On September 29, X2Y2, a decentralised NFT marketplace, retaliated against the QQL creators via tweet, claiming they are behaving like the music industry, when the well-known NFT project effectively blacklisted its owners from engaging with the marketplace.
In its lengthy Twitter thread, X2Y2 claimed that by deciding to limit the marketplace through its smart contract, QQL is adopting the ownership model used by the record labels sector.
X2Y2 stated, “‘Code is law,’ and QQL has developed its own law. You are no longer the genuine owners of your NFT when someone else may decide where you can move it.” “Sounds familiar? Yes, this is basically what occurs in the music industry – you don’t own the mp3s laying on your hard drive.”
In its debut on September 28, QQL Mint Pass produced NFTs worth $17 million. The project enables someone to produce official artwork using the QQL generative algorithm developed by software engineer Dandelion Wist and Tyler Hobbs of Fidenza, which will soon be made available to the general public.
The project’s smart contract code was written to prevent transactions with the marketplace by blocking the X2Y2 delegated wallet.
X2Y2 and the NFT trading platform SudoAMM are two marketplaces that do not impose royalties on every transaction, which sparked online discussions last month regarding the future of NFT artist remuneration.
X2Y2 explained in its twitter thread that it is not a platform with 0% royalties, as some users on Twitter claimed, but the users can decide to impose (or not impose) royalties.
The platform stated that, “In this particular scenario, QQL didn’t even set up their royalty on X2Y2,” noting that NFT holders have the option of upholding royalties and that, in September, more than 98% of its customers decided to pay royalties.
The platform would love to collaborate with the QQL creators to “find a solution that might yet hold to your principles,” adding that X2Y2 believes in a “fair royalty” model that lets customers choose the royalty amount to pay and creators to choose “who they want to serve.”
Farokh, an NFT influencer, questioned X2Y2’s thread. “Why can’t an artist choose whether or not their NFTs be sold on a platform if a marketplace can decide how much royalty an artist receives? How can that imply a user does not possess their NFT? Strange response.”
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