X2Y2 NFT Marketplace Shuts Down Following Major Trading Volume Drop
X2Y2, an NFT marketplace launched in February 2022, will cease operations on April 30, 2025, according to an announcement from its CEO.
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On March 31, 2025, X2Y2 CEO TP stated that the marketplace would shut down due to a 90% decline in NFT trading volume from its peak in 2021.
“We peaked as the 2nd largest NFT marketplace behind OpenSea, reached $5.6B in trading volume, and even today stand as the 3rd largest in the space,” X2Y2 CEO TP said in a post on X, adding “I'm immensely grateful to our amazing community who made this possible”
TP stated that the platform’s smart contracts will remain live but noted that the price of X2Y2’s native token is likely to decline as it is closely tied to the platform.
According to CoinMarketCap data, following the announcement, X2Y2 lost 8% of its value and is currently trading at around $0.0015 – down 99.6% from its all-time high of $4.17 on February 17, 2022.
Looking ahead, the X2Y2 CEO shared the team’s new focus: developing an AI-powered decentralized yield protocol. TP explained that over the past year, they have been deeply exploring AI and its intersection with crypto.
In an extended article on Mirror, TP emphasized his belief that AI will remain relevant regardless of market cycles and can help create long-term value in the crypto space.
The NFT Market in Q1 2025
The NFT market saw a significant slowdown in the first quarter of 2025, with trading volume dropping by 63% compared to the previous quarter, according to data from the analytics platform CryptoSlam. This marks a sharp contrast to the rapid growth of previous years, underscoring the market’s volatility.
In Q1 2025, the total NFT sales volume reached $1.5 billion, down from $4.1 billion in Q1 2024. This decline reflects broader trends in the crypto and digital asset sectors, where regulatory uncertainty and shifting investor sentiment have contributed to reduced trading activity.
Despite the downturn, competition within the NFT sector remains strong. Leading platforms like OpenSea, Blur, CryptoPunks, and Magic Eden continue to dominate in trading volume, actively introducing new features and improving user experiences to attract creators and collectors.
Interestingly, while the broader market has cooled, some NFT collections have seen a surge in demand. Notable collections such as Doodles, Pudgy Penguins, and The Bored Ape Yacht Club (BAYC) have recorded increased sales and higher engagement.
Although trading volume has declined, the NFT sector remains an evolving and dynamic space within the broader crypto ecosystem.
Related: NFT Collection Pudgy Penguins to Launch Their Official Coin
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