During the 2021 NFT boom, NFT Market X2y2, occupied number two after Opensea, will now shut down on April 30. This platform continued to provide its services for three years, but now it is being closed due to the decreasing demand and network effects of the market. The X2y2 founder TP stated in a post that, “Marketplace survives due to network effects. Three years later it has become clear that the time to move forward has come.
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Travel to X2y2 and NFT Boom
X2y2 achieved a total trading volume of $ 5.6 billion during the 2021 NFT boom. At that time this marketplace was second after Opensea, but now the trading volume has fallen by 90%. The X2y2 had achieved great success at one time, but the recession in the NFT market and the struggle in maintaining network effects of marketplace forced it to decide to shut down.
X2y2 Status and next step after shut down
X2y2’s Smart Contracts After shut down Will also be employed, but users have been appealed to remove their assets before April 30 or transfer their activity to another platform. The price of X2y2’s Netve X2y2 Token has also fallen 10.7% after this announcement and is now trading around $ 0.001, which shows a decline of 97.7% in its price in the last two years.
X2y2 Problem with NFT is a common problem with the marketplace, which is often seen. Recently, NFT Marketplace Treasure NFT also faced some issues in the present. Treasure nft withdrawal freezeWhich the platform described as part of the process.
Conclusion
The shutdown of X2y2 is another sign for NFT Marketplace that this space is changing rapidly. While this platform was once one of the large players of NFT Market, the current recession in the market and competition forced it to decide. However, the X2Y2 team is now working on a new project based on AI-operated, decentralized finance tools, which can trading in a new direction in future.
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