Moreover, X2Y2 also contains features for bulk listing, batch purchasing, receiving real-time notifications, and viewing the rarities of NFTs. Further, X2Y2 has its own Open APIs and SDKs that developers use to build web3 dApps (decentralized apps) such as 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 with 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 the mysterious “TP” (Twitter: @tp_x2y2). However, the X2Y2 team includes NFT and blockchain development veterans. This team decided to create X2Y2 after nothing the downsides of centralization in the NFT ecosystem.
It is also designed to avoid the 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 an 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.
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 the 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. The platform has not yet released this feature.
There are multiple ways to sell NFTs on X2Y2 as well.
NFTs listed for a fixed price can be canceled anytime before purchase or before the 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 as fixed price listing. Two exceptions 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 that 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.
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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 the “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 decentralizes 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) go 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.
LooksRare and X2Y2 are both NFT marketplaces built on the Ethereum blockchain. LooksRare was launched in early 2022 with the aim of competing against OpenSea, similar to X2Y2. Both platforms prioritize community involvement and offer rewards to traders, collectors, and creators. LooksRare has its own native governance token called LOOKS, just like X2Y2.
When it comes to pricing, X2Y2 has an advantage with a lower trading fee of 0.5% compared to LooksRare’s 2%. However, LooksRare recently made royalty fees optional, following a similar move by X2Y2. Ultimately, it’s up to users whether they want to pay these fees or not.
The X2Y2 marketplace and Blur are both Ethereum-based NFT marketplaces, but they have different focuses and features. X2Y2 charges a 0.5% fee on NFT transactions and distributes transaction fees to its native token stakers. On the other hand, Blur places more emphasis on serving NFT traders and offers additional features such as batch shelf and floor-sweeping. Blur also integrates NFTs from other marketplaces, providing buyers with more options.
Unlike X2Y2, Blur does not charge any transaction fees. In terms of token performance, Blur has shown impressive growth in trading volume and has a large number of unique buyers. Overall, Blur has performed well and has the potential for further development, while X2Y2 has a relatively lower trading volume and token performance.
Moreover, at one point, X2Y2 had also blocked Blur, citing a violation of its terms of service related to API key usage. However, many in the web3 community criticized X2Y2 for the move, seeing it as an attempt to stifle competition rather than a genuine concern. X2Y2 defended its action, stating that platforms that combine both marketplace and aggregator functions create conflicts of interest. Blur, on the other hand, denied any violation and expressed a willingness to work with X2Y2 to find a solution. Despite the temporary block, Blur managed to display X2Y2’s listings using the Gem contract. This incident highlights the intense competition and rivalry in the NFT market.
X2Y2 also has an NFT Loan feature. In a bid to entice users, the platform made a noteworthy decision to waive all fees associated with this service.
The NFT Loan feature offers lenders the opportunity to make multiple loan offers with varying durations, enabling them to optimize their utilization of Ethereum (ETH) holdings. This sets X2Y2 apart from other lending platforms where users typically need to use multiple accounts, resulting in suboptimal capital efficiency.
Users can now make loan offers for entire collections or specific NFTs with unique and sought-after traits. Borrowers, on the other hand, have the option to leverage their NFTs as collateral to secure ETH loans. Upon selecting a loan offer, the borrower’s NFT is locked on the platform, and they receive ETH from the lender. Repayment of the loan is required before the specified due date to avoid default and potential loss of the NFT.
With the introduction of the NFT Loan feature, X2Y2 aims to attract users with its innovative approach to lending within the NFT ecosystem.
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 pick up 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!
