Ethereum NFT marketplace X2Y2 announced it will close its trading platform at the end of April, focusing on artificial intelligence and decentralized finance projects.
Reasons for X2Y2 Closure
The NFT marketplace X2Y2, ranked fourth by trading volume, will close due to a 90% decline in trading volumes compared to 2021. Founder TP announced the exit from the NFT space to pivot towards decentralized finance projects focusing on AI.
Impact on Token Holders
The X2Y2 token experienced a significant decline of 6.54% in value within 24 hours post-announcement, having dropped 90% over the past year. Market volatility in the NFT sector likely influenced X2Y2's decline, with investors seeking stability elsewhere.
Future of X2Y2 and NFT Market
X2Y2's leadership plans to focus on decentralized finance projects with an emphasis on AI. Charu Sethi, President of Unique Network, highlighted a new growth phase for NFTs, focusing on gaming content and authentication opportunities. Despite regulatory uncertainties, the NFT market continues evolving, offering opportunities for blockchain-based innovations.
The closure of X2Y2 marks a significant market shift in NFTs. While the sector continues to face challenges, the emergence of new technologies like artificial intelligence offers new paths for long-term growth and development.
