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 market.
One month from now, on April 30, 2025, the platform will shut down utterly,” the assertion reads.
X2Y2 cited a 90% drop in NFT buying and selling quantity since its peak in 2021 as a key cause for the closure.
The corporate additionally hinted at a shift in focus towards synthetic intelligence (AI). “We’re constructing one thing new, one thing that takes every thing we’ve realized and goals increased. Image this: yields in a permissionless approach, powered by AI.”
Launched on February 6, 2022, X2Y2 shortly grew to become 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 vital downturns and regulatory uncertainty. Simply final week, LG introduced the closure of its NFT platform, Artwork Lab, set for June 17. Different firms have additionally exited the area, together with Kraken, Immutable, Quidd, and MakersPlace.
