NFT REVIEW NEWS X2Y2 Makes U-Turn on Creator Royalties

Ethereum NFT marketplace X2Y2 has backtracked on its earlier move to offer optional creator royalties on its platform. Instead, it will now ensure all its artists will receive due compensation for works traded within its ecosystem.

Over the summer, X2Y2 made waves with its controversial in-built ‘Flexible Royalties Function’. Essentially providing collectors with the ability to opt-out of creator payments to reduce the costs of their purchase. The action resulted in effectively undercutting the competition and claiming a significant share of the market, leading other such platforms to follow suit.

Since then, many creators within the industry have criticized these marketplaces for their questionable tactics. So much so, that market leader Opensea heard the pleas and built the ‘Openfilter’ to blacklist any marketplaces circumventing payment. This tool proved so successful that most new collections end up blocking the blacklisted marketplaces on Openfilter.

X2Y2 has since stated that the ‘code is law’ and will respect the choice made by the community through Openfilter. The actions of Openfilter have provided creators a voice over how they want their works administered. This has resulted in better payouts for creators through royalties.

Since the announcement, Opensea has publicly congratulated X2Y2 on its decision and removed its marketplace from the Openfilter.

Want more? Connect with NFT Plazas

Join the Weekly Newsletter
Join our Discord
Follow us on Twitter
Like us on Facebook
Follow us on Instagram

*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Source link

If this article, video or photo intrigues any copyright, please indicate it to the author’s email or in the comment box.

What do you think?

26 NFT Points
Upvote Downvote


I am the curator of the NFT Review Market News. If the document or content infringes any copyright, please point it out in comments and it will be promptly removed. To all the articles we include the link of the Resource that appears as Source Link If this article, video or photo intrigues any copyright, please indicate it to the author's email or in the comment box.

Crypto Alerts Noticias Criptomonedas Reino Unido regulará los tokens digitales como el dinero tradicional

NFT REVIEW NEWS Johnnie Walker Announces NFTs – NFT Plazas