Rarity Takes a Stand
NFT marketplace Rarity has severed ties with OpenSea, LooksRare, and X2Y2 for not enforcing creator royalties. The decision, effective September 30, reinforces Rarity’s commitment to artist rights.
Redefining Paradigms In Web3 Era
Rarity believes that Web3 has the potential to redefine how creativity is valued and compensated. The platform sees royalties as an ongoing acknowledgment of the creator’s worth in each transaction and stands in solidarity with creators.
Shifting Stance On Royalties
OpenSea, initially an advocate for creator royalties, made them optional for its Blur project. This trend of optional royalties has been adopted by other platforms, raising concerns about the financial well-being of artists.
Rarity’s Trading Surges
Following the announcement, Rarity experienced a surge in trading volume, surpassing $45,000 in 24-hour fiat trading volume on Rarible. This outperformed OpenSea and LooksRare, who saw declines in trading volume.
Hot Take
Rarity’s decision to defend creator royalties and sever ties with platforms that neglect them is a powerful statement in support of artists. This move highlights the importance of fair compensation for creators in the NFT space and challenges other platforms to do the same.
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