X2Y2 NFT Marketplace Review 2023: Features and Fees, Pros and Cons

X2Y2 marketplace is a decentralized NFT trading exchange. Founded in February 2022, the platform has its own governance token, which you can stake and keep 100% of the profit.

  • December 22, 2022
  • 6 Min Read

Our Take on X2Y2

4.6
Milk Road Rating

The Bottom Line

X2Y2 has recently become a major player in the NFT sector. From having strong security features to championing complete decentralization, the platform's efforts toward being a dominant NFT marketplace can't go unnoticed. We are particularly attracted to the site because of its low fee structure and transparency.

X2Y2 joined the NFT sector aggressively, luring clients from already established players. Today, it controls a significant portion of the market and is not relenting. The major reason X2Y2 grew so fast is that it was one of the first marketplaces to eliminate compulsory royalty fees, a controversial practice that makes NFT purchases cheaper for consumers. Here is a detailed review of the platform, covering the most pertinent issues such as how it works, fees, key features, and how to get started.

What is the X2Y2 NFT Marketplace?

X2Y2 marketplace bills itself as a democratic Web3 platform aiming to de-monopolize NFTs. It's dubbed "the marketplace by the people, for the people". For a long time, the sector has been dominated by OpenSea, which controlled about 90% of transaction volumes.

The lack of substantial competition gave OpenSea the power to retain user assets and charge high fees. It also introduced private investors from Silicon Valley. X2Y2 isn't supported by venture capital financing but by token sales open to the public.

It is designed to be user-friendly and intuitive for both traders and developers. High staking rewards and cutting-edge technology, such as NFT rarity ranking, give it leverage over competitors. Other notable functions include:

  • Zero-interest NFT loans
  • Bulk buying
  • Real-time trade notifications
  • Increased transparency

The name X2Y2 is derived from Pythagoras' theorem equation of a circle, x2 + y2 = r2, and depicts the team's goal to create an efficient NFT marketplace. Some of the more famous NFT names like Bored Ape Yacht Club, Crypto Chicks, and Azuki can be found on this market.

Keep in mind, however, that it only supports Ethereum mainnet collectibles. It displaced alternative NFT exchanges like LooksRare and OpenDAO to become the most significant competitor of OpenSea in just about eight months.

Data from Dune Analytics shows that X2Y2 is one of the top three NFT marketplaces globally alongside OpenSea and LooksRare, an impressive feat given that X2Y2 launched in 2022.

x2y2 marketplace review

Quick Overview

Launched:February 2022
Native token:Yes: X2Y2 token
Blockchain supported:Ethereum
Trading fees:0.5%

How Does X2Y2 Work?

X2Y2 aims to enhance the functionality and convenience of the general NFT marketplace. Creators are supplied with developer tools to easily manage their NFTs and help in the minting process. Users have access to an inbuilt rarity ranking system, which gives them up-to-date info regarding the uniqueness of different collectibles in the marketplace.

As a decentralized NFT trading platform, it relies on smart contracts to securely automate buying and selling of collectibles. Smart contracts offer security to both creators and buyers of digital assets. Although X2Y2 facilitates trading, it's a peer-to-peer site where you transact directly with other platform users after connecting your Web3 wallet, like Trust Wallet, to the platform.

What is the X2Y2 Token?

The X2Y2 token is the native token of the platform and is mainly used for staking and governance. Stakers earn a share of platform profits in proportion to their locked coins. The token's maximum supply of 1,000,000,000 was bootstrapped by an Initial Liquidity Offering (ILO) of 10,000 coins through Uniswap. Here's a detailed breakdown of the tokenomics.

Percentage of Total SupplyTotal X2Y2
Staking Reward65%650,000,000
Treasury & Ecosystem10%100,000,000
Development & Team10%100,000,000
Airdrop12%120,000,000
Presale1.5%15,000,000
Liquidity Management1.5%15,000,000

X2Y2 Pros and Cons

Pros

  • NFT rarity tracker
  • Low trading fees
  • 100% revenue share for stakers
  • Instant push trade notifications

Cons

  • Only supports Ethereum blockchain NFTs
  • Website only available in English


X2Y2 Features

What really makes this platform attractive? Here is what we uncovered from our research.

Trade NFTs

x2y2 review

X2Y2 is a platform for buying, selling, creating, and collecting NFTs. Scroll to the “Hot collections” tab to check out the most-trending collections and other helpful trading analytics. If you’re a frequent trader, take advantage of bulk listing and purchasing, which lets you simultaneously list or buy multiple NFTs, helping you save on gas fees.

X2Y2 Loan

x2y2 review

X2Y2 loan is a peer-to-peer lending function where users can borrow ETH using their NFTs as collateral. The loan security gets locked on the platform until you pay it off. Lenders are entitled to obtain collateral ownership should a borrower fail to settle the debt owed, plus interest within the stipulated time. Anyone can lend their ETH to earn yields.

Royalties

x2y2 royalties

Creators earn royalty fees each time their content finds a buyer. Depending on the rate, these charges could inflate the final cost of an NFT. X2Y2 marketplace has addressed these royalty payments by allowing you to decide how much you're comfortable contributing to a project. This is different from competitors like OpenSea, where you’d pay as much as 10% in royalty fees on each transaction.

