NFT Marketplace Shut Down After Three Years

NFT marketplace X2Y2 will shut down operations on 30 April 2025, marking the end of a three-year run that saw it rise to prominence in the non-fungible token space.

The platform’s founder, known as TP, stated that the decision was primarily due to the significant decrease in NFT market activity.

Established in early 2022, X2Y2 quickly gained popularity and briefly held the title of the second-largest NFT marketplace in terms of trading volume, behind only OpenSea. At its peak, it processed over $5.6 billion in transactions.

However, with the decline of the NFT market, user engagement and trading activity waned on the platform, reflecting broader trends impacting the digital asset sector.

TP mentioned that although active trading on the marketplace will cease, the underlying smart contracts will remain functional, allowing users to withdraw their digital assets as needed.

“Over the past year, we’ve delved into AI and its potential to revolutionize crypto—a major shift that will define our generation—and are working on a new project that builds on our experiences and aims for greater heights,” TP stated in a release.

X2Y2’s closure is part of a larger trend of NFT platforms shutting down. Bybit, a crypto exchange, will end its NFT ecosystem by 8 April, including its inscription market and IDO offerings.

In recent times, LG discontinued its LG Art Lab, Kraken shuttered its NFT platform, and Nike revealed plans to close its NFT studio, RTFKT, in January 2025.

Despite the downsizing of key players, experts in the industry believe that NFTs are evolving, particularly in areas like gaming, digital art, and asset tokenization.

Source link

#X2Y2 #shut #NFT #marketplace #years