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The NFT marketplace Rarible experienced a significant increase in trading volume within 24 hours after a public statement supporting the protection of copyright fees for NFT collectors. The co-founder of Rarible emphasized the importance of copyright and announced that they would not accept orders from platforms such as OpenSea, LooksRare, and X2Y2, stating their intention to preserve the value of creativity.
585% Increase in Trading Volume
The withdrawal of support from rival NFT marketplaces like OpenSea for copyright and copyright enforcement has led other NFT projects to withdraw their support for OpenSea. Data from the blockchain data analysis platform DappRadar shows that the 24-hour fiat trading volume on Rarible increased by approximately 585% to over $45,000 on August 23.
Although the figures are small compared to their competitors during the same period, Rarible’s volume increase surpassed OpenSea and LooksRare, which experienced a decrease in trading volume of approximately 19% and 74% respectively, within 24 hours. X2Y2 saw an 8.8% volume increase during this time.
Lowest Levels in the Last Two Years
Rarible’s volume increase came after co-founder Alex Salnikov announced on August 22 that they would no longer support markets that neglect copyright and that they would not accept orders from OpenSea, LooksRare, or X2Y2 from September 30 onwards. Salnikov said, “This space is about redefining the paradigm where creativity is valued and rewarded. We cannot continue to wait when this promise is taken away from us.”
In February, OpenSea acknowledged losing ground to Blur, another popular NFT marketplace that does not enforce copyright for content creators, by abandoning the enforcement of copyright for NFT content creators. On August 17, OpenSea announced that it would close the copyright enforcement tool that allows content creators to blacklist marketplaces that do not enforce copyright due to lack of adoption.
Meanwhile, according to July data from analysis firm Nansen, the copyright fees earned by Ethereum-based NFT projects reached the lowest level in the last two years.