X2Y2 Follows OpenSea’s Lead on NFT Royalties #X2Y2 #OpenSeas #Lead #NFT #Royalties. Here is what we have for you today on TmZ Blog.
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NFT marketplace X2Y2 has abandoned optional royalties in favor of compulsory creator fees
Previously, X2Y2 enforced royalties for a section of collections on the platform
The decision comes a few days after leading NFT marketplace OpenSea reintroduced royalties for all collections
NTF marketplace X2Y2 has abandoned optional NFT royalties for compulsory creator fees days after OpenSea bowed to pressure from NFT artists. Previously, X2Y2 only enforced creator fees for a section of collections, excluding NFT projects dealing in profile pictures or PFP, but it has changed its mind after OpenSea did the same. The marketplace even congratulated OpenSea for their “brave move to defend royalties.”
The Right to Choose Wasn’t Ideal
In a Twitter thread late last week, X2Y2 acknowledged that their earlier stand on optional royalties or ‘Flexible Royalty’ as the platform called it, was hinged on a belief that creator fees were best implemented when everyone, creators and collectors, had “the right to choose.” Their belief was however changed by new NFT projects’ uptake of OpenSea’s new on-chain royalties enforcement tool which makes it a must for traders to leave tips to creators.
We used to believe the best way to handle royalties is to give both parties, creators and traders, the right to choose.
It is the rationale behind our Flexible Royalty feature. And we still believe so.
— X2Y2 (@the_x2y2) November 18, 2022
The OpenSea tool also gives NFT creators a way to prevent their creations from being sold on marketplaces that don’t honor royalties. While acknowledging that the OpenSea tool is based on blockchain or code, X2Y2 said the company will “respect the law,” leaving them no choice but to deactivate the Flexible Royalty setting for new and existing collections on the platform.
We’re Not There Yet
According to X2Y2, OpenSea’s approach to royalties isn’t the ultimate solution since the NFT world still needs a ton of “tools and features”. Commenting on the move, OpenSea revealed it had removed the marketplace from the list of anti-royalties NFT marketplaces, allowing projects using OpenSea’s on-chain tool to have their artworks traded on X2Y2.
Proud to stand with you–and the many brilliant creators in our community–on this critical measure. @the_x2y2 has been removed from our OperatorFilter and we hope other marketplaces will continue to join us. Onwards and upwards 🚀
— OpenSea (@opensea) November 18, 2022
OpenSea’s about-turn on creator fees, and by extension X2Y2’s decision, comes after popular NFT creators like Yuga Labs trashed OpenSea’s plan to support royalties for a section of collections. With OpenSea and X2Y2 on the royalties train, Solana-based Magic Eden may be forced to board considering Solana’s NFT engine creator Metaplex has hinted at focusing heavily on royalties.
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