NFT Platform X2Y2 to Cease Operations Amid Plummeting Trading Volumes

X2Y2 to Cease Operations Amid NFT Market Slump, Team Shifts Focus to AI DeFi

NFT marketplace X2Y2 will officially close on April 30, ending a three-year journey that saw it rise to prominence during the 2021 NFT craze, at one point trailing only OpenSea in trading volume.

The shutdown comes as the broader NFT market faces a sharp decline, with trading volumes dropping nearly 90% from their peak. In a statement, the X2Y2 team admitted that maintaining relevance in the increasingly competitive sector had become unsustainable.

“Marketplace success depends on strong network effects,” founder TP explained. “After three years, it’s clear that continuing isn’t viable.”

Since its launch in early 2022, X2Y2 facilitated over $5.6 billion in trading volume, according to TokenTerminal data. However, as user engagement dwindled, the platform struggled to maintain momentum.

While X2Y2’s smart contracts will remain functional, users are advised to withdraw assets before the official shutdown date. The platform’s native token, X2Y2, has dropped 10.7% following the news, now trading at just over $0.001—down 97.7% from its all-time high.

The team has announced plans to pivot toward a new initiative focused on AI-driven decentralized finance (DeFi), signaling a shift away from the NFT sector toward emerging financial technologies.