Rarible to Stop Aggregating Orders from OpenSea, LooksRare, and X2Y2
Rarible, an NFT aggregator, has announced that it will no longer aggregate orders from OpenSea, LooksRare, and X2Y2 starting September 30. This decision comes after OpenSea revealed plans to make royalties optional for new NFT collections. Here are the key points:
– OpenSea will implement an optional royalty model for new NFT collections after August 31, 2023.
– Royalty fees for collections using the Operator Filter will become optional after February 29, 2024.
– X2Y2 and LooksRare have already adopted zero royalty fees for artists since 2022.
– Rarible’s decision is based on their support for NFT creators and artists, as they believe royalties are crucial in valuing creators’ work.
– Rarible co-founder Alex Salnikov emphasized that making royalties optional strips value and compensation from creators.
– OpenSea is facing pressure as other NFT entities, such as Yuga Labs, have also expressed intentions to cut ties due to the zero-royalty shift.
– Losing support from collections like Bored Ape Yacht Club could significantly impact OpenSea’s performance.
– According to a Messari report, Blur is currently the dominant NFT marketplace, accounting for 60% of the total trading volume.
Hot Take
Rarible’s decision to stop aggregating orders from OpenSea, LooksRare, and X2Y2 showcases their commitment to supporting NFT creators and artists. By taking a stand against the optional royalty model, Rarible aims to preserve the value and compensation for creativity in the NFT space. This move adds to the mounting pressure on OpenSea, potentially impacting its position as the largest digital asset marketplace. The NFT community’s active involvement in shaping the future of Web3 is crucial in determining how creators are valued and compensated.
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