Nonfungible token 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.
Do you think Rarible is right? 🤔
— 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 Sept. 30 it won’t aggregate orders from OpenSea, LooksRare or X2Y2.
We support royalties.
We always have.
And we always will.
— 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.”
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.