NFT Marketplace Rarible Commits to Paying Royalties to Creators Permanently

To uphold the core value of creative work, NFT marketplace Rarible has announced it will maintain its royalty fee policy and start blocking secondary platforms that do not collect fees.

Rarible's Permanent Royalty Commitment

Amid ongoing debates about royalties, as NFT platforms navigate the prolonged downturn, Rarible has declared its commitment to creators despite the broader trend of loosening royalty structures.

In a recent announcement, Rarible outlined the following key decisions:

• Rarible will stop aggregating with platforms such as OpenSea, LookRare, and x2y2 by September 30, 2023.
• This decision reflects Rarible's disagreement with the policies of other marketplaces that have opted to either ignore or reduce royalty fees.
• Royalties for collections listed on Rarible.com and all Rarible community marketplaces will continue to be fully honored.

Currently, Rarible offers royalty fees ranging from 5% to 50% for creators.

Royalties have long been praised as one of the major advantages of NFTs, allowing artists and content creators to directly benefit from their work without deductions by third-party platforms. However, this topic has become contentious as more marketplaces either eliminate royalties or allow creators to opt out to further lower NFT prices, aiming to attract buyers amidst a recent decline in NFT interest.

OpenSea, a leading NFT marketplace, initially championed royalties and maintained a fixed 10% fee. However, competitive pressures this year forced it to adopt a more flexible model, allowing creators to adjust fees themselves.

The royalty debate intensified last week when OpenSea announced it would remove the Operator Filter tool, previously seen as a means to provide greater autonomy to creators. This move by the largest NFT marketplace has sparked significant controversy, leaving the future of creator royalties in a precarious state.