The post X2Y2 NFT Marketplace to Shut Down Amid 90% Decline in Trading Volume appeared on BitcoinEthereumNews.com.

A big shift has happened in the NFT marketplace. X2Y2, once a big competitor to OpenSea, is shutting down. X2Y2 could not stop the bleeding after its trading volume fell a staggering 90 percent from its peak. Despite having done $5.6 billion in business during its three years of living, it will close the doors on April 30, 2025. Its smart contracts remain in existence, so users can still access and trade X2Y2 NFTs. The Rise and Fall of X2Y2 Started only three years ago, X2Y2 swiftly became one of the top NFT platforms on the market. Its singular way of doing business and the introduction of cool new tools caused the marketplace to snag a hefty 15% of the fast-growing NFT sector. In October of last year, we had a peak month with X2Y2 ranking as the second-largest NFT marketplace by trading volume with $5.6 billion processed across its platform. The swift expansion of the NFT space came to an unexpected stop in 2022. In common with many other platforms, X2Y2 struggled to keep its head above water as the tide of market enthusiasm receded and the NFT sector in general showed clear signs of slowing down. The platform started strong and looked like a contender, managing to pull in a nice amount of trading activity. But as the market headed in a different direction, it pretty much just floundered, unable to keep pace with larger competitors like OpenSea. Broader market trends impacted trading volume and competition. ❌ NFT marketplace @the_x2y2 is shutting down following a 90% decline in #NFT trading volume. Since launching three years ago, it has processed $5.6B in transactions, according to TokenTerminal. Operations will end on April 30, but smart contracts will remain active. The team… pic.twitter.com/YaPNUBe3ut — Mpost Media Group (@mpost_io) March 31, 2025…

---

Filed under: News - @ March 31, 2025 5:22 pm