X2Y2 introduces a customizable royalty option, allowing buyers to choose the amount of money they would like to donate to an NFT project. This is a big step in the company’s efforts to keep existing customers happy. It’s safe to say that this company is a household name in the NFT trading space.
The NFT marketplace released new information on August 26 explaining how royalties will be managed in the future of the platform. The new royalty structure that X2Y2 is offering to its customers might be a huge success and the bait the company needs to keep hold of its customer base, or it could be a total failure. In any instance, royalties are fees given to the author of a non-fungible token (NFT) project following the sale of said asset. The percentage fee that the buyer will pay the creator is something that the creator can decide.
New for version X2Y2 is the ability for platform owners to determine their own contribution amounts to NFT initiatives. The default amount is set at the author’s request but can be changed by the purchaser.
X2YC Is Trying Their Best To Keep The Costs Down As Much As Possible
X2Y2 has been exerting a great deal of effort to ensure that its platform provides the most competitive pricing possible. At this time, it does not charge gas expenses for listing NFTs, making an offer, or decreasing the price of an item.
In July, X2Y2 decreased its trading expenses to 0.5%, although OpenSea and LooksRare charge 2.5% and 2%, respectively.
The NFT marketplace noted that in order to maintain its customers, it needed to adapt to the NFT royalty-free trend that was pioneered by SudoSwap. This was necessary in order for the NFT marketplace to keep its customers.
During a conversation on Discord, the Head of Business Development for X2Y2 made the following statement: “However, one concerned user questioned the model’s long-term viability if users choose to avoid paying royalties.”
According to Dune Analytics, X2Y2 has made 8,326 ETH in fees and currently owns 1,782,328 ETH in total volume on the network.