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Simply put, X2Y2 is a next-generation NFT marketplace. The core mission behind X2Y2 is challenging the status quo between big time markets like OpenSea, while providing a “truly decentralized” experience. X2Y2 is a decentralized marketplace built to empower NFT creators. This is a decentralized NFT marketplace to buy and sell NFTs.
X2Y2 also contains features for bulk listing, batch purchasing, receiving real-time notifications and viewing rarities of NFTs. Moreover, X2Y2 has its own Open APIs and SDKs that developers use to build web3 dApps (decentralized apps) like analytics tools and trading bots.
As of the time of writing, X2Y2 is the third-best performing marketplace within the NFT industry. The project’s main goal is to provide fully decentralized, secure, and industry-proven services to its community. Moreover, the platform shares 100% of its profit to token stakers. There are also no private token sales on X2Y2 and it also has a special airdrop offered to all OpenSea users who have traded before.
X2Y2 released its whitepaper on January 26, 2022. The NFT marketplace officially launched on January 28, 2022. On the same day, X2Y2 also launched its own Discord channel. X2Y2’s Initial Liquidity Offering (ILO) tokens took place on February 14, 2022.
The X2Y2 marketplace runs on the Ethereum network. X2Y2 Coin is an ERC-20 coin running on the Ethereum network.
The CEO/founder of the X2Y2 marketplace is known anonymously only as “TP” (Twitter: @tp_x2y2). The team behind X2Y2 is comprised of NFT and blockchain development veterans. The platform was built after the team noticed the downsides of centralization in the NFT ecosystem.
It is also designed to avoid mistakes of many big marketplaces such as OpenSea. X2Y2 also has improved user experiences. Some of them include bulk listing options that allow users to buy and list multiple NFTs in one transaction and rarity integrations (allowing users to browse NFTs via rarity traits). Additionally, the site also sends real-time notifications to members about their items.
The X2Y2 Coin is a ERC-20 coin in the Ethereum ecosystem, launched in February 2020. The token is the governance and fee-sharing utility token for the X2Y2 ecosystem. The platform alloted 12% of the total supply (120,000,000 X2Y2) to OpenSea users who traded on the platform before January 1st 2022. The airdrop included all OpenSea users who bought/sold any amount of NFTs before that span of time.
X2Y2 is currently third place in the overall Ethereum (ETH) marketplace ecosystem, according to DappRadar. This means that it leaves behind other marketplaces such as Rarible, SuperRare, LooksRare and more.
There are different ways to buy NFTs on X2Y2,
To purchase a fixed price NFT, open the “Details” page, and click “Buy now”. As soon as you click the option, a confirmation box appears. Confirm all the details and then select the “Buy” option to purchase your NFT.
Connect your wallet to the site, if not done already. First-time buyers must accept the terms of service.
Now all you’d need to do is wait for the transaction to process. And voila! just like that, you’ve purchased your NFT.
X2Y2 enables collectors to make offers to NFTs on their website. This is only in case the creator of the artwork has not yet decided or set the exact value of an NFT. Buyers can suggest their own prices, and the seller has the option to either accept or decline the offer.
On any NFT without a definite price, you may navigate to the “Details” page and click on “Make an Offer”. All offers are made in WETH (Wrapped Ethereum). Rest assured that your money will not be withdrawn from the wallet unless the offer is accepted. Moreover, offers can be canceled anytime before confirmation. Users will need to make an expiration date for each offer along with the price (in WETH). Once confirmed, collectors will be sent the details of confirmation along with next steps.
This is a ‘batch minting’ option on X2Y2. Instead of making standalone purchases, users can mint NFTs in bulk via this option. Users can also make bulk offers on multiple NFTs (per collection) to batch mint an entire section of the NFT collection they prefer. Please note that the original creator must make collection offers available for participants for this to work.
Soon, the x2y2 team will add the option to bid for NFTs in an auction. This feature has not been released on the platform, yet.
There are multiple ways to a sell NFTs on X2Y2 as well.
