After three years of selling digital doodads, the non-fungible token (NFT) marketplace X2Y2 has decided to throw in the towel and get with the AI program. 🚀🎉
In a startling announcement on March 31, the team behind X2Y2 revealed they’re calling it quits on April 30, with plans to switch their focus to artificial intelligence. The team’s enthusiasm for the rapidly expanding AI field could almost light up a small city:
“It’s a pivot, you see. Over the last 12 months, we’ve been diving deep into AI—hands down the biggest paradigm shift we’ll see in our lifetimes—and how it can transform crypto. We’re building something new. Or at least, we’re pretending to.”
According to Token Terminal data, X2Y2 managed to rack up a respectable $53.6 million in trading volume over the last 365 days. While this pales in comparison to the market leader, Blur, with its whopping $3 billion, it still puts them in fourth place behind Blur, OpenSea, and Immutable. Not too shabby, really.
Charu Sethi, president at the NFT-focused Polkadot and Kusama chain Unique Network, insists the decision isn’t a sign of decline in the NFT market. In an interview with CryptoMoon, she said:
“The speculative phase focused on collectibles and trading is over, but NFTs are now entering their next growth era as core infrastructure enabling massive opportunities in gaming, AI, fan engagement, and content authentication. It’s like NFTs are growing up and getting a real job.”
Real-world implementation is key
Sethi emphasized initiatives such as Mythical Games issuing large numbers of NFTs on Polkadot meant for in-game integration following a $75 million fundraise in 2021. She also highlighted a DappRadar report showing that the blockchain gaming sector hit 7.4 million daily unique active wallets in 2024. That’s a lot of digital treasure chests.
According to Sethi, “X2Y2’s experience underscores that NFT platforms can’t just rely on marketplace network effects.” Instead, companies should focus on building robust communities and market resilience by integrating NFTs into real-world applications. She stressed that the key is valuing utility over speculation:
“Platforms should pivot toward utility-driven models that incentivize consistent user engagement, whether through gaming, sports fandom, or AI-backed applications. Successful platforms will create ecosystems where NFTs are part of an ongoing value cycle, not just speculative trading assets. It’s like giving NFTs a reason to get out of bed in the morning.”
A new focus
The announcement was coy on details about the new AI project, but the firm hinted at “yields in a permissionless way, powered by AI.”
The new platform is expected to allow users to earn profits through bear and bull markets and entire market cycles, presumably a somewhat decentralized version of AI-powered trading:
“This isn’t just another project; it’s our shot at creating real, long-term value in crypto for the broader community we’re proud to serve. Trust us, we’re wizards at this.”
The announcement comes on the heels of early February reports that tokens tied to artificial intelligence agents had plummeted by as much as 90% from 2024 highs. Nevertheless, recent reports suggest that the rise of AI-driven crypto agents is following a familiar trajectory, mirroring the initial boom, bust, and resurgence of ICO-era projects. It’s like watching a digital soap opera, only with more algorithms.
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2025-03-31 16:34