Get All Access for $5/mo

NFT Marketplace Rarible Sees a Rise in Trading Volume After Commiting to Creator Royalties DappRadar, a data analytics platform, reported that Rariable saw an uptick in volume up 637 per cent between August 22 and 23. At the time of writing this article, Rariable's volume reached over USD 45,000 with an average ticket size of USD 292.29.

By Paromita Gupta

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Freepik

Nonfungible tokens marketplace Rariable saw a substainial uptick in trading volume over 24 hours since its announcement on August 22 to pause support to orders from OpenSea, LooksRare or X2Y2.

DappRadar, a data analytics platform, reported that Rariable saw an uptick in volume up 637 per cent between August 22 and 23. At the time of writing this article, Rariable's volume reached over USD 45,000 with an average ticket size of USD 292.29.

In February, OpenSea stopped reinforcing NFT creator royalties as it acknowledged lossing ground to Blur, a competitor that doesn't enforce creator royalties. Earlier this month, it announced its decision to sunset the royalty enforcement tool.

"In November 2022, we launched the Operator Filter: a tool designed to give creators more control by restricting the sale of their collections to web3 marketplaces that enforce creator fees in secondary sales. It was meant to empower creators with greater control over their web3 business models, but it required the buy-in of everyone in the web3 ecosystem, and unfortunately that has not happened. So we're making a few changes to our approach to creator fees," shared Devin Finzer, founder, OpenSea. "Starting on Thursday, August 31, 2023 we're moving to optional creator fees on OpenSea in an effort to better reflect the principles of choice and ownership that drive this decentralized ecosystem," he added.

On August 22, Alex Salnikov, co-founder, Rarible shared "The principle of royalties is at the heart of decentralization—a continual affirmation of a creator's value in every transaction."

According to data available on DappRader, OpenSea's trade volume dipped by 17 per cent to USD 2.1 M with the average ticket size dipping by 16 per cent to USD 115.66.

At the same time, LooksRare's volume was up by 5.87 per cent and X2Y2's volume being up by 51 per cent.

Paromita Gupta

Entrepreneur Staff

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
News and Trends

Tech Burner's Anarc Smartwatch Achieves INR 3 Cr Sales with USD 1 Mn Investment

Anarc features a patented octagonal design by Thought Over Design and Seymourpowell, with a medical-grade stainless steel body. It includes advanced technology like a Hisilicon chipset, AMOLED display, and seven-day battery life.

Diversity

5 Ways You Can Create a More Inclusive Workplace Immediately -- and Why You Should

The more diversity you bring to your team, the greater your chances of finding groundbreaking insights and solutions.

Starting a Business

He Started a Business That Surpassed $100 Million in Under 3 Years: 'Consistent Revenue Right Out of the Gate'

Ryan Close, founder and CEO of Bartesian, had run a few small businesses on the side — but none of them excited him as much as the idea for a home cocktail machine.

Marketing

4 Neuromarketing Hacks to Reach More People and Maximize Results

You don't need to be a neuroscientist or have a big budget to start upping your conversions immediately.

News and Trends

Insurtech Player Zopper Raises $25M in Series D Funding

With 40 insurance companies and 2500+ ecosystem players, Zopper will utilize the fresh capital to ramp up digital infrastructure, by strengthening its Insurance Distribution platform

News and Trends

Fintech Start-Up CredFlow Secures $3.7M Pre-Series B Funding

CredFlow said that the funding proceeds will go towards "optimizing and scaling the startup's financial services and lending verticals, as well as towards improving its tech and innovation capabilities."