The explosion of X2Y2 will only take a short period of time.

On February 16th, the NFT trading platform X2Y2 announced that 12% of the tokens (120 million pieces) were used for airdrops to OpenSea historical trading users. However, three hours after the event started, X2Y2's token airdrop activity was suspended. At that time, X2Y2 officially stated that because the user experience of the airdrop was not as expected, the team would suspend the airdrop to improve the overall user experience. As of the suspension of the event, 0.5% of the 12% of the X2Y2 airdrop share had been claimed.

Immediately, X2Y2 set off a wave of discussion in the community with lightning speed.

X2Y2 officially stated that it hopes to build a truly decentralized NFT market platform that shares revenue with users. On February 5th, X2Y2 has released the beta version on Ethereum. The testing phase allows users to trade NFTs with zero transaction fees and zero royalties. The current functions available for testing include fixed-price selling, quotations, and serial quotations.

In this regard, users had different opinions.

Some people believe that the emergence of X2Y2 is undoubtedly another LooksRare in the center of public opinion; more people believe that X2Y2 does not have transaction rewards, and mainly encourages and urges users to list NFTs to solve the supply and demand problems of NFTs on the platform, and its transparency is unprecedented. The official said that it will add liquidity to all ETH collected through ILO on Uniswap, and permanently destroy this LP token to avoid running losing it away.

Therefore, more people believe that the birth of X2Y2 can be beneficial to the healthy development of NFT.

The development status of NFT

NFTs (Non-Fungible Tokens) are a way to store ownership of assets on the blockchain. It can be digital assets like pictures, music, or even real-world assets like land titles, diplomas, etc.

According to industry report statistics, the overall development of the NFT market has been relatively slow since 2017. Until 2021, the size of the NFT market has ushered in an explosive period, and created 2 transaction volume peaks - on August 28th, the daily transaction volume reached $338 million. The transaction volume on December 7th was as high as nearly 400 million US dollars, which was the highest in the whole year.

According to relevant data, in 2021, the total transaction value of the global NFT market has exceeded 25 billion US dollars. Among them, opensea is unique.

From the above, it's clear that OpenSea has come out on top, with a turnover of $20.74 billion, far exceeding all other competitors.

OpenSea now occupies 97% of the NFT market. It is undoubtedly the largest NFT trading market in the world and one of the biggest winners of the NFT industry outbreak. But since the end of last year, OpenSea has also been caught in the center of the storm of public opinion. The website crashes more and more frequently, there are several bugs that have never been fixed, the user experience declines as the number of users increases, listing rumors, centralized management, etc. have all caused OpenSea to be controversial.

Users no longer expect OpenSea to have more technical changes, and are more inclined to appear a new NFT platform to break OpenSea's monopoly on the NFT market.

The truth behind LooksRare's breakout

Although the current situation of OpenSea's dominance continues, the rise of many emerging projects complements the gratifying development of NFT, and the grand occasion of a hundred flowers blooming is quietly taking shape. Among them, there are many projects that boldly challenge the top OpenSea.

Just like LooksRare mentioned above. Although it is now in the midst of a storm of public opinion, when LooksRare was newly launched, its transaction volume in January reached more than $9 billion, almost three times the volume of OpenSea in the same period. Not only that, but within 30 days of going live, LooksRare made $307 million in protocol revenue, compared to OpenSea’s $110 million over the same period. Moreover, from the above figure, we can also see that LooksRare is currently one of the important forces to divide up the NFT market.

It is true that the vampire attack adopted by LooksRare against OpenSea is successful. Many users think that LooksRare is trying to break the monopoly of OpenSea by virtue of its own uniqueness, but is this really the case?

On-chain data shows that on February 7th, user tradfi guy first publicly questioned LooksRare on Twitter. He doubted the purpose of the LooksRare team’s transfer of 23,116 WETH (about $73 million) and the reasonable legality of this source of income.

In the following days, it continued to ferment, and some netizens were worried that the LooksRare team would have the problem of cashing out and running away. LOOKS also fell from around 3USDT to 1.5USDT today, a drop of about 50.14% in 7 days.

This so-called lone hero's road to breaking the game eventually became a game of giant whales harvesting retail investors. The so-called Lonely Brave is just another trick in the guise of capital.

LooksRare exits in embarrassment, and X2Y2 emerges bravely in the center of the NFT market. The project starts with Fair Launch, NFT listing mining mode and inclusive airdrop. "The essential difference between x2y2 and Opensea and LooksRare is the interest groups it represents; x2y2 is for users and the general public, not capital and whales." The x2y2 community said.

x2y2 officially calls it a social experiment, a game about demand and capital, and only time will tell the answer.

Coinbetter: Discover NFT market value with professional eyes

The liveliest place in the Crypto circle today is undoubtedly the NFT field. Stars from all walks of life continue to bring projects; major brands have begun to enter NFT, and a large number of giant institutions have been pouring into NFT; more and more people have learned about the vigorous vitality and huge wealth effect of NFT, and actively participated in trying to get a share of its soup.

Google Trends shows that the term NFT will maintain a general search volume before 2020, and it has surged since 2021 and has been on the rise, which means that people are paying more and more attention to it, and the market capacity of NFT is also increasing more and more.

In the face of the explosive rise of NFTs, Coinbetter has always maintained a positive focus, and at the same time has a mentality to promote the steady development of NFTs. On the one hand, Coinbetter carefully investigates and seeks the scalability and sustainability development of the NFT market; on the other hand, it combines the advantages of a centralized trading platform to find innovative product solutions that perfectly fit NFT.

As a centralized trading platform, Coinbetter will provide services to tens of millions of users around the world, and will be able to directly enter the NFT field in the future. In order to better support user creation, Coinbetter will provide value creators with the best liquidity and the lowest user fees, thereby promoting the free flow of global value and creating an inclusive NFT ecosystem.

Thanks to the centralized platform's emphasis on user experience, participants are expected to realize the acquisition and circulation of NFTs in a lower cost environment, and the related experience can also be improved and changed in a targeted and refined manner to meet the needs directly.

At present, Coinbetter has established a research center in the NFT sector, which can use platform coins, popular coins and other innovative, diversified and multi-party NFT business models to give users the opportunity to seize possible value opportunities at lower participation costs.

Coinbetter believes that as more and more traditional institutions and enterprises enter the NFT market, extensive cooperation between platforms is expected to penetrate emerging popular concepts such as the Metaverse and NFT. Only healthy competition can create a better environment and jointly promote highly creative innovations. The NFT ecosystem expands, which in turn promotes the development of the entire encryption industry.

If you have any thoughts and questions about NFT, please feel free to contact us. Coinbetter Market Brand Cooperation Email: media@coinbetter.com, looking forward to communicating with you.