The NFT Market X2y2, which creats its big identity in Crypto and NFT Marketplace, will be shut down on today i.e. April 30. While in 2021, X2y2 made its mark as the second largest marketplace after Opensea, today it is being discontinued due to the declining demand of the market and lack of network effects. The X2y2 founder TP gave this information in a post in which he stated that marketplace network depends on the effects and after three years it became clear that the time to move forward has come now.
What is the reason behind being NFT Market X2y2 Close Unwell?
X2y2 achieved a $ 5.6 billion trading volume in 2021 and at that time it became the second largest NFT platform after Opensea. But recently the recession in the NFT Marketplace and the decline in trading volume brought X2y2 to the condition that it has now taken the decision to close. The main reason for this was that new platforms such as Opensea and CapitalTreasury NFT developed better network effects and user base, while X2y2 had no such solid network effect. As a result, it is being closed today.
How to do NFT Extract from X2y2 before Close Unwell?
Users can remove their NFTs through smart contracts even after the NFT Market X2y2 is unwelling the front-end interface. For this, the steps given below have to be followed.
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Connect wallet, Go to the X2y2 website and connect the wallet that have your NFTs stores, such as metamask or walletconnect.
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Locate NFT, Go to your account section and find the NFT you want to withdraw.
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Choose a video or transfer option, Go to the details page of NFT and click on “Withdraw” or “Transfer” option.
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Check and confirm the fees, See the withdrawal fees and confirm the transfer.
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Sign transaction, Sign the transaction from the wallet so that the NFT is transferred to your wallet.
What will be the next step after the shutdown of NFT Market X2y2
The platform has made it clear that the platform today on 30 April NFT Market X2y2 Close will unwellBut its smart contracts will continue to work. This means that users can slowly remove their digital assets through smart contracts.
Along with this, the X2Y2 team also announced that they are now going in a new direction. Their next step is to create a new and long -term project by combining AI and Cryptocurrency together, which can bring major changes to Crypto and Blockchain World. They are working on a decentralized AI-Powered Trading System to give users a chance to make profit in both beer and bull markets.
Conclusion
The shutdown of NFT Market X2y2 today shows that not only the initial success is enough, but also strong networks and innovation. The second largest platform after Opensea X2y2, the market lagged behind due to recession and competition and will shut down its services today. But now its team is creating a new dysentalized trading system by adding Crypto and AI, which can prove to be a new beginning for the Crypto industry in the future.
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