What it is and how to use it

Simply put, X2Y2 is a next-generation NFT marketplace. The core mission behind X2Y2 is to challenge the status quo between large markets such as OpenSea, while providing a “truly decentralized” experience. X2Y2 is a decentralized marketplace built to empower NFT creators. This is a decentralized NFT marketplace for buying and selling NFTs.

X2Y2 also includes features for bulk listing, batch buying, receiving real-time alerts and viewing rarities of NFTs. Also, X2Y2 has its own open APIs and SDKs that developers use to build web3 dApps (decentralized apps) such as analytics tools and trading robots.

What is X2Y2?

At the time of writing, X2Y2 is the third best performing marketplace within the NFT industry. The project’s main goal is to offer completely decentralized, secure and industry-proven services to the community. Also, the platform shares 100% of profits to token players. There is also no private token sale on X2Y2 and it also has a special airdrop offered to all OpenSea users who have traded before.

When was X2Y2 created?

X2Y2 released its whitepaper on January 26, 2022. The NFT marketplace was 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.

What blockchain is X2Y2 on?

The X2Y2 marketplace runs on the Ethereum network. X2Y2 Coin is an ERC-20 coin that runs on the Ethereum network.

Who owns X2Y2?

The CEO/founder of the X2Y2 marketplace is anonymously known only as “TP” (Twitter: @tp_x2y2). The team behind X2Y2 consists of NFT and blockchain development veterans. The platform was built after the team noticed the disadvantages of centralization in the NFT ecosystem.

It is also designed to avoid errors from many large 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 (which allow users to browse NFTs via rarity pull). In addition, the site also sends real-time alerts to members about their items.

X2Y2 Coin Airdrop: What Exactly Happened?

The X2Y2 coin is an ERC-20 coin in the Ethereum ecosystem, launched in February 2020. The token is the governance and fee sharing tool for the X2Y2 ecosystem. The platform allocated 12% of the total supply (120,000,000 X2Y2) to OpenSea users who traded on the platform before January 1, 2022. The airdrop included all OpenSea users who bought/sold any number of NFTs before this time.

Is X2Y2 popular?

X2Y2 is currently ranked third in the overall Ethereum (ETH) marketplace ecosystem, according to DappRadar. This means that it leaves behind other marketplaces like Rarible, SuperRare, LooksRare and more.

How to buy an NFT on X2Y2

There are different ways to buy NFTs on X2Y2,

1) Buy a fixed price NFT

To buy a fixed price NFT, open the “Details” page and click “Buy Now”. As soon as you click on the option, a confirmation box will appear. Confirm all the details and then select the “Buy” option to purchase your NFT.
Link your wallet to the website, if not already done. First-time buyers must agree to the terms of use.
Now all you have to do is wait for the transaction to be processed. And voila! just like that, you’ve bought your NFT.

2) Offer

X2Y2 enables collectors to bid on NFTs on their website. This is only in case the creator of the artwork has not yet determined or set the exact value of an NFT. Buyers can propose their own prices, and the seller has the option to either accept or decline the offer.

On any NFT without a specific price, you can navigate to the “Details” page and click “Make an offer”. All offers are made in WETH (Wrapped Ethereum). Rest assured that your money will not be withdrawn from your wallet unless the offer is accepted. Also, offers can be canceled at any time before confirmation. Users must enter an expiration date for each offer along with the price (in WETH). Once confirmed, collectors will be sent the details for confirmation along with the next step.

3) Collection offer

This is a “batch minting” option on X2Y2. Instead of making standalone purchases, users can create NFTs in bulk via this option. Users can also bulk bid multiple NFTs (per collection) to assemble an entire NFT collection of their choice. Please note that the original creator must make fundraising offers available to participants for this to work.

4) Auction

Soon the x2y2 team will add the ability to bid on NFTs in an auction. This feature has not been released on the platform yet.

How to sell NFTs on X2Y2

There are several ways to sell NFTs on X2Y2 as well.

1) Fixed price entry

NFTs listed for a fixed price can be canceled at any time prior to purchase or before the listing date expires. If the NFT is transferred to another address, the entry is automatically cancelled.

To list NFTs, you can connect your wallet to the X2Y2 marketplace. Then click on your avatar in the top right corner and select “My Items”. Then select the NFT you wish to put up for sale and select “Fixed price”. Enter a price (in ETH) and expiration date in the pop-up window. You then select the “List” option, approve and sign the request in your wallet, and you’ve basically listed your NFT.

2) Accept offers

For offers, go to the NFT page. Then click on the “Offers” tab to see all the offers on your NFT. You can then select the offer you wish to accept by clicking the “Accept” button. You can then approve the transaction and the NFT will be sold.

3) Private sale

Private sales are largely the same as fixed price listings. There are two exceptions that distinguish private sales from permanent listings. First, it requires 0% marketing fee and royalty, and second, the private sale items can only be purchased by a pre-specified wallet address.

For private sales, you can follow the same instructions as fixed price listings, except on the right hand side you must add a specific wallet address for the buyer. Make sure your marketing fee and royalty are listed at 0% and you’re ready to sell to that specific wallet.

What are the fees on X2Y2?

Gas charges: X2Y2 gas fees are directly related to Ethereum network gas fees. This fee is paid by the buyer on top of the price.

Platform Fees: For any item sold on X2Y2, a fixed fee of 0.5% of the amount is charged. All these fees are charged in WETH and redistributed to X2Y2 actors.

Does X2Y2 have royalties?

X2Y2 enforces royalties for creators on all collections sold on the platform. The X2Y2 platform’s previous “Flexible Royalties” protocol was pushed back due to opposition from NFT creators. NFT creators need to be fairly compensated for their works, and X2Y2 cares enough about their community to ensure the same.

X2Y2 vs OpenSea: Which is better?

Exploration: X2Y2 and OpenSea are similar in design and ease of use. For example, both platforms have simple navigation options. «Explore” tab allows users to browse NFTs, and “Rewards” tab shows the X2Y2 coin rewards. But under the hood, the two platforms work differently.

Bulk Options: X2Y2″Mass sales” option is also similar to OpenSea’s “Bundles” feature. This allows users to sell multiple items at once. In addition, X2Y2 entices OpenSea users by allowing them to import NFTs directly from OpenSea.

Centralization: One of the core missions of X2Y2 is centralization. The addition of multiple platforms decentralizes the buying and selling of NFTs. Currently around 90% of all NFT sales take place on OpenSea.

Collection of fees: OpenSea’s transaction fees of 2.5% (when buying or selling) go directly to their developers. X2Y2 on the other hand shares the fee surplus through a “Rewards” system across its user base. Users earn rewards for staking their X2Y2 tokens.

Maintenance: OpenSea has frequent maintenance upgrades and is vulnerable to malicious attacks. This stops NFT transactions and slows down the speed. The X2Y2 team claims that there will be no downtime on their platform.

Also, one of the main differentiating factors between OpenSea and X2Y2 is that OpenSea does not have its own token. Although OpenSea will probably go public and have an Initial Public Offering in the future. This in turn will make them reluctant to launch their own crypto coin.

The future of X2Y2 NFT Marketplace

The X2Y2 team has plans to enter the metaverse with a 3D/VR integration. L2 integration for Ethereum (ie 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 sale from the big airdrop.

That’s a good reason for X2Y2 to pick up as a key player during the next bull run. It has maintained its position as an OpenSea competitor, hosting largely successful gatherings on the site. Combine that with its unique reward system and decentralized missions, and this marketplace is a winner!