By introducing a tool that allows buyers to pick the royalty fee they wish to pay to an NFT project, X2Y2 has made considerable strides toward retaining its clients. The company is a widely recognized NFT trading platform.
The NFT market announced changes to the way royalties will be handled on the platform in an update posted on August 26.
Customers on X2Y2 can now select the percentage of the royalties they pay to support a given project. Major aggregators are working toward a future where they, too, can offer this kind of service to their users. Therefore, X2Y2 wants to be well-prepared and apprised of market developments. said the marketplace in a recent Tweet.
It remains to be seen whether X2Y2’s new royalty structure will be well received by customers and provide the bait necessary to keep them as a loyal clientele. Whatever the case may be, royalties are payments sent to the NFT product’s developer once the project has been sold. The percentage that the creator receives from the sale of their work is up to them.
New for version X2Y2 is the ability for platform owners to determine their own contribution amounts to NFT initiatives. However, the author-requested default amount is set, but the buyer can easily change it.
As Much As Possible, X2YC Would Like To Keep Costs Low
X2Y2 is committed to providing the most competitive pricing on its service. In the meanwhile, it does not collect gas fees for NFT listings, bids, or price cuts.
When compared to OpenSea (2.5%) and LooksRare (2.0%), X2Y2’s trade fees are significantly lower at 0.5% as of July.
For the NFT market to preserve its customer base, it was clear that it needed to adopt the royalty-free, NFT model popularized by SudoSwap.
The Head of Business Development at X2Y2 said in a discord thread:
“With Sudoswap’s entry and obviously many consumers going over because of their 0% royalties set up, it has been quite tough to find’something’ that allows us to still compete without ruining the creators,” the author writes.
One concerned user, however, raised doubts about the model’s sustainability if buyers consistently evade paying royalties.
How will the ecosystem continue to function if everyone does this and nft creators no longer receive royalties?
Dune Analytics reports that X2Y2 has amassed 1,782,328 ETH in total volume and earned 8,326 ETH in fees.