NFT aggregator Rarible announced yesterday that it will discontinue aggregating orders from NFT marketplaces OpenSea, LooksRare, and X2Y2 by September 30th. The move comes in response to OpenSea's decision last week to make NFT creator royalties optional for new collections from September. Rarible is a major vocal supporter of creator royalties. The company argued that they are essential for ensuring artists fairly compensation for their work. In its announcement, Rarible said it "cannot continue to standby as that promise is taken away."
The NFT royalties debate has been raging for months, with some platforms arguing that they are unnecessary and stifle innovation. In contrast, others argue that they are essential for protecting the rights of creators. OpenSea's decision to make royalties optional is a major victory for those who believe that royalties are outdated. Still, it is also a sign of the growing power of NFT marketplaces.
However, deciding to discontinue aggregating orders from OpenSea, LooksRare, and X2Y2 is also a major blow to these marketplaces. Rarible is one of the largest NFT aggregators, and its decision to stop listing these marketplaces will make it more difficult for users to find NFTs on these platforms.
How OpenSea, LooksRare, and X2Y2 will respond to Rarible's decision remains to be seen. They may change their creator royalties policies to compete with Rarible. However, it is also possible that they will ignore Rarible's decision and continue to operate as they have been.
Rarible's decision is a strong stance in support of creator royalties. NFTs have the potential to provide artists with a new way to generate income. Moreover, creator royalties are essential for ensuring that artists are fairly compensated for their work. We hope other NFT marketplaces follow Rarible's lead and continue to support creator royalties. In addition, the NFT royalties debate is pivotal for the well-being of the Web3 space. It is important to discuss the pros and cons of creator royalties to ensure that the NFT ecosystem is fair and equitable for all participants.