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Rarible: The NFT Marketplace Skyrockets in Trading Volume Within 24 Hours

  • Rarible, an NFT marketplace, experienced a significant increase in trading volume within 24 hours following a public statement supporting the protection of copyright fees for NFT collection owners.
  • As some rival NFT markets withdrew support for copyrights and copyright applications, other NFT projects began to withdraw their support for Rarible.
  • According to data from DappRadar, Rarible’s 24-hour fiat trading volume increased by 585%, exceeding $45,000, indicating a faster growth rate than its competitors.

Following a public statement supporting the protection of copyright fees for NFT collection owners, Rarible, an NFT marketplace, witnessed a significant surge in trading volume within 24 hours. This move comes as some rival NFT markets withdrew support for copyrights and copyright applications, leading other NFT projects to also withdraw their support for Rarible.

Trading Volume Sees a 585% Increase

With rival NFT markets like OpenSea retracting their support for copyrights and copyright applications, other NFT projects began to pull their support for OpenSea. Data from blockchain data analysis platform DappRadar reveals that Rarible’s 24-hour fiat trading volume increased by approximately 585%, exceeding $45,000 on August 23.

Outperforming Rivals

Although the figures are small compared to competitors in the same period, Rarible’s volume increase left behind OpenSea and LooksRare, which experienced a roughly 19% and 74% drop in trading volume within 24 hours. During this timeframe, X2Y2 saw a volume increase of 8.8%.

Lowest Levels in the Last Two Years

The volume increase for Rarible came after co-founder Alex Salnikov stated on August 22 that they would no longer support markets that neglect copyrights and would stop collecting orders from OpenSea, LooksRare, or X2Y2 as of September 30. In February, OpenSea admitted to losing ground to Blur, another popular NFT marketplace that does not enforce content creators’ copyrights, after it decided to stop enforcing NFT content creators’ copyrights.

Conclusion

As the NFT market continues to evolve, the issue of copyright protection remains a contentious one. Rarible’s decision to support the protection of copyright fees for NFT collection owners has led to a significant increase in its trading volume, demonstrating the importance of this issue to the NFT community. However, with rival NFT markets and projects withdrawing their support for copyrights, the future of copyright protection in the NFT space remains uncertain.

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Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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