NFT marketplace X2Y2 announced its closure due to a significant drop in trading volumes. The company now plans to focus on artificial intelligence.
Reasons Behind X2Y2 Closure
X2Y2, launched as an alternative to OpenSea and LooksRare, will shut down on April 30. This decision is attributed to a steep decline in NFT trading activity. Founder TP stated that the 90% shrinkage in trading volume since its 2021 peak is among the many reasons to end operations.
Financial Prospects and User Contracts
X2Y2 reached $5.6 billion in all-time trading volume, ranking as the second-largest NFT marketplace after OpenSea. However, the volume has now shrunk to $53.6 million. Despite the shutdown, the platform's smart contracts will remain operational, though the team warns about potential impacts on the token.
New Horizons: Artificial Intelligence
With the closure of the marketplace, X2Y2 is considering a shift towards AI. The team describes this move as 'the biggest paradigm shift in our lifetimes' and intends to leverage its experience in future projects.
The closure of X2Y2 reflects changes in the NFT industry. The shift towards AI indicates the company's commitment to long-term success in the rapidly evolving tech world.
