The first-ever aggregated Non-fungible token (NFT) marketplace in the Web3 space, Rarible, has witnessed a significant surge in platform users. This uptick in user activity has coincided with a rapid increase in trading volume, attributed to Rarible’s commitment to maintaining creator royalties.
The credit for this development can be linked to Rarible’s announcement on April 22nd. The marketplace made a noteworthy decision to endorse royalties and placed particular emphasis on discontinuing aggregate orders from platforms like OpenSea, LooksRare, and X2Y2.
Furthermore, this development coincides with the actions taken by rival NFT marketplaces like OpenSea, which scaled back their support for royalties and royalty enforcement.
In relation to the remarkable rise in user engagement, analytics platform DappRadar’s platform reveals an astounding 637% surge in Rarible’s 24-hour fiat trading volume, soaring to over $45,000 on August 23rd. This indicates a growing user fascination with NFT crypto royalties.
As a result, its rivals have experienced effects during this timeframe. Notably, Rarible’s substantial volume increase outperformed OpenSea and LooksRare which observed trading volume declines of approximately 19% and 74% respectively over a 24-hours.
During Rarible’s announcement on April 22nd, its co-founder, Alex Salnikov, underlined, “This space is about redefining the paradigm in which creativity is valued and compensated. He further added, “We cannot continue to stand by as that promise is taken away.”
Also read: Ex-OpenSea Exec Sentenced to 3 Months Prison for NFT Insider Trading
