The Ethereum NFT market X2Y2 will shut down its trading platform by the end of the month, announced the company on Monday. This is because the team has decided to focus their efforts in the area of AI and cryptocurrency.
Smart contracts for X2Y2 are still in place, and trades will be possible, however, users won’t be able use the front-end of the website after April 30.
“I understand this may hurt, in particular when it comes down to the price of tokens. X2Y2 tokens were tied to this NFT vision, and as we close this chapter, that's likely to hit hard,” said pseudonymous X2Y2 founder TP in a statement. “I feel that with you, and I'm not here to sugarcoat it.”
2/ What a ride it's been. Our trading volume reached $5.6B, we were the second largest NFT market behind OpenSea and are still the third largest today. I'm immensely grateful to our amazing community who made this possible. pic.twitter.com/0b0MWIWc2f
— TP | X2Y2 (@tp_x2y2) March 31, 2025
The marketplace’s native Ethereum-based token—X2Y2—is down 13% in the last 24 hours to $0.0014 and now trades at a market cap below $540,000. This price is over 99% below its previous high, $4.14 in February 2022.
The X2Y2 trading platform, once a competitor with major NFT platforms, such as OpenSea or Blur, now ranks fourth for Ethereum NFT trade volume. X2Y2 has processed more than $5.6 billion in transactions. TokenTerminal is the best way to find out what you’re looking for.
Markets are a great place to start. This is a company that regularly sees more than 100 million dollars Recently, the team has processed about $1 million in trades per week. In light of the decline in volume and the general lack interest for NFTs, the team has decided to close the NFT marketplace.
“Marketplaces live or die by network effects. We fought tooth and nail to be #1, but after three years, it's clear it's time to move on,” wrote the firm’s founder. “The NFT chapter taught us a lot—most of all, that lasting value beats chasing trends. That lesson's why we're drawing a line here, not a pause or a maybe, but a full stop on X2Y2 as we knew it.”
The team has not abandoned crypto completely, despite the closure of its marketplace. The team will now focus on the intersection of AI with crypto. It is primarily interested in “yields that are generated by AI, without permission.”
“It's decentralized, it's innovative, and it's built to matter—bull or bear, cycle after cycle. This isn't just another project; it's our shot at creating real, long-term value in crypto, for the broader community we're proud to serve,” TP concluded.
The new project has no timeline. The X2Y2 team did not respond immediately to DecryptRequest for comments from.
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