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.
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.