The NFT marketplace X2Y2 is indeed scheduled to shut down its operations on April 30, 2025

X2Y2's exit, after achieving $5.6 billion in lifetime trading volume, further consolidates the NFT space around dominant players like OpenSea and Blur.

NFT marketplace X2Y2 is set to close its doors on April 30, 2025, marking the end of a three-year run that saw it briefly become the second-largest NFT platform after OpenSea, boasting a cumulative trading volume of $5.6 billion.

The closure, announced by pseudonymous founder TP on March 31, 2025, follows a 90% decline in NFT trading volume from its 2021 peak, rendering the platform’s network effects largely defunct.

While the platform’s front-end will cease operations, its smart contracts will remain active, allowing users to continue interacting with them.

The team behind X2Y2 is pivoting to an AI-driven crypto project focused on permissionless yield generation, signaling a strategic shift away from the struggling NFT sector.

This move comes amid broader challenges in the NFT market, with trading volumes dropping significantly—down to $53.6 million for X2Y2 over the past year—as speculative interest wanes.

However, some argue that NFTs are evolving toward more utility-driven use cases like gaming and digital identity.

X2Y2's token has taken a hit, dropping 7-13% since the announcement, reducing its market cap to below $540,000, a significant fall from the 2022 high of $4.14.

With X2Y2 shutting down after reaching $5.6 billion in lifetime trading volume, the NFT space is further consolidating around dominant players like OpenSea and Blur.

As X2Y2's 90% volume drop mirrors a sector-wide decline—with NFT trading falling from $6 billion monthly in 2021 to less than $500 million in 2024—smaller platforms may struggle to survive, limiting competition and user choice.

The closure of X2Y2, a platform known for low fees and pro-trader features, might deter new collectors, especially those put off by the high fees on larger marketplaces.

Moreover, the loss of X2Y2's front-end interface could strand less tech-savvy users, potentially locking up assets or reducing liquidity for X2Y2-specific NFTs. This might erode trust in smaller NFT platforms, pushing collectors toward established marketplaces.