Rarible Launched New Tool to Block Risky ETH NFT Sales On OpenSea

Rarible Launched New Tool to Block Risky ETH NFT Sales On OpenSea

B4 Content Ad

Rarible launched new tool that can block risky ETH NFT sales on OpenSea in order to protect the users from having these sold for less than they actually are worth so let’s read more in today’s ethereum latest news.

Rarible announced they will launch an order management tool that will allow the users to cancel risky sale orders from the leading NFT marketplace OpenSea. NFT marketplace Rarible launched a new tool to block risky ETH NFT sales which comes after the news of an exploit on OpenSea that can lead to valuable NFTs such as those from the Bored Ape Yacht Club that was sold less than the owner intended. Rarible said it recieved a few complaints from customers of irregularities in the NFTs price that the site actually aggregated from OpenSea. The users complained that certain NFTs will show up as available on Rarible but not on OpenSea. Rarible said it started to aggregate the sale orders from OpenSea last year in order to increase liquidity on its multi-chain marketplace. The co-founder of Rarible Alex Salnikov said that the platform users had access to OpenSea data via Rarible’s activity tab for the past few months. Salnikov noted:

“We started to aggregate not only activity, but also orders from other marketplaces, and OpenSea comes first. So basically allowing you to fulfill your orders from other marketplaces through the Rarible front end.”

An m2 serum (32e floor) just sold for 11.55e.

How? The buyer made an 11.55e listing two months ago and just purchased an m2 on market. His original listing still shows on rarible and so it was bought.

Let’s all work together to get this anon wallet to sell back at his cost! pic.twitter.com/nSNlPobAaX

— Nate Rivers (@Nate_Rivers) January 5, 2022

Launched in 2019, co-founders Alexei Falin, Salnikov, and Ilya Komolkin created Rarible with a current all-time high NFT trading volume of $277.9 million since the launch. As the company explained in a Twitter thread, NFT collectors could check their orders where they are connecting with their wallets and can cancel what Rarible calls risky sale orders. Rarible says the issue arose when Rarible users tried to buy an NFT but it was already purchased or removed from the platform when the NFT was originally listed which is OpenSea. Salnikov noted:

“These orders were old orders that are supposed to be canceled but were not. That’s why some of the people were able to buy some Bored Apes [and other NFTs] below the floor price.”

In the tool, you will see two types of orders: Active and Inactive.

Active orders are on right now and require most of your attention.
Inactive orders are the orders that will become active in case the NFT gets back to your wallet.

— Rarible (@rarible) January 5, 2022

Salnikov also referred to a solution explained by Nate Rivers:

“An m2 serum (32 ETH floor) just sold for 11.55 ETH. How? The buyer made an 11.55 ETH listing two months ago and just purchased an m2 on market. His original listing still shows on Rarible and so it was bought.”

Following the recent community concerns, we created an order management tool that allows you to identify and cancel potential risky sale orders from OpenSea.

More on what happened and how to protect yourself

— Rarible (@rarible) January 5, 2022

Rarible disabled the integration so now users can cancel orders with the tools and be safe.

Recommended For You

About the Author: