2.
We support royalties.
We always have.
And we always will.By September 30th, https://t.co/xjSw1Jg8bV will no longer aggregate orders from OpenSea, LooksRare or X2Y2. pic.twitter.com/BfOWVTCboT
— Rarible (@rarible) August 22, 2023
“This space is about redefining the paradigm in which creativity is valued and compensated,” Salnikov said. “We cannot continue to standby as that promise is taken away.”
Related: Bitcoin Ordinals NFT trading volume tanks 98% since May — DappRadar
In February, OpenSea scrapped enforcing NFT creator royalties — admitting it lost ground to Blur, another popular NFT marketplace that doesn’t enforce creator royalties.
On Aug. 17, OpenSea announced it would shutter its royalty enforcement tool allowing creators to blacklist non-royalty enforcing marketplaces due to a lack of adoption.
Meanwhile, royalties earned by Ethereum-based NFT projects hit a two-year low according to July data from analytics firm Nansen.
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Author: Jesse Coghlan
