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NFT Marketplace X2Y2 to Shut Down After Trading Volumes Collapsed

Summary by Coin Desk

X2Y2, once a leading marketplace for non-fungible tokens (NFT) will shut on April 30, ending a three-year run that saw the exchange briefly trail only OpenSea in trading volume during the NFT boom of 2021.The decision comes as the broader NFT market continues to deflate. Trading volumes have dropped nearly 90% since their peak, the team wrote in a post, and X2Y2 struggled to maintain the network effects critical to marketplace success.“Marketpla…

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Coin Desk

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NFT Marketplace X2Y2 to Shut Down After Trading Volumes Collapsed

2 days ago·Manila, Philippines

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The Defiant

NFT Marketplaces Shut Down Amid Declining Volumes

Since yesterday, two major firms — X2Y2 and crypto exchange Bybit — have announced the closure of their NFT marketplaces.X2Y2, the fourth-largest NFT marketplace by trading volume, per Token Terminal data, will sunset its business on April 30, according to a blog post yesterday, March 31, from the firm’s founder and CEO.The news comes over three years after the marketplace launched in February 2022.To continue reading this as well as other DeFi …

8 hours ago

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Blockchain & Cryptocurrencies Tabloid

Ethereum NFT Marketplace X2Y2 to Shut Down Platform - Blockchain & Cryptocurrencies Tabloid

Ethereum NFT marketplace X2Y2 will close its trading platform, impacting token value and market position. The post Ethereum NFT Marketplace X2Y2 to Shut Down Platform appeared first on Blockchain & Cryptocurrencies Tabloid.

1 day ago

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decrypt.co

Ethereum NFT Marketplace X2Y2 to Shut Down as Team Shifts to AI

Once-prominent NFT marketplace X2Y2's first chapter is ending after three years—and its second will involve the crossover of AI and crypto.

1 day ago·New York, United States

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investincryptonews.com

NFT marketplace X2Y2 shuts down after 3 years, pivots to AI - Invest In Crypto News

Non-fungible token (NFT) marketplace X2Y2 announced it is shutting down after three years of operation. According to a March 31 announcement, X2Y2 will shut down on April 30, with the team switching its focus to an artificial intelligence project. The team shared its enthusiasm for the rapidly growing sector: “It’s a pivot. Over the last 12 months, we’ve been diving deep into AI—hands down the biggest paradigm shift we’ll see in our lifetimes—an…

1 day ago

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NFTgators

NFT Marketplace X2Y2 Shuts Down as It Pivots Towards Crypto AI

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…

1 day ago

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