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NFT Mania Slows with Tapering Transaction Volume on Top Marketplaces

Non-Fungible Token (NFT) marketplaces are seeing a decreasing demand for digital collectables, a trend that might have been aggravated by the recent flash crash in the broader crypto industry.

According to data from crypto market analytics platform Dune Analytics, there has been a steady decline in transaction volumes on OpenSea from September 3. Beyond OpenSea, other competing marketplaces, including Rarible and LarvaLabs, also witnessed a similar trend.

Per the data, the total average Ethereum tokens transacted on September 3 was 56,842.07 ETH across the five platforms featuring Foundation and SuperRare. This volume slumped to 29,371.84 ETH on September 9. The decrease in trading volumes has effectively showcased the shift in demands as gas fees across various NFT blockchains soars and collectors toned down their interests.

Individual marketplaces have also recorded a shrink in the growth metrics for most projects listed. As of the time of writing, the top two projects on OpenSea, including CryptoPunks and Art Blocks Curated, saw their trading volumes shrink by 54.85% and 3.23%, respectively. While Bored Ape Yacht Club deviated from the bearish drop with a rise of 53.30% in its trading volume, the overall outlook of the NFT marketplace is not positive.

With Bitcoin (BTC) and the thousands of altcoins reeling from the impacts of the recent price flash crash, the path the NFT markets trailed shows a great deal of correlation between both offshoots the underlying blockchain technology. There has been an incremental leap in the growth of the NFT metaverse this year as collections continue to go for sale at over-the-roof prices.

The demand the market witnessed has placed outfits like OpenSea under immense staffing pressure as more projects and collectors troop into the market. However, the current interest decline is bound to regain rejuvenation in recent times, as the volatility of the crypto market, which served as its bane in the recent slump, can potentially stir an unprecedented revival.

NFT Marketplace Rarible Introduces No-Fee Minting Feature

Non-Fungible Token (NFT) marketplace Rarible has introduced a new feature dubbed the “lazy minting” feature, billed to lower entry barriers for all creators utilizing its platform.

The lazy minting feature will help in transferring the cost of the minting to those interested in the particular artwork, a move that saves users the upfront cost of minting an entire collection.

The cost of minting an NFT can be very high, especially when it is on the Ethereum network. Digital art collectors have often focused their minds on the return on their investments, which helps bear the increased cost of the minting. Depending on the success of the particular project, the creators may come down with losses as some are often unable to make enough sales to cover the cost of minting their collections.

These are bound to change with the new Rarible provisions, capped by an accompanying push toward sustainability.

“We’re excited to further lower the entry barrier for NFT creators from all over the world, allowing everyone to showcase and monetize their creativity at no upfront cost,”

The official Rarible announcement also reads “at the same time, the new feature is the next step towards sustainability for Rarible.com, as it reduces the number of unnecessary transactions on Ethereum related to NFTs that don’t get purchased.”

Despite the lazy minting NFT feature, all NFTs uploaded to Rarible will be featured “on the marketplace just like any other NFT, and the data is being safely stored on IPFS (decentralized storage).” When the item is minted, the buyer pays the minting fee, and the NFT will be minted to the creator’s wallet and then automatically transferred to the new owner.

The lazy minting feature will give Rarible a competitive edge over other marketplaces, particularly OpenSea, which controls the largest market share.

Rarible and Adobe Partners to Enhance NFT Security

Mainstream Non-Fungible Token (NFT) marketplace, Rarible, has partnered with Adobe to improve the authenticity of digital arts created through Adobe Creative Cloud solutions, including Photoshop, Stock, and Behance.

As announced by Rarible, the partnership, which is billed to leverage the marketplace’s own Content Authenticity Initiative (CAI), is set to help combat visual misinformation and protect creators through digital provenance.

The artworks created by users on Photoshop can now be linked to social media accounts and wallet addresses which are billed to be displayed on the user’s profile on Rarible.

“Users of the Photoshop desktop app can now link their social media profiles and crypto wallet addresses to their work. That way, they can further assure consumers that they are indeed the creator of their content,” the announcement reads,

“To make sure that the new feature is widely available across the NFT space and collectors can see if the wallet used to create an asset was indeed the same one used to mint, Adobe partnered with Rarible, as well as other key NFT marketplaces, to display Content Credentials.”

