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NFT Marketplace X2Y2 Will Enforce Creator Royalties, After Pushback
The popular platform was among the first to make creator royalties optional, inspiring other marketplaces including LooksRare to follow suit.
By Cam Thompson
Updated Nov 23, 2022, 4:09 p.m. Published Nov 18, 2022, 6:02 p.m.
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Popular non-fungible token (NFT) marketplace X2Y2 has flipped its decision to make creator royalties optional. The original move inspired several other marketplaces to follow suit.
X2Y2 said Friday on Twitter that it will now enforce creator royalties on all of the collections sold on its platform after being one of the first to drop its royalty requirements. Its model, called “Flexible Royalties,” sparked pushback from some NFT creators and marketplaces about ensuring that NFT creators are compensated fairly for their works.
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— X2Y2 (@the_x2y2) November 18, 2022
TL;DR X2Y2 will enforce royalties on ALL collections.
A thread here👇
X2Y2 referenced leading NFT marketplace OpenSea’s on-chain royalty enforcing tool, which will blacklist collections from being resold on marketplaces that don’t enforce royalties. It said that most new collections have opted for this model.
“We used to believe the best way to handle royalties is to give both parties, creators and traders, the right to choose,” the marketplace wrote on Twitter. “Putting belief aside, if there was anything self-evident in crypto, it's the ‘code.”
In August, X2Y2 said it would make royalties optional, allowing buyers to elect how much they contribute to creators. In October, NFT marketplaces Magic Eden and LooksRare followed in its footsteps, leading to discussions about a royalty-optional future.
According to a tweet from Twitter user Punk9059, about 30% of NFT trades since August have been royalty-free.
State of royalties: past few weeks have settled into a zone of about 30% of trades being royalty-free overall.
— NFTstatistics.eth (@punk9059) November 18, 2022
Definitely down from the Art Gobblers craze, but well above where things were pre-Blur. pic.twitter.com/lmRD4ehDei
Last week, OpenSea pushed back against optional royalties, sticking to its decision to enforce creator royalties across its platform.
“Proud to stand with you – and the many brilliant creators in our community – on this critical measure,” said OpenSea in response to X2Y2’s announcement on Twitter.
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