NFT marketplace X2Y2 to enforce royalties following OpenSea move
NFT marketplace X2Y2 will reinstate royalty enforcement on all existing and new collections being sold on its platform, a reversal of its previous decision to allow optional royalties.
The marketplace was among the first to introduce optional or flexible royalties months ago, allowing buyers to set the amount they want to pay creators. Optional royalties have been a subject of debate recently as such settings have led a large portion of buyers to pay zero fees to creators.
In a Tweet on November 18, X2Y2 wrote that its latest decision followed a move by leading NFT marketplace OpenSea to enforce royalties about two weeks ago.
“Since @opensea released the OperatorFilter 2 weeks ago, most of the new projects have sided with it,” it said. “With OpenSea risking its market share and taking a brave move to defend royalties, they have our respect!”
X2Y2 said it has removed the “flexible royalty” setting for all new listings of NFTs with OperatorFilter.
Responding to X2Y2 in its Tweet, OpenSea said it is proud to stand with X2Y2 and many brilliant creators on this critical measure. It said it hope more marketplaces will move in the same direction.