NFT marketplace X2Y2 will shut down operations on 30 April 2025, drawing the curtain on a three-year run that once positioned it among the top players in the non-fungible token space.
The platform’s pseudonymous founder, known as TP, cited the steep downturn in NFT market activity as the core reason behind the decision.
Launched in early 2022, X2Y2 gained rapid traction and briefly rose to become the second-largest NFT marketplace by trading volume, trailing only OpenSea. At its peak, it processed more than $5.6 billion in transactions.
But as the NFT boom faded, user engagement and trading activity on the platform declined, following broader market trends that have hit the digital asset sector.
TP said that while the marketplace will cease active trading, the underlying smart contracts will remain operational. This will allow users to withdraw their digital assets at their own pace.
“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,” TP wrote in a statement. “We're building something new, something that takes everything we've learned and aims higher.”
X2Y2’s exit follows a broader wave of NFT shutdowns. Crypto exchange Bybit will sunset its NFT ecosystem, including its inscription market and IDO offerings, by 8 April.
In recent months, LG ended its LG Art Lab initiative, Kraken closed its NFT platform, and Nike announced plans to discontinue its NFT studio, RTFKT, in January 2025.
Despite the retrenchment of several major players, industry observers say NFTs continue to evolve in areas such as gaming, digital art, and asset tokenisation.
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