​​NFT marketplace Rarible sees uptick after commitment to royalties

The Rarible nonfungible token (NFT) market has seen a substantial increase in trading volume over the 24 hours following the public statement in support of retaining NFT creator royalties.

This comes as competing NFT marketplaces such as OpenSea have dropped support for royalties and enforcement of royalties — prompting other NFT projects to also begin dropping support for OpenSea.

Data from analytics platform DappRadar shows that 24-hour fiat trading volume on Rarible jumped nearly 585% — reaching over $45,000 on August 23.

1/ Following @seldomhis decision to retain creator royalties, and remove both @opensea And @blur_io from their aggregated data, Rarible’s trading volume is up 637% in the last 24 hours.

Do you think Rarible is right?

See @seldom on DappRadar https://t.co/9hh0AQa7Nj pic.twitter.com/cg1dPChYar

— DappRadar (@DappRadar) August 23, 2023

Although the numbers were small compared to their competitors over the same period, Rarible’s volume surge beat OpenSea and LooksRare— which saw trading volume declines of around 19% and 74% over 24 hours, respectively. X2Y2 saw an 8.8% increase in volume during that time.

Rarible’s increase in volume follows co-founder Alex Salnikov stating on Aug. 22 that they “will no longer support royalty-forgiving marketplaces” and on Sept. 30 will not be collecting orders from OpenSea, LooksRare, or X2Y2.

We support royalty.
We always have.
And we always will.

As of September 30, https://t.co/xjSw1Jg8bV will no longer be collecting orders from OpenSea, LooksRare, or X2Y2. pic.twitter.com/BfOWVTCboT

— Rare (@rare) August 22, 2023

“This space is about redefining the paradigm in which creativity is rewarded and compensated,” said Salnikov. “We cannot remain silent because that promise has been broken.”

Related: Bitcoin Ordinals NFT trading volume decreased 98% since May — DappRadar

In February, OpenSea dropped enforcement of NFT creator royalties and admitted that they had lost to Blur, another popular NFT marketplace that does not implement creator royalties.

On August 17, OpenSea announced it would be closing its royalty enforcement tool that allows content creators to blacklist markets that do not apply royalties due to lack of adoption.

Meanwhile, royalties earned on Ethereum-based NFT projects hit a two-year low according to July data from analytics firm Nansen.

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