X2Y2, once a formidable force in the NFT trading space, has announced its impending shutdown, marking the end of an era for the platform. Despite boasting an impressive cumulative trading volume of US$5.6 billion and briefly holding the title of second-largest NFT market after OpenSea, X2Y2 has ultimately succumbed to the challenges of a rapidly changing market.
A Brief History of X2Y2’s Rise to Prominence
X2Y2’s journey began three years ago, with the platform quickly gaining recognition among NFT enthusiasts. Its user-friendly interface, coupled with a vast array of digital collectibles, made it an attractive destination for buyers and sellers alike. At its peak, the platform’s trading volume rivaled that of industry giant OpenSea, solidifying its position as a major player in the NFT space.
This significant milestone cemented X2Y2’s status as a key player in the NFT market, attracting recognition from collectors, creators, and participants alike. Throughout this period, the platform facilitated numerous high-profile NFT transactions, further enhancing its reputation as a premier marketplace for unique and valuable digital assets.
X2Y2 Pivots to AI
Despite its initial success, X2Y2’s fortunes began to wane as the NFT market experienced a significant downturn. The platform’s trading volume plummeted, and despite efforts to adapt, X2Y2 was ultimately unable to recover. The shutdown is slated for April 30, 2025.
The team, however, revealed that the platform will be shifting its focus to the rapidly growing AI space. They noted,
“This isn’t goodbye. It’s a pivot. Over the last 12 months, we’ve been diving deep into AI—hands down the biggest paradigm shift we’ll see in our lifetimes—and how it can transform crypto. We’re building something new, something that takes everything we’ve learned and aims higher.”
Meanwhile, in a related development, LG, a multinational electronics company from South Korea, announced that it is shutting down its NFT platform, LG Art Lab, after only three years of operation. According to a statement from the platform, the choice was all about shifting their business focus and reacting to how the market was changing.
In preparation for the shutdown, the platform has announced that it will automatically refund and return all NFTs on the marketplace to users’ wallets by the end of April. The entire platform is set to close completely on June 17.