NFTs are becoming a major trend in the blockchain ecosystem nowadays. Besides the retail frenzy that is sweeping across the space, the innovation is notably boosting the service rendering of software providers like Adobe, as well as marketplaces like Rarible. With the mainstream adoption of NFTs, security remains a key watchword that many creators will be looking for.

With the Rarible and Adobe partnership, there will be a guarantee that all incoming rewards go to those whom it was meant for. Rarible is considered at the forefront of safeguarding the interests of its creators as it recently introduced a feature where creators can list their items for sale and the minting fee passed on to consumers at the point of purchase.

While this model is favourable for NFT creators, the question remains how competitive Rarible will appear before collectors amidst a growing emergence of several marketplaces in the ecosystem today.

Rarible's NFT Aggregator Allows Free Price Comparisons across Marketplaces

Rarible has launched a non-fungible token (NFT) aggregator, visible on the website’s homepage.

The new feature will allow visitors of the NFT marketplace to browse listings across several marketplaces and compare prices.

The aggregator comes with a search bar where visitors can access the filter to look for NFTs based on prices, trending projects, recently-listed items and auctions that are about to close.

According to Rarible’s co-founder Alexei Falin, the function of the aggregator is similar to that of Google or that it is “Google for NFTs.” The new feature has the capability to pull data about NFTs across several marketplaces and blockchains to help users find the best prices.

However, Rarible will not charge anything extra for using the aggregator.

Besides the aggregator, Rarible also introduced a new feature dubbed the “lazy minting” feature, billed to lower entry barriers for all creators utilizing its platform.

The lazy minting feature will help in transferring the cost of the minting to those interested in the particular artwork, a move that saves users the upfront cost of minting an entire collection.

According to Blockchain.News, the cost of minting an NFT can be very high, especially when it is on the Ethereum network. Digital art collectors have often focused their minds on the return on their investments, which helps bear the increased cost of the minting. Depending on the success of the particular project, the creators may come down with losses as some are often unable to make enough sales to cover the cost of minting their collections.

Prior to introducing the aggregator, Rariable partnered with Adobe to improve the authenticity of digital art created through Adobe Creative Cloud solutions, including Photoshop, Stock, and Behance.

The artworks created by users on Photoshop can now be linked to social media accounts and wallet addresses which are billed to be displayed on the user’s profile on Rarible.

Rarible launches Polygon-based NFT marketplace builder

Rarible, a marketplace for nonfungible tokens (NFTs), has announced the debut of a marketplace builder. This builder gives artists and projects the ability to personalise a store for their NFT collections based on Polygon.

The Rarible team underlined the fact that the blockchain had acquired substantial popularity in the NFT industry while providing an explanation as to why the company decided to use the Polygon network for the application.

According to Alexei Falin, co-founder and CEO of Rarible, the Polygon NFT market has lately acquired “tremendous traction” in recent months.

Additionally, the team anticipates that in the near future, buying and selling NFTs will be able to take place on community markets.

Falin said: “We feel that community markets are the way of the future when it comes to buying and selling NFTs, and we think that every project ought to have its very own marketplace.

The self-service technology is very necessary in order to make this happen.”

In addition to the Polygon-based NFT projects that Rarible offers, the company also provides a marketplace builder for Ethereum ERC-721 and ERC-1155 collection tokens.

NFT initiatives have developed new methods to improve the area despite the weak market that has been going on.

On January 11, a tool that evaluates the trading performances of NFT collectors’ wallets was made available via an NFT index.

Wallets are evaluated based on their realised and unrealized profits, in addition to a number of other characteristics, by the index.

During the same time as NFT projects are developing new tools or services, other initiatives are doing all in their power to survive the crypto winter.

NFT marketplace SuperRare made the announcement not too long ago that it will be laying off thirty percent of its personnel.

The chief executive officer of the company, John Crain, said that the company “expanded in parallel with the market” and that they “over-hired” when market circumstances were favourable.

However, the CEO of the NFT marketplace pointed out that this cannot be maintained in the long run.