X2Y2, one of the largest NFT markets, has announced plans to close operations on April 30, 2025.
The company is now heading towards artificial intelligence, but with a coding lens.
Since its launch in February 2022, x2y2 Soon, he emerged as a strong competitor for Opensea, until he was overwhelmed at one point. The trading volume of the platform exceeded $ 5.6 billion, which increased its position as the second largest NFT market.
However, its hegemony decreased with a decrease in trading sizes – to 90 % of its peak 2021 – while new competitors such as Blur made it increasingly difficult for X2Y2 to maintain their position.
The founder, who remained unidentified and referred to only as TP, was formulated that the team was “fighting strongly” to stay at the top, but surrendering in the NFT market was ultimately necessary.
“The markets are a job and a fall for network effects,” TP said in the release. Even if they worked hard to be the leading platform, he said that they did not succeed after three years; It was better to go forward.
X2Y2 closes suggests a wider trend in the NFT space, as many of these platforms struggle to stay standing on his feet after the market mutation.
Users can still interact with smart contracts
X2Y2 smart contracts will remain operating after closing the platform. They will continue to be interactive and available to its users without the ability to withdraw money immediately.
The advertisement immediately affected the price of the distinctive symbol for X2Y2, which decreased by 7 % after the news and decreased by 89 % during the past year.
While X2Y2 moves away from the NFT space, the team does not completely abandon the encryption space. Instead, they are Start On a huge axis aboutArtificial Intelligence (AI).
Over the past year, the team behind X2Y2 was achieving the strength that artificial intelligence could enjoy in the world of encryption and believed this is the key to victory in the long run.
TP pointed out that they were exploring artificial intelligence extensively over the past year, which was called the largest model in our lives and how it could change the encryption.
Nft Market faces a difficult journey with closing more platforms
monthThe NFT Street, which was factor in 2021, is forgotten.
ART Blocks has witnessed a former leader in the Motion of Technician Art, a 95 % decrease in trading volume and a decrease in 88 % sales. Superrare, which is famous for unique digital artwork, witnessed a 94 % decrease in trading and sales by 98 %.
At the same time, as soon as the prosperous markets collapseN 998 % and sales evaporates completely.
Other sites, including Makersplace and Thermloririgin – which were implemented by EBY in 2022 – were stopped or closed. A comparison between 2021 The 20 best groups of NFT groups circulating in terms of trading and sales size show that they have decreased, on average, by 95 % of 2024.
“If these numbers are not inspired by the market era, they will help provide some context.” On the contrary, this part is only transmitted from “paid noise speculation to more distinctive and equipped in value The market.“
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