Rarible Now Allows Users to Cancel Sale Orders from OpenSea

The Rarible marketplace has introduced a new update that its users have been clamoring for. The update will make it easier for people to protect themselves when using the NFT marketplace.

Rarible Addresses Community Concerns

Rarible, one of the leading nonfungible token (NFT) marketplaces, has addressed a key community concern. Its users wanted to be able to identify and cancel sale orders from the OpenSea marketplace, and Rarible has now launched this feature.

❗️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 is an Ethereum-based platform that allows users to create, sell and buy the ownership rights to digital works of art as NFTs. The marketplace uses two NFT token standards: the ERC-721 that allows for the creation of one-off unique items, and the ERC-1155 that allows for the creation of multiple editions of an item.

The Rarible community has been clamoring for the feature that would allow them to cancel orders from OpenSea. The Rarible team also went on to explain the various ways its users can protect themselves while using its platform.

OpenSea remains the leading NFT marketplace in the world, accounting for more than 60% of all NFT transactions in 2021. OpenSea raised $300 million in a Series C funding round on January 5, bringing its total valuation to $13.3 billion. The NFT marketplace will use the funds to accelerate product development, improve customer service, grow its team, and invest in the wider NFT and Web3 market.

NFT trading volume on OpenSea recently surpassed $700 million, thanks to the massive interest in Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs.

RARI Down by 10% Despite Recent Update

RARI, the native token of the Rarible marketplace, is down by more than 10% in the past 24 hours. The poor performance comes despite the Rarible team addressing a key community concern. RARI has been underperforming for a while now, and its price could slip below the $10 mark if the bearish sentiment grows stronger.

The MACD line has been below the neutral zone since December, and RARI is trading below its 50-day moving average of $16.34. Furthermore, the RSI of 46 shows that RARI could enter the oversold territory soon.