Launched only a little over 6 months ago in mid-February 2022, X2Y2 has been growing from strength to strength and has quickly become the second largest Ethereum-based NFT marketplace by both dollar trading volume and daily active users. The platform, built by Nifters, for Nifters, has many distinguishing features the main one being the fact that X2Y2 shares 100% of its daily revenue with users who proudly stake X2Y2 tokens in a savvy move to decentralize ownership as well as profits.
Despite OpenSea’s consistently declining numbers, with September hitting an all-time low volume since August 2021, X2Y2 continues to onboard more loyal users by being radically community-centered. Providing the lowest platform fee among its competitors at only 0.5%, X2Y2 has been building tools and features specifically tailored to the needs of its users. It is thus no surprise we have seen X2Y2’s market share rise to 18.7%, almost doubling compared to June 9.7%, with $84.5M NFT traded volume (non-wash) for September 2022. In comparison, during the same month, OpenSea saw its market share decline by over 30%. Similarly, X2Y2 saw its Daily Active User (DAU) broke new highs peaking at 8,000+ users a day, growing another 12.5% from August and totaling 183,059 DAU.
It is also worth noting, during the same September period, X2Y2 reached close to volume parity when it comes to major blue chip NFTs. For instance, X2Y2’s volume for BAYC, Doodles, and Azuki was 81%, 78%, and 77% respectively compared to their counterpart’s volume OpenSea. This is again a sharp rise compared to just a couple of months ago and likely due, in part, to X2Y2’s recent implementation of a flexible royalty program allowing users to customize how royalties are being distributed at the time of purchase. While NFT trading volumes have recently been on the decline, the NFT marketplace landscape and competitiveness have only been intensifying. The ability to adapt and stay nimble during those times is absolutely key for consistent and prolonged success.
This is even further evidenced by X2Y2’s recent release of its proprietary peer-to-peer NFT loan functionality aimed at unlocking market liquidity for blue chip NFTs and other hot trending collections. Any NFT holder of an eligible collection is now able to accept loan offers made by other X2Y2 users. Terms for the loan are entirely dictated by the loan provider, and parameters include loan value, repayment value, duration, and APR. Once a loan offer is accepted, ETH is transferred to the borrower, and the corresponding NFT used as collateral is locked into a contract. The NFT owner or borrower must then repay the borrowed amount plus previously agreed on interest in order to reclaim their NFT. Failure to do so before the expiry date grants the lender ownership of the collateralized NFT.
As of now, eligible NFT collections are Azuki, BAYC, Beanz, Bored Ape Kennel Club, Clone X, Doodles, Goblintown.wtf, Otherdeed, The Sandbox, PXN: Ghost Division, Renga, World Of Women & 0N1 Force. Additional collections are scheduled to be added on a regular basis with X2Y2 providing a voice to NFT market participants allowing users to vote for their favorite collection through Twitter. At the time of writing, over 1,250 ETH or $2M worth of loans have already been lent out positioning X2Y2 as the third largest NFT lending platform in only a few days since inception. In a landscape where economic uncertainty and rising interest rates have slowed down NFT trading, innovations like the ones seen by X2Y2 play a key role in not only keeping the NFT market alive but also in helping reinject much needed capital across the board.
The NFT space is a wild and fascinating one, to say the least. In 2022 alone we have witnessed the rise and fall of many projects already. Many creators have exited the space, while many others have freshly entered, some of whom bring new and amazing innovations to the space. Yes the NFT industry, like most other industries at the moment, is going through a bear market. Having said this, there is very little doubt NFTs are indeed here to stay and only promise to get more exciting as further innovation is being brought into the space. X2Y2 is firmly pushing along pioneering some of that innovation, and we very much look forward to seeing what other new features and developments come from the ever-growing X2Y2 marketplace.
For more information, please go to https://x2y2.io