NFT Marketplace Shuts Down, Shifting Focus to Crypto AI
One of the known NFT marketplace that launched in 2022, has announced its closure due to declining trading volume, marking the end of its initial journey in the rapidly changing digital asset space.
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 platform’s 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 marketplace’s 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 X2Y2’s 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 founder’s belief in the potential for innovation and value creation in the evolving crypto space, offering a fresh take for users and developers.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
