X2Y2 NFT Marketplace Uncrowns Opensea as Its 30-Day Volume Approaches $600M
- X2Y2 NFT marketplace has been on a roll this month, surpassing OpenSea.
- Its zero-trading costs marketing campaign appears to be one of the reasons for its successful development.
With the hype of NFTs at an all-time high, it is no surprise that a new NFT marketplace has taken down the reigning king of the space. X2Y2, launched in February of this year, has seen immense growth in its sales volume over the past several weeks outdoing Opensea, which has been the go-to NFT marketplace since 2017. According to an analysis by CryptoMonday.de, X2Y2 has processed $560M in volume in the past 30 days, while Opensea lags behind at $448.97M.
According to CryptoMonday.de CEO Jonathan Merry,
X2Y2 has been able to generate more excitement than any other NFT marketplace in recent memory. Their focus on delivering a great user experience, combined with their ability to get listed on major exchanges, has resulted in them taking the top spot in terms of volume. Its success is a sign that the NFT market is still in its early stages and that there is plenty of room for multiple marketplaces to succeed.CryptoMonday CEO Jonathan Merry
Winning Growth Strategy
Earlier this year, X2Y2 joined Twitter, defining its strategy and roadmap and addressing the apparent comparisons to Opensea LooksRare, and OpenDAO. It plans to solve some of the infrastructure issues that have been plaguing the NFT market by offering a more decentralized solution. Opensea, on the other hand, has been having a tough time lately with centralized management and system downtime issues.
X2Y2 has been a tough competitor for OpenSea and established itself early using an airdrop campaign. They gave away free X2Y2 tokens to users of the NFT marketplace, which was seen as a way to lure users away from the platform - and it seems to have worked, judging by the latest numbers.
The NFT platform sold 15 million tokens divided into 1000 shares, priced at 1.5 ETH each. They raised 1500 ETH from the sale and put all ETH collected from the sale into Uniswap to provide initial liquidity. The unsold tokens will be burned immediately after the sale, and liquidity provider (LP) tokens will also be burned to lock the liquidity permanently. This move was strategic as it has driven up demand for the token.
What Next for X2Y2
With the X2Y2 platform seeing such success in a short period of time, it will be interesting to see how they plan to scale and grow in the future. At the moment, they are focused on continuing to build out their infrastructure and adding new features that will improve the user experience.