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X2Y2, the NFT marketplace, has taken action to retain its user base by launching a feature that enables buyers to choose the royalty fee they want to contribute to an NFT project.
On August 26, X2Y2 tweeted an update outlining the way royalties will be distributed on the platform in the future.
Buyers on X2Y2 can now choose the amount 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.
— X2Y2 (@the_x2y2) August 26, 2022
Even after the NFT project has sold out, the creator will continue to receive royalties as fees. The percentage of the fee that the buyer will be charged for purchasing the creator’s assets can be specified by the creator.
Customers on the platform are free to adjust the amount they would like to contribute to an NFT project thanks to the NFT marketplace’s latest update. Although the default amount is set by the creators, the buyer can easily change it.
X2Y2 has been aiming to offer the lowest fee possible for its users. For the time being, it does not charge gas fees associated with listing NFTs, making offers, or lowering prices.
OpenSea and LooksRare charge 2.5% and 2% trading fees respectively, whereas X2Y2 opted to keep its trading fees as low as 0.5%.
XYY2 claimed it had to respond to the NFT royalty-free trend started by SudoSwap in order to keep its users.
X2Y2’s Head of Business Development stated in a discord chat that the process of finding ‘something’ that gives them a competitive edge without the expense of other creators is a difficult one. Especially considering when many are attracted to Sudoswap’s 0% royalties policy.
However, a user expressed their concern about the model’s long-term sustainability in case the buyers opt to forgo paying royalties.
According to Dune Analytics, X2Y2 has earned 8,326 ETH in fees and has 1,782,328 ETH in total volume on the platform at this point in time.
