BlockNews
FOLLOW ON X
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

NFT Marketplace Rarible Sees Surge After Publicly Supporting Creator Royalties

BlockNews Team by BlockNews Team
August 26, 2023
in BUSINESS, MEDIA, NFT
Reading Time: 3 mins read
1
SHARES
14
VIEWS
Share on XShare in TelegramShare on Reddit
  • Rarible’s recent boost in trading volume may be linked to its commitment to NFT creator royalties.
  • Other platforms, like OpenSea, experienced reduced support due to shifting stances on royalties.
  • DappRadar data reveals Rarible’s single-day volume surge, surpassing competitors like OpenSea and LooksRare.

Rarible, a popular NFT marketplace, recently reported a significant increase in its trading activity. This jump is believed to be a result of the platform’s firm commitment to recognizing and upholding the royalties of NFT creators.

In contrast, OpenSea, another NFT platform, has been in the spotlight for less favorable reasons. Its decision to withdraw support for creator royalties led to a decrease in backing from multiple NFT projects. Observers believe this shift in support is directly connected to the growth Rarible experienced.

DappRadar, a top-tier analytics provider, revealed that Rarible’s trading volume skyrocketed by 585% within 24 hours, reaching a value slightly over $45,000 by the 23rd of August. While these figures may seem small in comparison to other platforms in the same period, they stand out. Both OpenSea and LooksRare, rival platforms, faced declines in their trading volumes by approximately 19% and 74%. On the flip side, another player, X2Y2, saw a modest increase of 8.8%.

Alex Salnikov, who co-founded Rarible, has been vocal about his concerns regarding platforms that overlook artist royalties. By the close of September, he made it clear that Rarible would avoid engaging with other platforms like OpenSea, LooksRare, and X2Y2. Salnikov believes in the true spirit of the NFT market, underscoring its ability to redefine the way creative work is appreciated and rewarded.

Earlier this year, in February, OpenSea confessed that it was no longer upholding NFT creator royalties, influenced partly by its competitor Blur, which did not prioritize such enforcement. By the middle of August, OpenSea also announced the end of its tool which enabled creators to avoid platforms that bypassed royalty rights. The tool was shelved primarily because it wasn’t popularly used.

On a related note, NFT initiatives built on Ethereum have indicated a decrease in royalties. Recent data from July, sourced from analytics leader Nansen, indicated that these royalties reached their lowest point in the last two years.

NFT Market Slump Dominates 2023

As the year progresses, the once-dominant world of Non-Fungible Tokens (NFTs) witnesses a dip, with several indicators pointing towards shrinking sales volumes in various marketplaces.

Foremost among these indicators is the waning global enthusiasm for NFTs. Notably, previously sought-after collections such as Doodles and Moonbirds have felt the sting of this decreasing interest. Concurrently, the volatility in the NFT market has become more pronounced in 2023. March saw a high with trading volumes rocketing to $2 billion. However, by mid-May, figures fell drastically, venturing below the $1 billion mark.

Yet, it’s not all gloom. The market is observing a pivot. There’s an evident shift of focus from high-ticket “blue chip” NFTs to affordable digital collectibles. This trend is exemplified by the average NFT sale in July, which was a modest $47, even as transaction numbers held steady.

Drawing a comparison, the consistent slide in sales this year is in stark contrast to the NFT renaissance of 2021. Collections that once led the charge, like Bored Ape Yacht Club and Azuki, now grapple with reduced floor prices. That said, not all hope is lost. Some, including Gods Unchained and CryptoPunks, have managed to record slight increments.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: NFT MarketplaceRarible
TweetShareShare
BlockNews Team

BlockNews Team

DON'T MISS THESE! HOT OFF THE PRESS

Ledger CTO Warns of Large-Scale Crypto Hack Attack: What You Need to Do
BUSINESS

Ledger CTO Warns of Large-Scale Crypto Hack Attack: What You Need to Do

September 8, 2025
Banks May Say No, But XRP Still Has Big Ways to Succeed—Find Out How
BUSINESS

Banks May Say No, But XRP Still Has Big Ways to Succeed—Find Out How

September 7, 2025
Did Justin Sun betray WLFI? Tokens frozen after dump allegations.
BUSINESS

Did Justin Sun betray WLFI? Tokens frozen after dump allegations.

September 6, 2025
What Happened in Crypto Today? – September 5
BUSINESS

What Happened in Crypto Today? – September 5

September 6, 2025
Everything You Need to Know About the Senate Banking Committee’s New Crypto Market Structure Bill
BUSINESS

Everything You Need to Know About the Senate Banking Committee’s New Crypto Market Structure Bill

September 5, 2025
Coinbase CEO Brian Armstrong’s Reveals His Expensive AI Gamble: Here is What This Means for You
BUSINESS

Coinbase CEO Brian Armstrong’s Reveals His Expensive AI Gamble: Here is What This Means for You

September 4, 2025
Load More

Related News

Circle’s USDC Market Share Is Surging — Here’s Why Wall Street Thinks It Could Keep Climbing

Circle’s USDC Market Share Is Surging — Here’s Why Wall Street Thinks It Could Keep Climbing

September 8, 2025
Ledger CTO Warns of Large-Scale Crypto Hack Attack: What You Need to Do

Ledger CTO Warns of Large-Scale Crypto Hack Attack: What You Need to Do

September 8, 2025
Dogecoin Outshines BTC and ETH: Here’s Why DOGE Could Be Set for Another Major Upswing

Dogecoin Outshines BTC and ETH: Here’s Why DOGE Could Be Set for Another Major Upswing

September 8, 2025
How to Turn $1,000 Into $100,000 in Crypto: The 100x Playbook

How to Turn $1,000 Into $100,000 in Crypto: The 100x Playbook

September 8, 2025
Forward Industries’ Lands Massive $1.65 Billion Raise for Solana Treasury Strategy

Forward Industries’ Lands Massive $1.65 Billion Raise for Solana Treasury Strategy

September 8, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews is your premier source for real-time cryptocurrency, blockchain, political and financial market news.

Stay ahead of the herd with BlockNews

RESOURCES

  • About Us
  • Contact Us
  • Editorial Policies
  • Terms and Conditions
  • Privacy Policy
  • Sitemap

DISCLOSURES AND POLICIES

BlockNews provides independent reporting on crypto, blockchain, and digital finance. Content is for informational purposes only and does not constitute financial advice. Sponsored material is always disclosed. By using this site, you agree to our Terms and Conditions and Privacy Policy.

© 2025 BlockNews

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • LITECOIN
    • CHAINLINK
    • SUI
  • MEMECOINS
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2025 BlockNews