With the NFT marketplace, OpenSea, having a monopoly over 90 percent of the NFT transactions, comes several issues. Many of which X2Y2 is attempting to alleviate.
X2Y2.io is an NFT marketplace with the goal to build a truly decentralized NFT market and give it back to the community. The marketplace’s smart contract, frontend, and backend are all 100% independently developed.
X2Y2 is in the infant stages of development, but its mission seems promising. Let’s take a closer look at what X2Y2 has to offer the NFT ecosystem.
X2Y2 is a truly decentralized NFT marketplace on a mission to solve some of the greatest issues in the current NFT marketplace infrastructure. The popular NFT marketplace Opensea is not only one of the oldest and most well-known marketplaces, but it also has a considerable amount of issues.
The fact that Opensea has monopoly over 90 percent of the NFT market is one of the biggest problems. Why? The issues stem from having such a strong impact on the entire industry, meaning whenever there’s an issue with Opensea, it affects the entire NFT industry, that’s a dangerous pool to swim in if you ask me.
Some of these issues include:
- System downtime impacts the entire NFT industry.
- Centralized management model, arbitrarily withholding user assets.
- Siding with investors in Silicon Valley and Wall Street to share the enormous profits of the transaction fees, which were contributed by the community.
Of course, X2Y2 isn’t the only attempt at competing with Opensea, both OpenDAO and LooksRare have had their shot at challenging Opensea’s monopoly, however, these marketplaces proved to be not as great as they set out to be initially.
From a lack of transparency to wash trading, these NFT marketplaces have fallen short in their attempt to compete with the almighty Opensea.
X2Y2 plans to resolve many of the issues of the LooksRare marketplace specifically, with their own tokenomics:
- No private token sale — The liquidity bootstrapping comes directly from a public Initial Liquidity Offering and is locked permanently.
- Share the market fees — 100% of market fees collected are rewarded to X2Y2 stakers.
- Inclusive airdrop — An airdrop that covers all OpenSea users that had traded before (expired on March 30, 2022).
The total supply of 1,000,000,000 X2Y2 tokens will be allocated as shown in the picture below, taken directly from X2Y2.
To ensure the airdrop reached real potential users of X2Y2, there was a precondition for claiming: users must have listed all NFTs currently listed on OpenSea on X2Y2 at the same price.
To maintain transparency, X2Y2 will not hold any private rounds to “strategic investors” and will only do a public liquidity pre-sale. The sale will be based on a whitelisting system, with the following rules (rules were taken directly from X2Y2’s litepaper):
- 15,000,000 (1.5%) X2Y2 tokens will be divided into 1,000 shares, each for 1.5 ETH. A total of 1,500 ETH will be raised. (15,000 X2Y2 = 1.5ETH, 1 X2Y2 = 0.0001ETH ≈ $0.25)
- 1,000 addresses will be whitelisted among Discord community members and users traded during the beta. X2Y2 will publish the results on Discord.
- All users who win the whitelist can claim the X2Y2 Founding Edition NFTs (check the X2Y2 Marketplace section for NFT features). All unsold X2Y2 tokens will be burned directly after the sale.
- After the sale, 10,000,000 (1%) X2Y2 tokens + 1,500 ETH will be put into Uniswap to create the initial liquidity.
- All LP Tokens will be burned to 0x…dead, thus locking the liquidity permanently.
- 5,000,000 (0.5%) X2Y2 tokens will be used to provide LP staking rewards. And with the above 1% constitute the 1.5% Liquidity Management part of the token allocation.
- The X2Y2 obtained by participating in the sale will be unlocked linearly within 360 days.
To complement X2Y2’s honest intentions to create a fair NFT marketplace, the platform has some pretty exciting features as well.
The X2Y2 marketplace will be a full-fledged NFT market offering all the things you’d expect from an NFT marketplace, plus some additional features, including:
- Instant push notifications for buys & sells.
- Integrated rarity ranking and analysis.
- Bulk sending & listing.
- Bidding on a collection and traits.
To be fair, these initial features are just the beginning of what X2Y2 aims to accomplish.
This year is set to bring some exciting developments to the X2Y2 platform. Users will enjoy a 3D/VR immersive user interface and experience, socializing, and trading. Ultimately, the X2Y2 team plans to take the final form of the platform to a DAO.
Upon the completion of the X2Y2 first phase of market construction, they will slowly transfer the leadership and financial control from the team to members of the DAO who will assist in the direction of the project thereafter.
Oh, and if you were wondering why it’s named X2Y2, it’s because that is the formula for creating a perfect circle, and coincides with X2Y2’s vision to build the perfect NFT marketplace.