Closure of X2Y2 Marketplace
X2Y2, a once prominent NFT marketplace, is set to close its doors on April 30 due to a substantial decline in trading volumes, which have dropped nearly 90% since their peak during the NFT boom of 2021. In a post, the team mentioned their struggle to uphold the network effects essential for a thriving marketplace.
Key Points:
- The marketplace ranked second in trading volume behind OpenSea at its peak.
- Following the market’s downturn, the team will shift focus to a project centered around AI-powered, decentralized financial tools.
“Marketplaces live or die by network effects,” founder TP stated in a post. “After three years, it’s clear it’s time to move on.”
As they transition, users are advised to withdraw their assets before the closure. Notably, the X2Y2 token has seen a 10.7% decline following the announcement and is currently trading at just over $0.001, down 97.7% over two years.
