The NFT aggregator is cutting ties with OpenSea and any other marketplace that doesn’t support creators.
Key Takeaways
- Rarible will cut ties with OpenSea, LooksRare, and X2Y2.
- NFT marketplaces remove royalty fees to cut trading costs.
NFT marketplace Rarible will look to fully support creator royalties and stop aggregating orders from OpenSea, LooksRare, and X2Y2 starting September 30th. Last week, OpenSea turned off its royalty enforcement and made creator fees optional.
OpenSea aimed to help creators by using their Operator Filter tool to ensure royalties were paid. Despite this, NFTs can be wrapped to bypass royalty rules across platforms.
Not collecting and paying royalties on NFT sales is a HUGE mistake by @opensea. It diminished trust in the platform and hurts the industry. And I say this as an @opensea investor @DevinFinzer
— Mark Cuban (@mcuban) August 18, 2023
NFT platforms are in a race to the bottom. Blur’s entry into the market shook things up with its low 0.5% royalty fee. Blur has subsequently dominated the market since its launch in late 2022, forcing competitors to rethink their royalty structures.
The RARI token has seen a 6% increase in the past 24 hours.