X2Y2 to Close Its Doors After NFT Trading Volume Hits Record Lows

X2Y2 to Cease Operations as NFT Market Slumps, Team Shifts Focus to AI-Driven DeFi

X2Y2, a once-prominent NFT marketplace, will officially shut down on April 30 after struggling to maintain momentum in a shrinking market. The platform, which once rivaled OpenSea in trading volume during the NFT craze of 2021, has seen activity plummet alongside the broader downturn in digital collectibles.

In a farewell post, the X2Y2 team cited the collapse in NFT trading volumes—down nearly 90% from their peak—as a key factor in their decision.

“Marketplace success is built on network effects, and we’ve seen those weaken significantly over time,” wrote founder TP. “After three years, it’s clear that the best path forward is to evolve.”

Launched in early 2022, X2Y2 amassed over $5.6 billion in lifetime trading volume, according to TokenTerminal. However, as interest in NFTs dwindled, the platform struggled to sustain user engagement.

The smart contracts powering X2Y2 will remain functional, but users are advised to withdraw any remaining assets before the closure date. The marketplace’s native X2Y2 token reacted negatively to the news, sliding 10.7% to just over $0.001—a staggering 97.7% decline from its all-time high.

Looking ahead, the team behind X2Y2 is pivoting to a new venture focused on AI-powered decentralized financial (DeFi) tools, marking a major shift away from the NFT space.

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