Non-fungible token (NFT) market X2Y2 is shutting down after three years of operations.
The corporate’s pseudonymous founder, TP, introduced the choice on March 31. “We’re sunsetting X2Y2 as an NFT marketplace.
One month from now, on April 30, 2025, the platform will shut down completely,” the assertion reads.
X2Y2 cited a 90% drop in NFT buying and selling quantity since its peak in 2021 as a key purpose for the closure.
The corporate additionally hinted at a shift in focus towards synthetic intelligence (AI). “We’re building something new, something that takes everything we’ve learned and aims higher. Picture this: yields in a permissionless way, powered by AI.”
Launched on February 6, 2022, X2Y2 rapidly turned the second-largest NFT market after OpenSea. Over time, it amassed $5.6 billion in complete buying and selling quantity. Nevertheless, declining curiosity in NFTs and broader market challenges have led to its shutdown.
This comes as no shock, contemplating the NFT market has confronted important downturns and regulatory uncertainty. Simply final week, LG introduced the closure of its NFT platform, Artwork Lab, set for June 17. Different corporations have additionally exited the area, together with Kraken, Immutable, Quidd, and MakersPlace.
