Rarible Still Pay Royalties To NFT Creators, OpenSea Stop Royalty Payments

Marketplace NFT Rarible. (Photo; Doc. Coin98)

JAKARTA - The Rarible NFT market is taking important steps to support digital art creators. Starting September 30, Rarible is committed to fully supporting royalty payments to creators and stopping the practice of ignoring orders from other platforms such as OpenSea, LooksRare, and X2Y2. The move comes after OpenSea recently changed its policies, making royalty costs optional for creators.

OpenSea seeks to help creators by introducing the Operator Filter tool. This tool aims to ensure royalties that deserve to be paid to creators. However, there are still loopholes where NFT can be sold without paying royalties on the platform.

OpenSea CEO Devin Finzer said that Filter Operators were created to provide more control to content creators in running their web3 business. However, support from the entire web3 ecosystem is needed to ensure the effectiveness of this tool.

This new policy reflects a change in trends in the NFT market, where a number of platforms including LooksRare, Sudoswap, Magic Eden, and X2Y2 have allowed optional royalty options. This means creators don't have to pay royalties when their work is resold.

However, the change in OpenSea's direction in terms of royalties has drawn criticism. Well-known investors like Mark Cuban note that inconsistency in paying royalties is a mistake that is detrimental to overall trust in NFT platforms and industries.

In intense competition in the NFT market, the presence of Blur has shaken the market. Blur has provided a low royalty rate of only 0.5%, and this has affected the royalty landscape in the market. The presence of Blur since late 2022 has even driven structural changes in royalty rates among competitors.