The iconic NFT artist Tyler Hobbs blocked his QQL generative art NFT collection on the X2Y2 marketplace. Now, the platform founders have finally broken the silence to address Hobbs’ controversial decision. Many NFT community members accused the artist of greed since the X2Y2 NFT Marketplace can offer 0% royalty fees – but is that the truth?
What does X2Y2 think about Tyler Hobbs blocking QQL NFTs on the marketplace?
Tyler Hobbs comes to the NFT community’s attention again, this time for blocking his QQL NFT collection on the X2Y2 marketplace. In fact, this is probably the first popular artist to block his collection’s transacting in the platform.
Several days after the announcement, the team at X2Y2 wrote a long Twitter thread explaining the situation. To begin with, the founders denied rumors that X2Y2 is a 0% royalty marketplace.
“With our Flexible Royalty feature, X2Y2 users can choose whether to pay the royalty, and NFT holders can vote to enforce the royalty.” the team wrote in a tweet.
In other words, Tyler Hobbs could’ve received royalties if users had decided to offer them. The X2Y2 team ended their message by asking the artist to “find a solution” to collaborate.
However, their explanation raised even more questions among NFT collectors. For example, some users believe that it’s unfair that fees for utilizing the X2Y2 platform are mandatory.
“If decentralization means every option should be opened and users/buyers have the final say, it should be applied to both the artists and the platforms,” said user @Tunaswimminsea.
What is X2Y2?
In short, X2Y2 is an NFT-dedicated marketplace operating on a new royalty fee model. There, users get to choose whether to pay royalties to artists or not. What’s more, each user can choose the exact amount of royalties they want to pay to each NFT project.
According to the founding team, 98.11% of each transaction made in September via X2Y2 paid royalties. Right now, the marketplace’s main partners include Uniswap, NFTGO, OpenSea, Rarity Sniper, and more.