NFT Marketplace X2Y2 to Shut Down, Team Eyes AI-Powered DeFi Pivot
X2Y2, once a major player in the NFT marketplace scene, is officially shutting down on April 30, marking the end of a three-year journey that saw it briefly challenge OpenSea in trading volume during the peak of the NFT boom.
The decision comes as the NFT sector continues to decline, with trading volumes plummeting nearly 90% from their highs. In a statement, the X2Y2 team acknowledged that sustaining network effects—essential for any marketplace’s success—had become increasingly difficult.
“After three years of building, it’s clear the market dynamics have shifted, and it’s time for us to explore new opportunities,” wrote founder TP.
X2Y2, which launched in early 2022, accumulated over $5.6 billion in total trading volume, according to TokenTerminal. However, dwindling user activity ultimately made it unsustainable.
Smart contracts associated with the platform will remain operational, allowing users to withdraw assets before the shutdown. Meanwhile, the X2Y2 token fell 10.7% following the announcement, trading slightly above $0.001—a staggering 97.7% loss from its peak.
Looking ahead, the X2Y2 team is shifting its focus to AI-powered decentralized finance (DeFi) solutions, aiming to bring innovation to a new sector of the crypto economy.
