NFT Marketplace X2Y2 to Close on April 30 Amid Market Decline
X2Y2, a former major NFT marketplace, will cease operations on April 30 after three years. The platform once ranked second to OpenSea in trading volume during the 2021 NFT boom.
Key points:
- Trading volumes in the NFT market have declined nearly 90% from peak levels.
- X2Y2's founder stated that maintaining network effects was crucial for success.
- The marketplace achieved $5.6 billion in all-time trading volume since launching in early 2022.
- Smart contracts will remain active; users must withdraw assets by the shutdown date.
- The native X2Y2 token has dropped 10.7% to over $0.001, a 97.7% loss in value over two years.
- The team plans to pivot towards AI-powered decentralized financial tools.