Market for non-fungible tokens After making a public declaration in favour of keeping NFT creator royalties, Rarible’s trading volume increased significantly over the next 24 hours.
In response to OpenSea, another NFT marketplace, dialling down its support for royalties and royalty enforcement, other NFT initiatives have begun doing the same.
DappRadar data shows that on August 23 the 24-hour volume of fiat trade on Rarible increased by approximately 585%, to over $45,000.
Even though Rarible’s increase in volume is smaller than that of OpenSea and LooksRare during the same time period, it still beats their respective losses of 19% and 74% over 24 hours. During that time, X2Y2’s volume increased by 8.8 percent.
After co-founder Alex Salnikov announced on August 22 that Rarible “will no longer support marketplaces that neglect royalties,” the volume on the site increased, and on September 30 Rarible announced that it will no longer aggregate orders from OpenSea, LooksRare, or X2Y2.
Salnikov has stated that the purpose of this area is to “redefine the paradigm by which creativity is valued and compensated.” “We cannot sit idly by while that assurance is eroded.”
Trading volume for Bitcoin Ordinals NFTs drops 98% year over year since May – DappRadar
After losing ground to Blur, another prominent NFT marketplace that does not enforce author royalties, OpenSea decided to abandon enforcing NFT creator fees in February.
OpenSea said on August 17 that due to poor uptake, it will be discontinuing its royalty enforcement feature that allowed creators to ban non-royalty enforcing marketplaces.
Meanwhile, data from analytics firm Nansen for the month of July shows that royalties earned by Ethereum-based NFT projects have hit a two-year low.