One of the known NFT marketplace that launched in 2022, has announced its closure due to declining trading volume, marking the end of its initial journey in the rapidly changing digital asset space.
Despite its promising start as a competitor to dominant platforms like OpenSea, the project failed to maintain momentum amid increasing competition, particularly from newcomers such as Blur.
At its peak in May 2022, X2Y2 enjoyed an impressive $209 million in monthly trading volume, but since then, the overall market has significantly contracted, with a dramatic 90% drop in trading activity. As a result, the platform’s founder, known only as TP, revealed in a blog post that the marketplace will officially shut down on April 30.
In a candid reflection, TP noted that while the marketplace’s success relied heavily on building a strong user network, the realities of a fiercely competitive market made it impossible to sustain. Emphasizing the value of long-term vision over chasing fleeting trends, TP confirmed that X2Y2’s closure is final, signaling a shift towards new opportunities.
Looking ahead, TP hinted at an exciting future for the project, announcing plans to pivot towards a crypto AI-focused direction. This shift reflects the founder’s belief in the potential for innovation and value creation in the evolving crypto space, offering a fresh take for users and developers.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/nft-marketplace-shuts-down-shifting-focus-to-crypto-ai/