X2Y2 NFT Marketplace Will Now Enforce Royalties Too

image of the X2Y2 NFT marketplace logo royalties

In recent months, there has been a massive debate about NFT royalties, and now, the X2Y2 NFT marketplace has also made an enormous decision. Moving forwards, the Ethereum NFT marketplace will enforce creator-set royalties, ensuring artists are rewarded for their hard work. The news follows a recent OpenSea decision to continue with creator-set royalties after they announced they were considering making royalty fees optional.

image of the X2Y2 NFT marketplace logo royalties

X2Y2 has announced it will enforce NFT creator royalties.

NFT marketplace X2Y2 announces creator-royalties are here to stay!

Just last month, it looked like the end of NFT creator-royalties. OpenSea announced they were considering making them optional, and LooksRare confirmed it was scrapping them entirely. Then, a month later, following huge backlash from the NFT community, it looks like NFT creator royalties are here to stay.

In a Twitter thread, X2Y2 declared that they will enforce creator royalties. Previously, they used a ‘flexible royalty’ model. To clarify, this provided different royalties depending on projects and the input of creators and collectors on the NFT marketplace.

@the_x2y2 tweeted, “We may have a different view on the best way of handling royalties with OpenSea, yet we respect the code. With OpenSea risking its market share and taking a brave move to defend royalties, they have our respect!”

OpenSea has a considerable influence on the NFT marketplace!

OpenSea is the world’s biggest and most influential NFT marketplace, with 48% of all NFT sales. This has recently declined from previous highs of around 90% in February, but they remain #1 in NFT sales volume.

As a relatively new NFT marketplace, X2Y2 is already doing exceptionally well. They currently share around 22% of the Ethereum NFT marketplace in volume. Now, X2Y2 wants to focus on rewarding the creators who make the space possible and will enforce NFT creator royalties.

Related posts