Rarible users now have a new order management tool since January 05. This allows them to identify and cancel questionable sell orders originating from the main NFT marketplace, OpenSea. Its launch follows the announcement of an exploit on OpenSea that could lead to the sale of valuable NFT at a price much lower than that desired by its owner. Explanations.
Bored Ape Yatch Club NFTs purchased below their floor price
Launched in November 2019 by Alex Salnikov, Alexei Falin and Ilya Komolkin, Rarible is now one of the most popular NFT marketplaces. Since its launch, it has posted an exchange volume of $ 277.9 million according to DappRadar. A year ago, Rarible started aggregating OpenSea sell orders in order to increase liquidity on its own multi-channel NFT marketplace. ” We have started to aggregate not only the activity, but also orders from other marketplaces, and OpenSea is leading the way. The idea is to allow you to fulfill your orders from other marketplaces through the front-end of Rarible. ”Said Mr. Salnikov.
Rarible recently received several complaints from customers reporting irregularities in the price of NFTs displayed on its platform that originated from OpenSea. Some users have particularly complained that some NFTs appear to be available on Rarible, but not on OpenSea. The problem appeared when they were trying to buy an NFT that they saw, butit had already been purchased or removed from OpenSea where it was originally listed. ” These orders were old orders that were supposed to be canceled, but were not. This is why some people were able to buy Bored Apes below the minimum price. ”, Explained Mr. Salnikov.
How Rarible’s order management tool works
To use Rarible’s new feature, NFT collectors will need to visit orders.rarible.com. Once their wallet is connected, they can view and cancel what Rarible calls risky sell orders on the order manager page. These include an NFT that is displayed at a different and potentially lower price than the seller’s price, or that may appear to be for sale on Rarible, but not available on OpenSea.
Mr Salnikov said integration with OpenSea is temporarily disabled and users can directly cancel orders with the tool as a safety measure. ” The feedback is absolutely positive. I think what really helped was the fact that we were explaining how it works “, he added. In addition, Rarible’s Twitter account indicates that OpenSea orders will be reverted after the patch is implemented.
While the entire NFT community salutes Rarible for its handling of the crisis, OpenSea is not about to receive praise with this new incident. The largest NFT marketplace has also recently been criticized for selling NFTs inspired by stolen works of art on its platform.
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in 2017 in some crypto only increased my enthusiasm. I therefore resolved to study and understand blockchain and its many uses and to relay information relating to this ecosystem with my pen.