NFT Marketplace X2Y2 Shutting Down After 3 Years, Trading Volume Drops 90%

[TomPluz]

NFT marketplace X2Y2 will shut down its trading platform on April 30 after three years of operation. While the marketplace’s smart contracts will remain functional, users will no longer have access to its front-end interface. The native token, X2Y2, has dropped 13% in the past 24 hours to $0.0014, bringing its market cap below $540,000—down over 99% from its all-time high of $4.14 in February 2022.

The shutdown follows a steep decline in NFT trading volumes. X2Y2, once a strong competitor to OpenSea and Blur, peaked at $209 million in monthly trading volume in May 2022. However, competition and the overall downturn in the NFT market led to a 90% drop in activity. “Marketplaces live or die by network effects,” said X2Y2’s founder, TP. “We fought to be #1, but after three years, it’s clear it’s time to move on.”

Source: CoinMarketCap.

One big sector of the cryptocurrency industry that is facing the rough seas that may eventually sink the whole thing is the NFT market. People and investors are now getting soured of NFT in different types and forms as they are not anymore getting the kind of exciting ROI they used to get in the past. There can be more and more NFT marketplace to close within this year and this X2Y2 is biting the dust though it is shifting its focus in order to survive and flourish again. Personally, I am not a big fan of NFT as I could not see real value in digital arts...the real physical counterparts are still the winner in this case.

Do you think NFT can be revived and what are the things that should be done here to attract the buyers and investors again?

[NotATether]

It's strange.

While on one hand, the NFT market was grossly oversaturated during COVID season, which makes sense why all NFTs and platforms crashed at once, the fact remains that you can never truly shut down a decentralized platform.

Somebody can simply take the live smart contract and create a reboot of this service.