said Friday on Twitter<\/u><\/a> that it will now enforce creator royalties on all of the collections sold on its platform after being one of the first to drop its royalty requirements.<\/p>\n\n\n\nIts \u201cFlexible Royalties\u201d model sparked pushback from some NFT creators and marketplaces about ensuring that NFT creators are compensated fairly for their works.<\/p>\n\n\n\n
X2Y2 referenced leading NFT marketplace OpenSea\u2019s on-chain royalty enforcing tool, which will blacklist collections from being resold on marketplaces that don\u2019t implement royalties. It said that most new collections have opted for this model.<\/p>\n\n\n\n
\u201cWe used to believe the best way to handle royalties is to give both parties, creators and traders, the right to choose,\u201d the marketplace wrote on Twitter.<\/p>\n\n\n\n
\u201cPutting belief aside, if there was anything self-evident in crypto, it’s the \u2018code.\u201d<\/p>\n\n\n\n
In August, X2Y2 said it would make royalties optional, allowing buyers to elect how much they contribute to creators.<\/p>\n\n\n\n
According to a tweet from Twitter user Punk9059, about 30% of NFT trades since August have been royalty-free.<\/p>\n\n\n\n
Last week, OpenSea pushed back against optional royalties, sticking to its decision to enforce creator royalties across its platform.<\/p>\n\n\n\n
\u201cProud to stand with you \u2013 and the many brilliant creators in our community \u2013 on this critical measure,\u201d said OpenSea in response to X2Y2\u2019s announcement on Twitter.<\/p>\n\n\n\n
About the author<\/strong><\/p>\n\n\n\nAnjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.<\/p>\n","protected":false},"excerpt":{"rendered":"
December 12, 2022 By Anjali Kochhar Popular non-fungible token (NFT) marketplace X2Y2 has reversed its decision to make creator royalties optional. The original move inspired several other marketplaces to follow […]<\/p>\n","protected":false},"author":1,"featured_media":2318,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/2315"}],"collection":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/comments?post=2315"}],"version-history":[{"count":2,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/2315\/revisions"}],"predecessor-version":[{"id":2321,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/2315\/revisions\/2321"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media\/2318"}],"wp:attachment":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media?parent=2315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/categories?post=2315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/tags?post=2315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}