X2Y2 Unveils A Flexible Royalty Option For Buyers

X2Y2 unveils a flexible royalty option for buyers i.e. it has taken significant steps to retain its customers by offering a feature that allows purchasers to specify the royalty fee they desire to donate to an NFT project. The company is a pretty well-known NFT marketplace.

On August 26, the NFT marketplace provided an update outlining how royalties on the platform will be handled in the future.

“Buyers on X2Y2 can now choose the number of royalties they would like to contribute to projects. 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.” said the marketplace in a recent Tweet.

X2Y2 unveils a flexible royalty option for buyers, which may be really successful and the hook they need to retain its customer, or it may just be a flop. Whatever the case royalties are fees paid to the creator of an NFT project after it has been sold. Creators have the ability to select the percentage fee that the buyer will be paid for acquiring their goods.

With the new X2Y2 version, platform owners may now choose how much they want to donate to an NFT project. The default quantity, however, is established at the request of the author but is easily adjustable by the buyer.

X2YC Want To Keep Fees To A Minimum

X2Y2 has been working hard to offer the lowest feasible charge on its platform. It does not yet charge gas costs for listing NFTs, making an offer, or decreasing the price.

X2Y2 reduced its trading costs to 0.5% in July, whereas OpenSea and LooksRare charge 2.5% and 2%, respectively.

The NFT marketplace indicated that in order to maintain its consumers, it needed to adapt to the NFT royalty-free trend pioneered by SudoSwap.

In a discord discussion, X2Y2’s Head of Business Development stated:

“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.”

However, one worried user questioned the model’s long-term viability if consumers opt to avoid paying royalties.

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

According to Dune Analytics, X2Y2 has made 8,326 ETH in fees and now owns 1,782,328 ETH in total volume on the platform.

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