The team behind Rarible, the most popular decentralized collectibles market place on the Ethereum blockchain has announced a new fee structure for trading NFTs. This will make it even cheaper to buy and sell items from other players which should increase adoption of these digital assets
Rarible is a new marketplace that offers low fees for NFTs. Opensea, on the other hand, charges 3%. Read more in detail here: rarible vs opensea fees.
One of the largest NFT platforms, Rarible, has stated that it has reduced its marketplace costs by more than 50% in an apparent attempt to revive the NFT business in these challenging times.
Prior to the company’s announcement of the change in policy yesterday, users who sold NFTs on the Rarible marketplace were subject to a charge equivalent to 2.5 percent of the corresponding sale price, and users who bought NFTs were subject to a 2.5 percent cost for each transaction. This indicated that Rarible earned profits totaling 5% of all trading activity on its platform.
Since both buyers and sellers will now pay a 1 percent charge on each NFT they buy or sell, this percentage has been cut to 2 percent. In essence, this implies that buyers won’t have to spend as much money to purchase an NFT, and sellers will be able to retain a larger share of the money made from each transaction (from 97.5 percent to 99 percent ).
All of the featured chains on the Rarible platform, including Ethereum, Tezos, Solana, and Flow, will support the lower NFT marketplace costs.
By using the platform’s capacity to aggregate orders from throughout its protocol, higher liquidity on Rarible may be experienced in addition to decreased costs.
The “rarible pros and cons” is a new service that reduces the fees for NFTs on the NFT marketplace. The platform is currently live and has been in use since March 2018.
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