The NFT marketplace X2Y2 announced its closure on April 30, 2025, ending a three-year run that saw the platform rise as a competitor to OpenSea before experiencing a steep decline.
Founded during the NFT boom, X2Y2 positioned itself as a decentralized alternative to established marketplaces, offering lower fees and community-driven governance. However, as the NFT market cooled, trading volumes plummeted—down 90% from their 2022 peak—ultimately leading to the shutdown.
X2Y2’s founder, TP, attributed the closure to loss of network effects and market instability, both of which affected NFT adoption across multiple platforms. Despite ceasing operations, the company left its smart contracts functional, ensuring users could continue accessing their digital assets.
The announcement came amid a broader contraction in the NFT sector, as declining investor interest and a shift toward AI-driven innovation reshaped the industry. Many projects once reliant on speculative trading struggled to adapt, and X2Y2 was no exception. The team confirmed plans to focus on AI-driven financial tools, reflecting a growing trend in decentralized finance (DeFi).
At its peak, X2Y2 had facilitated over $5.6 billion in Ethereum-based NFT transactions, establishing itself as a major player in digital collectibles. However, the marketplace saw a sharp drop in user engagement and liquidity, making continued operations unsustainable.
Shogun Lin
