NFT aggregator Rarible said by October it would cut off aggregate orders from competitors that don’t enforce royalties, such as OpenSea.
Rarible To Stop Aggregating Orders From These Three NFT Marketplaces – Here’s Why
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.”
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.
NFT Marketplace Rarible Expands Aggregation to Tezos
Rarible’s aggregation tool will now support NFTs from marketplaces such as Objkt and Teia to support creators and collectors who favor the eco-friendly blockchain.
NFT visionaries are doubling down on community ethos amid a bearish cycle
Time Magazine, Rarible and Aleksandra Artamonovskaja share insights into the values and visions that leading NFT projects and figureheads seek to uphold as the market enters a financial downturn.
Researchers find security flaw in Rarible: Users could have lost all their NFTs
“A successful attack would have come from a malicious NFT within Rarible’s marketplace itself, where users are less suspicious and familiar with submitting transactions,” noted Check Point Research.
NFTs liberate imagination: The gender gap that needs to be addressed
Data reveals that just 16% of NFT creators are women — a vast gender gap that reflects the underrepresentation of women in today’s NFT ecosystem.
Nifty News: Rarible fixes bug, real home and virtual twin auction, Mega City in The Sandbox
Rarible temporarily cancelled all OpenSea orders while it implemented a tool to help protect users against mistakenly selling their NFTs.
Rarible and Adobe form partnership aimed at protecting NFT creators
The Adobe feature can add an NFT creator’s wallet address and social media information to the metadata of tokens listed on Rarible, helping “to fight misinformation with attribution and verifiable truth of content.”
Rarible introduces zero-cost NFT minting feature
The platform is seeking to lower the Ethereum gas fees that restrict many investors in the emerging nonfungible token market.
OpenSea’s daily volume is exceeding its 2020 total
Nonfungible tokens appear to be bubbling again, with marketplace OpenSea now processing more volume daily than it did for the entirety of 2020.
NFT marketplace Rarible closes $14M fundraising round led by CoinFund
Rarible said it will use the funds to hire new team members, and announced the launch of a marketplace on the Flow blockchain.
Nifty News: Doge NFTs much wow, Paris Hilton is an NFT advisor, NFT game raises $3M
The founder of Doge dropped a three-tiered series of NFTs and Paris Hilton becomes an NFT advisor.
Nifty News: Earn NFTs watching TV, DAO pays $1M for Aoki and 3LAU track … and more
Jenny DAO paid Aoki and 3LAU $1 million to create an NFT, as comedy icon Steve Harvey drops NFTs for charity.
Hollywood elite will receive NFTs in recognition of upcoming awards ceremony
Among the digital artwork is a piece created as a tribute to late actor Chadwick Boseman, with the proceeds from the auction benefitting the Colon Cancer Foundation.
Nifty News: Sophia the Robot sells $1M worth, Cardano to clone NFT platforms, and more
Sophia the Robot has generated more than $1 million in NFT sales, Bhad Bhabie is dropping NFTs to help the “troubled teen industry”, Cardano trying to convince top NFT platforms to port over.
Nifty News: NFT searches at ICO-mania levels, a robot and Snoop Dog drop NFTs, plus more
NFT Searches are on track to surpass the levels last seen for ICO searches in 2017, as Snoop Dog, Aston Martin, and an autonomous robot ready their own NFT drops.
NFTPs hitting bottom? Charmin joins in on the latest crypto craze
Who knew we’d still be competing to buy toilet paper in 2021?
NFT Marketplace Rarible Closes $1.75M Seed Raise From 1kx, Coinbase Ventures
The startup will use the funds to build a DAO governance structure.
Thirst Traps Explode on NFT Platforms, With Predictably Controversial Results
Sexy collectibles are taking off across NFT platforms like Rarible. Could this be the crypto version of OnlyFans?