X2Y2 NFT Marketplace To Enforce Creator-Set Royalties
X2Y2, the nonfungible (NFT) marketplace, has announced that it will enforce creator-set royalties, ensuring artists are rewarded for their hard work.
It has been reported that the news follows a recent OpenSea decision to continue with creator-set royalties after they announced they were considering making royalty fees optional. 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.
However, a month later, following a huge backlash from the NFT community, it looks like NFT creator royalties are here to stay. 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 report said that 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.
Thus, 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.
Source: NFT Evening