Rarible Reduces Marketplace Fees to 1% to Encourage NFT Trading

Rarible has reduced its NFT buyer and seller fees from 2.5% to 1% in an effort to boost trade activity on the platform.

In an effort which in wider economics terms could be coined as a ‘fiscal policy’ (i.e. reducing taxes), NFT marketplace Rarible has reduced its fees for NFT buyers and sellers.

Before the alteration, both buyers and sellers of NFTs on Rarible were subject to a 2.5% fee on each transaction they were involved in, meaning the marketplace would make-off with revenue which equalled 5% of all trade volume on the platform. 

Now, and perhaps in a ploy to rejuvenate its NFT economy and ecosystem amid the ongoing bear market, such fees have been reduced to 1% for each party. That means buyers won’t have to fork out as much crypto in order to purchase NFTs, and sellers will be able to keep a larger share of the revenue they generate (99% as opposed to 97.5%). 

The reduced fees will be applied to all transactions on the platform irrespective of the blockchain in question, and can also be used alongside the Rarible’s ‘aggregating orders’ function to ensure that user liquidity is fully maximised. 

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