In what can quite possibly be seen as an effort to rejuvenate the NFT market amid these bearish times, one of the biggest NFT platforms of them all, Rarible, has announced that it has lowered its marketplace fees by over 50%.
Prior to the company’s announcement of the change in policy yesterday, those selling NFTs on the Rarible marketplace would incur a fee which is equal to 2.5% of the respective sale price, whilst buyers would also have to pay a 2.5% fee every time they made a purchase. In total, this meant Rarible raked in revenues that equalled 5% of all trading volume across its platform.
However, this figure has now been reduced to 2%, as both sellers and buyers will each incur a fee of 1% on each NFT they buy or sell. This essentially means that buyers won’t have to fork out as much money when buying an NFT, and sellers will be able to keep a higher proportion of the revenue that is gained in each sale (from 97.5% to 99%).
The reduced NFT marketplace fees will be supported across all chains that are featured across the Rarible platform, such as Ethereum, Tezos, Solana, and Flow.
In addition to lower fees, greater liquidity on Rarible can also be enjoyed through utilising the platform’s ability to aggregate orders from across its protocol.
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