NFT marketplace X2Y2’s solution to remove copyright has sparked backlash in the crypto community.
It was also stated that the 0% royalty policy set by X2Y2 could be good for NFTs to move forward.
Copyright Move from NFT Marketplace X2Y2
Many names from the crypto community have tweeted about X2Y2’s decision to change royalties.
With the new update, creators will not receive royalties when their works are sold. This policy may cause many NFT creators to abandon X2Y2.
But according to some, the removal of royalties may push artists to seek VC funding instead of a retail-focused revenue model. This could pave the way for NFT art to become a truly profitable business.
Cygaat, one of the developers of the Azuki collection, has proposed a tool for NFT creators that allows them to be put on a whitelist for buyers.
With this tool, teams can prevent their NFTs from being listed on zero-royalty platforms.
The X2Y2 team emphasized that 0% royalty is not the way forward.
Amid the criticism, the X2Y2 team reminded that the copyright policy is still under construction. The developers added that the way to achieve a perfect model for the NFT marketplace is not to remove royalties.
“0% royalty is definitely not the way forward. We agree! It is not entirely up to us to set the right standards and pave the way for the future of the NFT industry. For this reason, we will work together with market participants from everywhere.”
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