X2Y2 implements flexible royalty option for buyers

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NFT mar­ket­place X2Y2 has moved to retain its cus­tomers by intro­duc­ing an option that allows buy­ers set the roy­al­ty fee they wish to con­tribute to an NFT project.

The NFT mar­ket­place issued the update on Aug, 26, detail­ing how roy­al­ties on the plat­form will be dis­trib­uted going forward.

Roy­al­ties are fees that accrue to the cre­ator of an NFT project even after its been sold out. Cre­ators are allowed to set the % fee that the buy­er will be charged for pur­chas­ing their assets.

With the new update by X2Y2, buy­ers on the plat­form are at lib­er­ty to set the amount they would like to con­tribute to an NFT project. The default amount, is how­ev­er set based on cre­ators request but can be read­i­ly adjust­ed by the buyer.

X2Y2 wants to keep fees low

X2Y2 has been work­ing to pro­vide the low­est fee pos­si­ble on its plat­form. It cur­rent­ly does not charge gas fees for list­ing NFTs, mak­ing an offer or low­er­ing price.

In July, X2Y2 moved to keep its trad­ing trad­ing fees as low as 0.5%, while OpenSea and Look­sRare charge 2.5% and 2% respectively.

As part of its effort to retain its users, the NFT mar­ket­place stat­ed it had to respond to the NFT roy­al­ty-free trend pio­neered by SudoSwap.

X2Y2’s Head of Busi­ness Devel­op­ment said in a dis­cord chat:

With Sudoswap’s entrance and obvi­ous­ly many buy­ers flock­ing over because of their 0% roy­al­ties set up, it’s been very com­pli­cat­ed to find ‘some­thing’ that allows us to still com­pete with­out screw­ing the creators.

A con­cerned user how­ev­er ques­tioned the sus­tain­abil­i­ty of the mod­el in the long-run, if buy­ers choose to avoid pay­ing royalties.

If every­body does this and nft cre­ators stop receiv­ing roy­al­ties, how can the ecosys­tem survive ?

X2Y2 has gen­er­at­ed 8,326 ETH as fees and cur­rent­ly holds 1,782,328 ETH in total vol­ume on the plat­form, accord­ing to Dune Ana­lyt­ics.

Post­ed In: NFTs, Pay­ments



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