Has X2Y2 Drastically Changed An NFT Policy?

No More Royalties

Numerous supporters of Web3 and NFT tweeted about the contentious X2Y2 team’s decision to change creator royalties a couple of days ago, August 27, 2022. Creators won’t get royalties anymore when their creations are sold with the new update. On the one hand, this action will drastically cut NFT artists’ income and very certainly cause them to consider quitting X2Y2. This can cause huge disappointment for NFT artists.

Some speakers, however, are certain that the removal of royalties would cause artists to seek VC investment rather than revenue models that concentrate on retail sales. As a result, tokenized art will become a genuine, successful industry. Additionally, a solution to let NFT developers whitelist markets where the purchasers of their tokens can offer them was presented by an anonymous Azuki developer by the name of Cygaar.

Owners Having the Ultimate Say

Teams can stop their NFTs from being listed on zero-royalty sites by using this technique. The X2Y2 team issued a statement in response to criticism to confirm that its royalties policy is currently being developed. The X2Y2 officials stated that the token owners will have the ultimate say.

While debate is raging pls note this is far from finished product & updates are already in the works:

1. We will enforce royalty for 1/1 art & similar
2. Implement 'holders only' voting system allowing holders to decide, as a group, whether to enable/disable optional royalties
— X2Y2 (@the_x2y2) August 27, 2022

Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.