Guide to use X2Y2 marketplace
Introduction
X2Y2 is a decentralized NFT marketplace launched in February 2022 and built on the Ethereum platform. Competing with other notable players in the field such as Opensea, Coinbase NFT and LooksRare, X2Y2 offers users bulk listing, rarity tracking, real time notifications and other features. As of 21st May 2022, X2Y2 has recorded 314,230 ETH in total volume and 260,950 in total trades.
Currently, the platform is offering 100% trading fee rebate in the month of May for all NFT collections.
Understanding the tokenomics
In total, there will be 1B X2Y2 tokens in supply. X2Y2 token is a ERC-20 coin running on the Ethereum blockchain. X2Y2 is both a governance as well as a utility token. The tokens will be distributed as follows:
Source: X2Y2
Opensea users who made at least one trade, regardless of the size of the transaction would be entitled to receive the airdrop at the launch of the marketplace. Of the 12% allocated to airdrops however, 77% of the tokens remain unclaimed and hence the team has decided to renounce the contract and burn the remaining tokens.
Perks of using the platform
Despite being a relatively new platform in space, X2Y2 has managed to carve out market share from its competitors and continue to do so with several attractive features on its platforms.
The platform offers 0.5% trading fees for all NFT collections with 100% trading fee rebate for sellers in the Month of May.
Rarity feature. X2Y2 has partnered up with Rarity Sniper to integrate rarity data onto its platform. Users just need to click on the collection they are interested in, and click on a specific NFT which will then display the name and the rarity of the NFT. Clicking on rank will direct users to the Rarity Sniper webpage for further details about the rarity such as the overall rarity score, floor price and offer price if any.
Profit sharing and community driven model. X2Y2 users are able to earn X2Y2 tokens from their trading activities and by staking it, they would be entitled to receive a percentage of trading fees generated on the platform.
Bulk Listing. Users can list their NFTs individually or in batches, which help to significantly reduce the gas fees involved in listing. X2Y2 has also integrated with Genie, which allows users to batch list their NFTs on X2Y2 via Genie, saving up to 40% in gas fees.
Bulk Purchase. Users can also purchase multiple NFTs in one single transaction, paying one single gas fee, reducing the total costs of trading for the user as well.
Push Notifications. Users will be alerted when someone makes a bid or buys their NFT. They will also be alerted when their bid is accepted.
How to use X2Y2 with Coinbase Wallet
You can connect to the marketplace by clicking on the wallet button on the top right corner of the webpage.
Click on Coinbase Wallet and scan the QR code if you are using the mobile version of the wallet.
Image Source: Phemix
Listing NFT via X2Y2
As of date, you are unable to auction your NFTs, however, you can still list them for a fixed price. To list an item:
You will need to sign to verify that you are the owner of the NFT.
Set a fixed price in ETH and set the expiry date of the listing
You can also conduct a private sale for a particular wallet address which will not incur any market fee or royalty fee.
Public listing is free and only when the transaction is sold will you be charged 0.5% platform fee by X2Y2 and royalty fee by creators.
For your first listing, you will need to approve the transaction only this once.
Click on confirm on your wallet and that’s it, your NFT is now listed!
Conclusion
Despite being one of the latest to enter the already saturated NFT space, X2Y2 has proven to be a strong competitor. As of 20 May 2022, X2Y2 has a NFT market share of 2.7% more than doubled its initial market share at launch of 1%. Given the attractive APR and the low, competitive platform fees, X2Y2 looks set to continue chipping away at NFT giants Opensea and LooksRare market shares.