NFT marketplace X2Y2 will shut down its trading platform on April 30 after three years of operation. While the marketplace’s smart contracts will remain functional, users will no longer have access to its front-end interface. The native token, X2Y2, has dropped 13% in the past 24 hours to $0.0014, bringing its market cap below $540,000—down over 99% from its all-time high of $4.14 in February 2022.
The shutdown follows a steep decline in NFT trading volumes. X2Y2, once a strong competitor to OpenSea and Blur, peaked at $209 million in monthly trading volume in May 2022. However, competition and the overall downturn in the NFT market led to a 90% drop in activity. “Marketplaces live or die by network effects,” said X2Y2’s founder, TP. “We fought to be #1, but after three years, it’s clear it’s time to move on.”
Despite closing its marketplace, X2Y2 is not leaving the crypto space entirely. The team is shifting its focus to new financial tools within crypto, which they believe will have long-term value. TP described the next project as “decentralized, innovative, and built to matter across market cycles.” The company has hinted at developing a new platform focused on generating returns in a permissionless way.
X2Y2 is not the only NFT platform shutting down. LG recently announced that it will discontinue its NFT marketplace, LG Art Lab, on June 17, citing changing market conditions. Launched in September 2022, the platform allowed users to display NFTs on smart TVs and collaborate with artists.
The NFT market has seen a sharp decline overall. At its peak in 2022, X2Y2 processed over $5.6 billion in Ethereum NFT transactions. However, in the last 12 months, its total trading volume was only $53.6 million, far behind Blur, OpenSea, and Immutable. Many other NFT platforms have also experienced significant drops in activity as investor interest in speculative trading has faded.
Despite the downturn, some believe NFTs are evolving beyond speculation. Industry leaders argue that NFTs will continue to grow in areas like gaming, digital identity, and brand engagement. “The speculative phase is over, but NFTs are now becoming core infrastructure for new opportunities,” said Charu Sethi, president of Unique Network.
Interest in NFTs remains, as shown by events like NFT Paris 2025, which attracted around 20,000 attendees, including investors and developers. Some in the industry see the current decline as part of a natural cycle of growth, correction, and reinvention. “NFTs remain one of the most powerful primitives in crypto,” said Rarible co-founder Alexander Salnikov, predicting that future projects will focus on real-world use cases.
X2Y2’s pivot reflects a broader trend of crypto companies searching for new opportunities as market conditions shift. While AI-driven financial tools are gaining attention, it remains uncertain whether X2Y2’s next venture will succeed.
