X2Y2 Empowers Buyers in Royalty Update
X2Y2 is changing the way royalties are handled on the platform, according to an overnight announcement from the team. Buyers on the X2Y2 platform will now be able to adjust the level of royalties paid to a project when purchasing an NFT. The announcement notes that "dominant aggregators intend to provide similar functionality in the imminent future. As such, X2Y2 would like to make sure we are ready & staying on top of market movements."
By default, the royalties option will be "collapsed" and will be initiated to the royalty fee set by the project. A buyer will be able to expand that section and edit the royalty fee, either up or down. X2Y2 mentions they "strongly recommend NOT" changing the default royalty setting so that creators are supported.
Today's update is part of a series of "Thought Leadership Initiatives" the marketplace will be working through over the coming months. Through these initiatves, X2Y2 intends to work with market participants to set "what will become the most appropriate, fair, and widely accepted market standards." In a similar initiative last month, X2Y2 released a product update adjusting the sales fees in private trades to zero.
Reaction to the news has so far been mixed, with some collectors applauding the innovation and others worried about the ramifications of taking away fees from creators. Twitter user @batuhan_katirici even went so far as to share a code snippet that can prevent a smart contract from interacting with X2Y2.