Rarible, an Ethereum-based NFT marketplace, has experienced a significant surge in trading volume within just 24 hours after publicly advocating for NFT creator royalties. This move comes as competitors like OpenSea have retracted their support for royalties, leading other projects to follow suit.

According to analytics data from DappRadar, Rarible’s fiat trading volume has skyrocketed by almost 585%, surpassing $45,000 on August 23, 2023. This surge in volume can be attributed to Rarible’s plan to stop aggregating orders from competitors who do not enforce royalties, including OpenSea. In fact, co-founder Alex Salnikov announced on August 22 that Rarible will no longer support such marketplaces by September 30, highlighting the importance of valuing and compensating creativity.

Salnikov stated, “This space is about redefining the paradigm in which creativity is valued and compensated. We cannot continue to standby as that promise is taken away.”

Although Rarible’s trading figures are relatively modest compared to its rivals, it has outperformed OpenSea and LooksRare in terms of volume surges. However, X2Y2 has only witnessed a minor increase.

OpenSea, one of Rarible’s competitors, abandoned NFT creator royalty enforcement in February due to competition from platforms like Blur that do not enforce royalties. On August 17, OpenSea announced the discontinuation of its royalty enforcement tool due to a lack of adoption.

Meanwhile, Ethereum-based NFT projects have experienced a two-year low in royalties, according to July data by Nansen. This reflects the ongoing shifts in the NFT landscape.

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