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NFT Marketplace X2Y2 is moving to retain customers by introducing options that allow buyers to set royalty fees that they want to contribute to the NFT project.
NFT Marketplace has issued an update August 26th We will detail how royalties on the platform will be distributed going forward.
X2Y2 purchasers can now choose the amount of royalties they wish to contribute to the project.
The dominant aggregator plans to offer similar functionality in the near future. So, X2Y2 wants to make sure it’s ready and stay on top of market movements.
X2Y2 (@the_x2y2) August 26, 2022
A royalty is a fee accrued to the creator even after the NFT project is sold out. Creators can set the commission percentage that buyers charge for asset purchases.
With a new update by X2Y2, Platform buyers are free to set the amount they want to contribute to the NFT project. However, the default amount is set based on the creator’s request, but can be easily adjusted by the buyer.
X2Y2 has worked to offer the lowest possible fees on its platform.not currently charging Gas Fee To list NFTs, create offers, or reduce prices.
In July, X2Y2 moved to cap transaction fees at 0.5%, while OpenSea and LooksRare charged 2.5% and 2% respectively.
As part of its efforts to retain users, NFT marketplaces said they needed to accommodate NFTs. Royalty-free trends Pioneered by SudoSwap.
The head of business development at X2Y2 said: Discord Chat:
With the advent of Sudoswap and the apparent influx of buyers due to the royalty set at 0%, it’s very hard to find “something” that can compete without screwing creators off.
Concerned users, however, questioned the sustainability of the model in the long run if buyers chose to avoid paying royalties.
If everyone does this and NFT creators stop receiving royalties, how can the ecosystem survive?
According to X2Y2, it has generated 8,326 ETH in fees and currently holds 1,782,328 ETH in total on the platform. Dune Analytics.
