Non-fungible token (NFT) marketplace X2Y2 is shutting down after three years of operations.
The company’s pseudonymous founder, TP, announced the decision on March 31. “We’re sunsetting X2Y2 as an NFT marketplace.
One month from now, on April 30, 2025, the platform will shut down completely,” the statement reads.
X2Y2 cited a 90% drop in NFT trading volume since its peak in 2021 as a key reason for the closure.
The company also hinted at a shift in focus toward artificial intelligence (AI). “We’re building something new, something that takes everything we’ve learned and aims higher. Picture this: yields in a permissionless way, powered by AI.”
Launched on February 6, 2022, X2Y2 quickly became the second-largest NFT marketplace after OpenSea. Over time, it accumulated $5.6 billion in total trading volume. However, declining interest in NFTs and broader market challenges have led to its shutdown.
This comes as no surprise, considering the NFT market has faced significant downturns and regulatory uncertainty. Just last week, LG announced the closure of its NFT platform, Art Lab, set for June 17. Other companies have also exited the space, including Kraken, Immutable, Quidd, and MakersPlace.