Rarity Takes a Stand
NFT marketplace Rarity has severed ties with platforms that do not enforce creator royalties, including OpenSea, LooksRare, and X2Y2. This decision reaffirms Rarity’s commitment to supporting artist rights and royalties in the ongoing debate about NFT royalties.
Redefining Paradigms In Web3 Era
Rarity believes in the potential of Web3 and its promise for artists and creators. The platform sees royalties as a core principle that aligns with the spirit of decentralization, valuing and compensating creators for their work. Rarity stands in solidarity with creators and will no longer support marketplaces that neglect royalties.
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Shifting Stance On Royalties
OpenSea, once an advocate for creator royalties, made them optional for its Blur project. Other platforms like LooksRare, Sudoswap, Magic Eden, and X2Y2 have also shifted towards optional royalties. This trend raises concerns about the financial well-being of artists.
Rarity’s Trading Surges
Following Rarity’s announcement, the platform experienced a significant surge in trading volume. In the next 24 hours, fiat trading volume on Rarible increased by 585%, surpassing $45,000. This trading volume leap outperformed OpenSea and LooksRare, while X2Y2 saw a small increase.
Hot Take
Rarity’s decision to defend creator royalties and cut ties with platforms that neglect them highlights the importance of supporting artists in the NFT market. This move sets Rarity apart as a champion for artist rights and may attract more artists and collectors to the platform.
