Quick take:
- X2Y2 reached a monthly trading volume of $209 million in May 2022, just months after its launch, but the platform saw just $53.6 million over the past 365 days.
- The platform’s native token X2Y2 has dropped nearly 90% to a fully diluted value of about $1.4 million, according to CoinMarketCap.
- The project won’t be completely shutting down, with plans underway for a crypto AI pivot.
NFT Marketplace X2Y2 is shutting down, according to a blog post published on the company’s website on Monday. The platform launched in early 2022, featuring highly incentivised user acquisition mechanisms that saw it quickly climb to become the second-biggest marketplace behind OpenSea and boasts an all-time total trading volume of $5.6 billion.
At the height of its campaign in May of that year, X2Y2 topped $209 million in monthly transaction volume. However, the NFT market has failed to revisit those levels ever since and in the past 265 days, the platform saw just $53.6 million in volume, according to Token Terminal.
The project pointed out a huge decline in trading volume, about 90% from its peak, as a contributing factor to the decision to shut down its NFT marketplace.
This does not mean the X2Y2 will be no more, with founder TP revealing that plans are already underway for a crypto AI pivot.
“Here’s the exciting part: this isn’t goodbye. It’s a pivot,” TP wrote in a blog post. “Over the last 12 months, we’ve been diving deep into AI—hands down the biggest paradigm shift we’ll see in our lifetimes—and how it can transform crypto. We’re building something new, something that takes everything we’ve learned and aims higher.”
According to the blog post, X2Y2 is building a decentralised AI platform that allows users to earn yield from the assets despite the nature of the market. “Picture this: yields in a permissionless way, powered by AI. It’s decentralized, it’s innovative, and it’s built to matter—bull or bear, cycle after cycle,” writes TP.
The project is now attempting to create “real, long-term value for the crypto community.”
The X2Y2 token has experienced a similar dive in value, dropping by nearly 90% from $0.01339 to about $0.0014 over the past year. The token now boasts a fully diluted value of $1.4 million, according to CoinMarketCap data.
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