User activity on the NFT marketplace Rarible has noticeably increased following the public announcement by its founder that the platform would continue supporting royalty payments to NFT creators.

Rarible Grows Amid OpenSea’s Downfall

According to DappRadar data, as of 14:00 (GMT+3), August 24, trading volume on Rarible has increased 444% over the past 24 hours, jumping to $54,000.

The growth in trading volume was sparked by a public announcement by Alex Salnikov, Co-Founder of Rarible, about royalty payments for NFT creators. He also stated that the platform wouldn’t support markets that neglect royalties. Therefore, starting September 30, Rarible will cease aggregating orders from OpenSea, LooksRare, and X2Y2.

Last week, the biggest NFT marketplace OpenSea stopped supporting the royalty compliance tool, drawing criticism from the community and provoking the growth of competitors.

In addition to Rarible, other NFT marketplaces also showed gains in the last 24 hours. According to DappRadar, LooksRare’s trading volume increased by 362% and reached $88,000, while X2Y2’s figures rose by 36% to $627,000. OpenSea’s trading volume fell 14% to $2.61 million over the last 24 hours. The closest competitor of OpenSea, Blur, also showed a drop in performance, with its trading volume declining by 26% to $4.66 million over the last 24 hours.

This year, OpenSea is experiencing considerable pressure from competitors and gradually losing its leading positions.

Author: Molly Wilson
#News #NFT