Ethereum NFT Marketplace X2Y2 has reversed its previous move to offer optional creator royalties on its platform. Instead, we will ensure that all artists are duly compensated for their work traded within the ecosystem.
Over the summer, X2Y2 made waves with its controversial built-in “flexible loyalty feature.” Essentially allowing collectors to opt out of creator payments to reduce their purchase costs. This action has resulted in effectively undermining the competition and claiming a large share of the market, prompting other such platforms to follow suit.
Many creators within the industry have since criticized these marketplaces for questionable tactics. I built “Openfilter”. The tool was so successful that most new collections blocked his Openfilter blacklisted marketplace.
TL;DR X2Y2 applies royalties to all collections.
Thread here 👇
— X2Y2 (@the_x2y2) November 18, 2022
X2Y2 has since stated that “code is the law” and respects the choices made by the community through Openfilter. Openfilter actions allowed creators to have a say in how they wanted their work to be managed. This improved payouts to creators through royalties.
Since the announcement, Opensea has officially congratulated X2Y2 on their decision and removed their marketplace from Openfilter.
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