X2Y2 is an emerging NFT market launched in February 2022. X2Y2 rivals OpenSea by featuring bulk listing, rarity tracking, and real-time notifications.
What is X2Y2?
X2Y2 is a truly decentralized NFT marketplace with a mission to solve some of the biggest problems in the current infrastructure of the NFT marketplace. The popular Opensea NFT marketplace is not only one of the oldest and most well-known marketplaces, but it also has a considerable amount of issues.
The fact that Opensea has a monopoly on over 90% of the NFT market is one of the biggest problems. The problems stem from having such a strong impact on the entire industry, meaning whenever there is a problem with Opensea, affects the entire NFT industry, it’s a dangerous pool to swim in.
Some of these issues include:
- System downtime affects the entire NFT industry.
- Centralized management model, arbitrarily retaining user assets.
- Alongside investors in Silicon Valley and Wall Street to share in the huge profits from transaction fees, which were contributed by the community.
Of course, X2Y2 is not the only attempt to compete with Opensea, both OpenDAO and LooksRare had their chance to challenge Opensea’s monopoly, however these markets proved not to be as good as they initially were. From lack of transparency to wash trading, these NFT markets have failed in their attempt to compete with the almighty Opensea.
X2Y2 NFT Marketplace
X2Y2’s NFT Marketplace is only compatible with Mainnet NFTs Ethereum (ETH). While the site design resembles OpenSea and other NFT platforms, the features and backend were developed from the ground up for this platform. The X2Y2 marketplace has collections similar to OpenSea and the biggest collections are collections known as “Boomgala”, “Boomgala”, “Azuki”, “Crypto Chicks” and others. In “Hot Collections” users can see the most traded collections of the week with daily statistics.
X2Y2’s NFT marketplace has brought new features to the forefront of NFT trading. These features include:
- Profit Sharing: X2Y2 is NFT’s first profit sharing platform. Users who stake their X2Y2 tokens on the platform will receive a % of fees for all NFT trades proportional to their stake. Other platforms, such as OpenSea, do not offer profit sharing.
- Bulk Listings: Users can list all their NFTs simultaneously or list selected NFTs in one transaction. This saves on gas fees from having to pay for individual NFT listings.
- Bulk Purchase: Merchants can purchase multiple NFTs with one transaction, paying a one-time gas fee. This also saves on gas fees for frequent traders.
- Push Notifications: X2Y2’s system automatically sends emails to users as soon as there is an offer or purchase of one of their NFTs. It also notifies merchants if their offer is accepted.
- Rarity Stats: X2Y2 introduces a new rarity tracker that can track the rarity of items and also show the latest price on OpenSea. Detailed analyzes are included for each NFT and its history.
- Secret Items: X2Y2 will be the first NFT platform to feature Secret NFTs and privacy will be one of its key angles going forward.
X2Y2 vs OpenSea
At first glance, X2Y2 and OpenSea look similar. Users familiar with the OpenSea platform will find it easy to adjust to the X2Y2 design. They are presented with three navigation options: “Explore” (to browse NFTs), “Ranking” (best performing NFTs), and “Rewards” (rewards in X2Y2 coins). The main distinctions are noticeable when users actually start using the system. A standout feature of the X2Y2 is the “Bulk Sale” option. OpenSea offers something similar, a feature called “Bundles” that allows users to sell multiple items at once. X2Y2 wants to attract OpenSea users by allowing them to directly import their NFTs from OpenSea.
X2Y2 aims to address the following drawbacks of OpenSea, as stated in its whitepaper:
- centralization. More than 90% of all NFTs are sold on OpenSea, so additional platforms will help to decentralize the ecosystem.
- Private fee collection. OpenSea charges 2,5% fees for every transaction on the platform – buy or sell. The OpenSea developers themselves pocket the fees. X2Y2 shares the fee profit through a “rewards” system for all users who stake their tokens on the platform.
- Downtime . OpenSea has frequent maintenance updates and this can cause NFT transactions to stop or NFTs to disappear from users’ wallets. X2Y2 claims that there will be no downtimes on their platform.
- Private propriety . OpenSea is working with Silicon Valley investors and X2Y2 claims it will not make any private investments and its token will be distributed fairly. Even users with less turnover will be eligible for airdrop.
What are X2Y2’s future plans?
This year is set to bring some exciting developments to the X2Y2 platform. Users will enjoy an immersive 3D/VR user interface and experience, socializing and trading. Ultimately, the X2Y2 team plans to take the final form of the platform to a DAO.
After the completion of the first phase of building the X2Y2 market, they will slowly transfer leadership and financial control of the team to DAO members who will assist in the direction of the project later on. Oh, and if you were wondering why it’s called X2Y2, it’s because that’s the formula for creating a perfect circle and it coincides with X2Y2’s vision of building the perfect NFT market.
X2Y2 Token
X2Y2 is an ERC-20 coin running on the Ethereum network. It was launched in February 2022 and made waves in the cryptocurrency community for its airdrop. The token is the governance and fee-sharing utility token for the X2Y2 ecosystem. There is a total of 1.000.000.000 (1B) Tokens X2Y2, of which only 130.000.000 (13%) are currently circulating. This means that with a market cap of $43 million, the fully diluted market cap is $340 million.
Price Forecast X2Y2 (X2Y2)
The price of X2Y2 is predicted to reach a maximum level of $0.4938 throughout 2022. As early as 2023 according to our crypto price prediction index, in 2023 the price of X2Y2 (X2Y2) may reach a maximum level of $0.950 , with the average trading price of $0.707.
In 2025 according to our crypto price prediction index, X2Y2 is expected to cross an average price level of $1.146. The minimum expected value of the X2Y2 price at the end of the current year should be $1.058. Furthermore, X2Y2 can reach a maximum price level of $1.168.
Bottom Line
X2Y2 is a bold platform that aims to challenge OpenSea’s market dominance by sharing the profits with users and developing a unique rewards system. The platform has brought new cool features like Bulk Selling which can save you on gas fees.