NFTs listed for a fixed price can be canceled anytime before purchase or before listing date is expired. If the NFT is transferred to any other address, the listing is canceled automatically.
To list NFTs, you may connect your wallet to the X2Y2 marketplace. Then click your avatar in the top right-hand corner, and select “My Items”. Next, choose the NFT you wish to list for sale and select “Fixed price”. In the pop-up window, set a price (in ETH), and expiration date. Next, select the “List” option, approve and sign the request in your wallet, and you’ve basically listed the NFT.
For offers, navigate to the NFT page. Next, click on the “Offers” tab to view all the offers on your NFT. You can then select the offer you would like to accept by clicking on the “Accept” button. You may then approve the transaction and the NFT will be sold.
Private sale is mostly the same with fixed price listing. There are two exceptions that separate the private sale from fixed listings. Firstly, it takes 0% market fee and royalty, and secondly, the private sale items can only be purchased by a pre-specified wallet address.
For private sales, you may follow the same instructions as fixed price listings, except on the right hand side, you must add a specific wallet address of the buyer. Ensure that the market fee and royalty are listed at 0%, and you’re ready to sell to the specific wallet.
Gas Fees: X2Y2 gas fees are directly related to the Ethereum network gas fees. This fee is paid by the buyer on top of their price.
Platform Fees: For any item sold on X2Y2, a flat 0.5% fee on the amount is levied. All of these fees are charged in WETH and redistributed to X2Y2 stakers.
X2Y2 enforces creator royalties on all of the collections sold on its platform. The X2Y2 platforms earlier “Flexible Royalties” protocol was pushed back due to opposition from NFT creators. NFT creators must be compensated fairly for their works, and X2Y2 cares about their community enough to ensure the same.
Exploration: X2Y2 and OpenSea are similar in design and usability. For instance, both platforms have easy navigation options. The “Explore” tab allows users to browse NFTs, and “Rewards” tab displays the X2Y2 coin rewards. But under the hood, the two platforms operate differently.
Bulk Options: The X2Y2 “Bulk Selling” option is also similar to OpenSea’s “Bundles” feature. This allows users to sell multiple items at once. Furthermore X2Y2 lures OpenSea users by allowing them to directly import their NFTs from OpenSea.
Centralization: One of the core missions of X2Y2 is centralization. The addition of more platforms decentralize the buying and selling of NFTs. Currently, around 90% of all NFT sales happen on OpenSea.
Fee Collection: OpenSea’s 2.5% transaction fees (on buying or selling) goes directly to their developers. X2Y2 on the other hand shares the fee profit through a “Rewards” system across its user base. The users earn rewards for staking their X2Y2 tokens.
Maintenance: OpenSea has frequent maintenance upgrades and is prone to malicious attacks. This halts NFT transactions and lowers speed. The X2Y2 team claims there won’t be downtimes on their platform.
Moreover, one of the main separating factors between OpenSea and X2Y2 is that OpenSea doesn’t have its own token. Although, OpenSea will likely go public and have an IPO (Initial Public Offering) in the future. This in turn will make them reluctant to launch their own crypto coin.
The X2Y2 team has plans to enter the metaverse with a 3D/VR integration down the line. L2 integration for Ethereum (i.e. Arbitrum, Matic), and a DAO (Decentralized Autonomous Organization) are also in the works. These upgrades could trigger a comeback for the X2Y2 token, despite the initial selloff from the large airdrop.
There is a good reason for X2Y2 to pickup as a key player during the next bull run. It has sustained its position as an OpenSea competitor and hosted largely successful collections on its website. Combine that with its unique reward system and decentralization mission, and this marketplace is a winner in the making!
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All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
Vineet is a storyteller based in Mumbai. Having previously worked for various web2 organizations as a journalist, instructional designer, and event manager, he got into blockchain in early 2021. As a musician by passion, he fell in love with the digital megastructures building the future of art and creativity. He believes that web3 unlocks creativity at a higher level, and works towards onboarding music projects to the space.
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