NFT Marketplace X2Y2 Says QQL Project Has “Acted Like The Music Industry”

September 30, 2022 - Around 2 mins mins to read

A day after the popular NFT project, QQL, essentially prohibited its holders from dealing with the marketplace, NFT platform X2Y2 fired back, alleging it’s acting like the music industry.

NFT Marketplace X2Y2 Says QQL Project Has “Acted Like The Music Industry”

X2Y2 stated in a lengthy Twitter thread that QQL is following the record label industry’s ownership model by deciding to restrict the marketplace through its smart contract.

Congrats to QQL for selling 900 NFTs at 14 ETH raising a total of 12,600 ETH. It’s truly phenomenal in this bearish market!

As many of you may have known, QQL has blocked its users from using the X2Y2 marketplace. We'd like to share some of our thoughts here. 1/n
— X2Y2 (@the_x2y2) September 29, 2022

On its first day, QQL Mint Pass produced $17 million in NFTs. The initiative enables anybody to make official art based on the QQL generative algorithm developed by software developer Dandelion Wist and Fidenza’s Tyler Hobbs, which is set to be distributed to the public.

The final price for all 900 mint passes ended at 14 ETH. In total, the project raised 126,000 ETH.

That's a wrap! The #QQL auction finished at 14.0 ETH. Congratulations to all the purchasers – we can't wait to see the beautiful art you create. pic.twitter.com/0qAOeaJOF0
— Archipelago.art (@archipelago_art) September 28, 2022

The project coded the delegated wallet for the NFT marketplace to be blocked, thereby banning transactions with the marketplace. X2Y2 and the NFT trading platform SudoAMM are two famous markets that do not impose royalties on every transaction, which fueled online arguments regarding the future of NFT artist compensation last month.

In its post, the NFT marketplace explained that it is not a 0% royalty platform, as some on Twitter implied, but that users can choose to impose (or not enforce) royalties.

First of all, X2Y2 is NOT a 0% royalty marketplace.

Creators can set up their royalty on X2Y2. In this particular case, QQL didn’t even set up their royalty on X2Y2. https://t.co/YlFJgdOK7Q

2/n
— X2Y2 (@the_x2y2) September 29, 2022

The platform also stated that it believes in a “fair royalty” approach in which customers pick the royalty amount to pay and authors choose who they want to serve:

We believe there should be a “Fair Royalty” model (user decides what they want to pay, and creator decides who they want to serve).

This is something we fundamentally believe Web3 should be about.

5/n
— X2Y2 (@the_x2y2) September 29, 2022

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