CoinInsight360.com logo CoinInsight360.com logo
America's Social Casino
CoinDesk 2025-03-31 15:15:06

NFT Marketplace X2Y2 to Shut Down After Trading Volumes Collapsed

X2Y2, once a leading marketplace for non-fungible token s (NFT) will shut on April 30, ending a three-year run that saw the exchange briefly trail only OpenSea in trading volume during the NFT boom of 2021. The decision comes as the broader NFT market continues to deflate. Trading volumes have dropped nearly 90% since their peak, the team wrote in a post , and X2Y2 struggled to maintain the network effects critical to marketplace success. “Marketplaces live or die by network effects,” founder TP wrote in a post. “After three years, it’s clear it’s time to move on.” X2Y2 started up in early 2022 and reached $5.6 billion in all-time trading volume, according to data from TokenTerminal . Smart contracts tied to the platform will remain operational, but users are encouraged to withdraw assets or transition activity by the shutdown date. The price of the marketplace’s native X2Y2 token is down 10.7% on the announcement to now trade at little over $0.001. The token has lost 97.7% of its value over the last two years. The team said it is pivoting to a new project involving AI-powered, decentralized financial tools.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.