NFT marketplace X2Y2 shuts down as trading volume drops 90%

X2Y2 closes its market after three years, recognizing the drop in NFT trading and focuses on AI.

Nft Marketplace X2Y2, which was launched as an alternative to Opensea and Looksrare, will stop on April 30, citing a sharp drop in commercial activity and the challenges of remaining competitive.

In a March 31 statementThe mysterious founder of TP of the project said that the X2Y2 team was “Senting X2Y2 as a NFT market” after three years in industry, adding that “the 90% withdrawal of the NFT trading volume of its peak in 2021 is certainly one of the many reasons”.

“The NFT chapter has taught us a lot – above all, this lasting value is hunting trends. This lesson is the reason why we draw a line here, not a break or perhaps, but a complete stop on X2Y2 as we knew it.”

TP, founder of X2Y2

X2Y2, which was once positioned as a key player in space, reaching $ 5.6 billion in trading volume of all time and culminating as the second largest market NFT behind Openeseahas since decreased to $ 53.6 million, according to data from Terminal Token.

The intelligent platform contracts will remain operational, allowing users to interact with them, but the team warned that the stop could have an impact on their token.

“I know it could tackle, especially with regard to the price of the token.

TP, founder of X2Y2

After the news, the X2Y2 token dropped 6.95%, according to data from crypto price aggregators.

When closing the market, X2Y2 does not completely move away from the crypto. The team alluded to a pivot in AI, calling it “the biggest paradigm change that we will see in our lives”. Although no detail has been given, the team has described its next project as something “takes everything we have learned and targets above”, focusing on “yields in a way without authorization, supplied by AI”.