NFTs are currently not as hot as last year. However, there’s still a good amount of trading going on, and OpenSea and Blur marketplace are the most important ones. X2Y2 is the biggest of all the other Ethereum-based NFT marketplaces.
So, it’s about time we dig a little deeper into what X2Y2 is all about. This is Part 1 of a 2-part series.
What Is X2Y2?
X2Y2 is an NFT marketplace that resides on the Ethereum chain. It ranks third in volume of all Ethereum-based NFT marketplaces. This marketplace is also a new kid on the block. It launched in February 2022 and has its native X2Y2 token. The team developed the back end from scratch.
According to DappRadar, its current volume over the last 30 days is $17.54 million. However, note that this is 53.73% down from the previous 30 days. Their monthly number of traders is 2,130. This is also down by 61.9% On the upside, the average price of all BFTs during this period is $7.31k. That’s 54.08% up. Nonetheless, there must have been some serious expensive sales in there. This is how X2Y2 is doing compared with other marketplaces:
Source: Twitter
This marketplace offers some interesting features:
- Bulk sending, listing, and buying – These save on gas fees.
- Profit-sharing – Staking the X2Y2 token rewards you with a % of the trading fees.
- Push notifications – For each new bid or sale.
- Rarity statistics – Detailed analytics and history of each NFT.
- Secret NFTs – The team will focus on privacy.
The picture below shows the top 5 traded collections by volume.
Source: X2Y2 website
How Does X2Y2 Work?
Like any other NFT marketplace, you can sell or buy NFTs on X2Y2. However, they have an extra feature that asks for some attention. You can loan your NFTs for ETH. They named this “FI”. First, let’s have a look at buying and selling NFTs.
The very first step will be to connect to a wallet. This needs to be an EVM-compatible wallet. Currently, you can connect 14 different wallets. For example:
- MetaMask
- OneKey Wallet
- Trust Wallet
- SafePal.
- Brave Wallet and more.
Buying NFTs in X2Y2
When you want to buy NFTs, you have three options. So, let’s take a look. For example:
- At a fixed price.
- Place an offer.
- Collection offer.
For more details on buying NFTs, check their docs.
Selling
For selling NFTs, you need to connect your wallet and list your NFT. Set a price and that’s it. You can also accept offers. There’s more information available in their docs.
FI Section in X2Y2
For the ‘Fi’ section. You can borrow and lend NFTs. Go to the Fi website. You can also list your NFT(s) and receive ETH in return. Or you can lend ETH and get an NFT in escrow. In case of a default on the loan, you become the owner of the NFT. More information is in their docs. The picture below shows the UI of their FI site.
Who Owns X2Y2?
The CEO and founder of X2Y2 is a person who goes by the initials of ‘TP’. His Twitter handle is ‘@tp_x2y2‘. The rest of the team has some veterans of the NFT scene in it. Their main motivation to start this platform was the centralization of the NFT space.
To sum this up, the team wanted to show that there’s not only OpenSea. They wanted to offer a more transparent and decentralized option. So, that about sums up what’s known about their team.
The X2Y2 Token Use Cases
The X2Y2 token is their native and governance token. Holders, who stake this token, receive a revenue share from the trading volume. The trading fee is 0.5% and this goes to the token holders who stake their tokens.
There are 1 billion tokens. Currently, the total supply is 595 million. The circulating supply is 281 million. This token has a market cap of almost $8.2 million, with a current price of $0.0286.
Conclusion
This is Part 1 of a two-part series about the X2Y2 NFT marketplace. In this part, we looked at what X2Y2 is, how it works, and who owns it. We also looked into the use cases of their native token. Here is the second part.
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