X2Y2 closes its marketplace after three years and acknowledges the decline of NFT trade and shifting focus to AI.
NFT Marketplace X2Y2, which was launched as an alternative to OpenSea and Looksrare, will be closed on 30 April, referring to a steep fall in commercial activities and the challenges of competing remain.
In a statement of 31 March, the mysterious TP founder of the project that the X2Y2 team “said after three years in the industry” Sunteting X2Y2 is as an NFT market “, adding that the” 90% contraction of NFT -Handelsvolume in 2021 in 2021 is certainly one of the many reasons. “
“The NFT chapter has taught us a lot – above all, that lasting value beats trends. That lesson is why we draw a line here, not a break or perhaps, but a full stop on X2Y2 as we knew it.”
TP, founder of X2Y2
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X2Y2, who was once positioned as an important player in space, reached up to $ 5.6 billion in all time trading volume and peaks as the second largest NFT market behind OpenSea, has since shrunk to $ 53.6 million, per data from Token Terminal.
The smart contracts of the platform remain operational, so that users can communicate with them, but the team warned that the closure could influence its token.
“I know this could be stuck, especially when it comes to the token price. X2Y2 tokens were bound to this NFT vision, and while we close this chapter, it will probably hit hard. I feel that with you and I am not there to sugar.”
TP, founder of X2Y2
After the news, the X2Y2 token fell 6.95%, per data from crypto -price -aggregators.
During the closing of the market, X2Y2 is not completely away from crypto. The team hinted at a pivot point in AI and called it “without a doubt the greatest paradigm shift that we will see in our lives.” Although no details were given, the team described their next project as something that “takes everything we have learned and focuses higher”, aimed at “revenues in a permissionless way, driven by AI.”
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