NFT Marketplace Shuts Down, Shifting Focus to Crypto AI
Despite its promising start as a competitor to dominant platforms like OpenSea, the project failed to maintain momentum amid increasing competition, particularly from newcomers such as Blur.
At its peak in May 2022, X2Y2 enjoyed an impressive $209 million in monthly trading volume, but since then, the overall market has significantly contracted, with a dramatic 90% drop in trading activity. As a result, the platforms founder, known only as TP, revealed in a blog post that the marketplace will officially shut down on April 30.
In a candid reflection, TP noted that while the marketplaces success relied heavily on building a strong user network, the realities of a fiercely competitive market made it impossible to sustain. Emphasizing the value of long-term vision over chasing fleeting trends, TP confirmed that X2Y2s closure is final, signaling a shift towards new opportunities.
Looking ahead, TP hinted at an exciting future for the project, announcing plans to pivot towards a crypto AI-focused direction. This shift reflects the founders belief in the potential for innovation and value creation in the evolving crypto space, offering a fresh take for users and developers.
The post NFT Marketplace Shuts Down, Shifting Focus to Crypto AI appeared first on Coindoo.
Read more: https://coindoo.com/nft-marketplace-shuts-down-shifting-focus-to-crypto-ai/
Text source: Coindoo
