NFT marketplace X2Y2 has announced its closure after three years. The platform will shut down on April 30, and the crew will turn their focus to an artificial intelligence project.
Despite ranking fourth in trade volume during the previous year, X2Y2 opted to pursue new chances in AI. The team was excited about AI's potential to alter the cryptocurrency market. Unique Network president Charu Sethi believes this move does not show a decrease in the NFT business. She highlights that NFTs are entering a new growth phase, focusing on gaming, artificial intelligence, and content authentication.
Sethi emphasizes the value of real-world implementation for NFT platforms. She believes that successful platforms will build ecosystems in which NFTs generate ongoing benefit, rather than merely speculative trading.
The X2Y2 team teased their upcoming project, describing it as "yields in a permissionless way, powered by AI." They want to build a platform that allows consumers to benefit across market cycles. This pivot coincides with volatility in AI-related crypto tokens. The team's decision reflects the continual evolution and study of new technologies in the cryptocurrency field.
