NFT marketplace X2Y2 is sunsetting the platform amid dwindling trading volume, though there may still be a new dawn for the project under plans for a crypto AI pivot.
Launched in February 2022, X2Y2 became an early challenger to the then-dominant Ethereum NFT marketplace OpenSea, reaching a monthly trading volume peak of $209 million in May of that year, according to The Block's data dashboard.
However, intense competition from newer platforms like Blur saw X2Y2 struggle to gain significant traction. Combined with a 90% drop in overall marketplace trading volume since the peak NFT boom of 2021, pseudonymous founder TP said in a Monday blog post that X2Y2 has decided to shut down completely on April 30.
"Marketplaces live or die by network effects," TP said. "We fought tooth and nail to be #1, but after three years, it's clear it's time to move on. The NFT chapter taught us a lot — most of all, that lasting value beats chasing trends. That lesson's why we're drawing a line here, not a pause or a maybe, but a full stop on X2Y2 as we knew it."
The platform's smart contracts will keep running, so users can still interact with them as needed. However, the price of X2Y2 tokens is likely to be "hit hard" by the decision, TP warned.
X2Y2 fell 7% following the announcement, according to CoinGecko data, though the token's value had already dropped around 89% over the past year with a market cap of just $572,000.
X2Y2/USD price. Image: CoinGecko.
Despite the shift away from NFTs, TP said the move was a pivot rather than a goodbye, diving into the even more competitive field of artificial intelligence but with a crypto twist.
"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," TP said, noting that more details would follow. "Picture this: yield 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. This isn't just another project; it's our shot at creating real, long-term value in crypto, for the broader community we're proud to serve."
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