X2Y2 closes the market three years later, acknowledging a decline in NFT trading and a shift in focus on AI.
Started as an alternative to Opensea and LikeRare, NFT Marketplace X2Y2 was closed on April 30th, citing the challenges of a sharp decline in trading activity and staying competitive.
In a statement on March 31, the project’s mystical TP founder said that the X2Y2 team “has made X2Y2 sundown as an NFT market” three years later in the industry, adding that “the 90% reduction in NFT trading volume since the peak of 2021 is certainly one of many reasons.”
“The NFT chapter taught us a lot. Above all, lasting values beat the pursuit of trends. That lesson is why we draw a complete stop of X2Y2 as we knew it.”
Founder of X2Y2, TP
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Once positioned as a key player in space, X2Y2 peaked at $5.6 billion, the second largest NFT market after Opensia, with each token terminal data, reaching its peak as the second largest NFT market after Opensea.
The platform’s smart contracts are continuously operational and allow users to interact with them, but the team warned that shutdowns could affect the token.
“I know this could get stabbed, especially when it comes to token prices. The X2Y2 token was tied to this NFT vision. Close this chapter and it could hit hard.
Founder of X2Y2, TP
Following the news, the X2Y2 token dropped 6.95% per data from the crypto price aggregator.
While closing the market, X2Y2 is not entirely separate from the crypto. The team hinted at a pivot towards AI, calling it “telling the biggest paradigm shift we’ve seen in our lifetimes.” Although no details are provided, the team describes the next project as “taking everything we learned and aiming higher,” focusing on “yielding in an unauthorized way with AI.”
read more: NFT Marketplace X2Y2 follows rivals and Opensea in loyalty implementation
