X2Y2, an Ethereum marketplace which launched earlier this year and saw significant trading activity over the summer, announced  on Twitter that it will enforce creator-set royalties on all NFT collections—both existing projects and newly-launched ones, as well.

Previously, X2Y2 offered a Flexible Royalty model that let the creators and collectors alike have input into how strictly the marketplace enforced royalties for each project. However, only certain types of NFT projects—specifically artwork and access passes—could choose to have royalties fully enforced. Profile picture (PFP) projects were not eligible for that option.  

Read the full thread from X2Y2:

We used to believe the best way to handle royalties is to give both parties, creators and traders, the right to choose. It is the rationale behind our Flexible Royalty feature. And we still believe so.

Putting belief aside, if there was anything self-evident in crypto, it's the "code." Since @opensea released the OperatorFilter 2 weeks ago, most of the new projects have sided with it.

"Code is law," and we respect the law. An hour ago, X2Y2 removed the "Flexible Royalty" setting for all new listings of NFTs with OperatorFilter. It's an easy decision!

But what about the existing ones?  For a more unified and smoother user experience, we have enforced royalties for them too. Another easy decision!

We may have a different view on the best way of handling royalties with OpenSea, yet we respect the code. With OpenSea risking its market share and taking a brave move to defend royalties, they have our respect!

Too many tools and features need to be built for the NFT space. And there's no time better than a bear market to think deeper and build harder. Stay tuned. Much more from us coming soon!

Last but not least, to our friends, partners, and rivals, let's pour our time into building rather than racing on the royalties. See you on the other side of the bear!