As many Web3 and NFT enthusiasts expressed their dissatisfaction with the X2Y2 team’s revised creator royalty policy on social media.
The X2Y2 team has released an updated statement confirming that its royalty policy is still being worked out, and the final decision will depend on the token holder.
Adding that removing royalties is not a perfect economic model for the NFT market: “0% royalties are definitely not the way forward! We agree! We will work with market participants from all sides to ensure this policy does not become the norm, as a Collectively, we need to set the right standards and pave the way for the future of the NFT industry.”
It is reported that X2Y2’s proposed royalty policy updates include:
- Mandatory royalty on 1/1 artwork and similar NFTs
- Implement a “holder-only” voting system, allowing holders as a group to decide whether to enable/disable custom royalties.