X2Y2 was the first NFT marketplace to scrap compulsory royalty fees for NFT purchases. This move drew backlash from creators who were bound to lose money from it. In contrast, users embraced the change because it made transactions cheaper for them, and X2Y2 exploded in growth because of this.

loading 1563021437811638274

Several competing NFT marketplaces have joined X2Y2 in scrapping compulsory royalty fees, including LooksRare and Magic Eden. On these platforms, it’s now up to users to choose if they want to support NFT creators by paying royalty fees or not. There have been speculations that OpenSea may soon join X2Y2 in scrapping compulsory royalty fees due to competitive pressure.

Rewards

x2y2 review

Apart from staking yields and airdrops, Initial Liquidity Offer (ILO) token holders are awarded a portion of the market fee annually, even if their tokens are not locked. They, however, can’t earn staking rewards unless they manually unlock ILO X2Y2 and deposit into a staking contract. ILO wallet addresses are also eligible for free NFTs from the founding edition collection.

Staking

x2y2 review

Staking X2Y2 tokens is a clever way of earning passive income. All fees collected from the X2Y2 market are shared among qualifying stakers every 24 hours. The earnings come in wrapped Ethereum (WETH) and can be claimed any time as they do not expire. So, if you don’t want to cash them out, they will continue to compound until you claim them. What’s more, the platform charges zero deposit and withdrawal fees.

X2Y2 promises an estimated Annualized Percentage Yield (APY) of 45.7%. The site offers daily staking rewards, which start compounding as long as they remain locked. To calculate your daily staking yield, you will take the:

(Initial Capital + Accrued staking yields) ((1+ annualized staking yield rate)^(1/365)-1)

Here's an example with 1000 staked coins:

Initial Capital: 1000 coins

Accrued yields: 0 (Assuming it’s the first day and you have not accumulated anything)

Annualized reward: 0.46 (45.7% rounded off to two decimal points)

Daily Staking Rewards = (1,000 X2Y2 + 0 X2Y2) ((1 + 0.467)^(1/365) - 1) = 4 X2Y2

Remember that these daily yields may fluctuate depending on the blockchain conditions.

Airdrop

X2Y2 opened its doors by issuing free tokens to OpenSea users. A total of 120,000,000 coins were set aside for airdropping to crypto enthusiasts who have used OpenSea from day one to Ethereum block #13916166. There’s a catch: One must list NFTs to the X2Y2 marketplace to successfully claim free tokens. The more collectibles you add, the higher the number of coins you can claim.

What Countries are Supported?

X2Y2 does not appear to restrict service to any countries. Keep in mind that things could change in the future as more crypto regulations come into place.

Supported Wallets

There are numerous wallets you can use with the X2Y2 marketplace. First, the platform supports all WalletConnect wallets. WalletConnect is an open-source protocol that provides a bridge between over 170 crypto wallets and decentralized finance applications.

It’s also compatible with the following:

  • MetaMask
  • Coinbase Wallet
  • SafePal
  • MathWallet
  • TokenPocket
  • Trust Wallet
  • imToken

X2Y2 Fees

X2Y2 is the most affordable NFT platform on Ethereum. You’ll only spend a 0.5% sale fee compared to 2.5% at OpenSea and 2% at LooksRare. The site has a flexible royalty payment system where NFT buyers determine how much they are willing to contribute towards a project. Here is a quick comparison of X2Y2 fees and other key players.

SiteSale feeCreator fees model
X2Y20.5%Flexible
LooksRare2%Flexible
OpenSea2.5%Fixed

How to Sign up for X2Y2

Step 1: Visit the website and click on the wallet icon at the top right corner of the page.

X2Y2 NFT Marketplace Review

Step 2: Select your Web3 wallet when you receive a prompt like the one below.

 X2Y2 NFT Marketplace Review

Step 3: Open your preferred wallet from your phone or tablet and scan the QR code to finish linking it with the X2Y2 marketplace.

x2y2 nft marketplace review

Step 4: Your wallet will connect in a few seconds, and you’ll be granted access to the site’s client dashboard. Feel free to explore.

x2y2 review

X2Y2 Security Features

Security on X2Y2 is based on the following:

  • SSL certification: The website is secured by SSL and AES using 256-bit encryption, making it virtually unhackable.
  • Decentralization: As a decentralized marketplace, X2Y2 is non-custodial and doesn't hold or store NFTs. It's merely a transaction platform linking buyers and sellers. There is a low risk of the platform getting compromised.
  • Smart contracts: Smart contracts are an unmodifiable self-executing set of codes. So you can be sure that all transactions happen with zero manipulation. Besides, the blockchain technology on which they run is inherently safe.

X2Y2 Compared to the Competition

X2Y2's major competition comes from OpenSea and fellow newcomer LooksRare. Here is a quick comparison of the three platforms.

X2Y2OpenSeaLooksRare
BlockchainsETHETH, MATIC, SOLETH
Platform Fees0.5%2.5%2%
Native TokenX2Y2NoneLOOKS
Rarity ListingYesNoneYes

X2Y2 vs. OpenSea

OpenSea is the most significant player in the NFT sector and controls over 60% of transaction volumes. But you'll be forced to part with a high trading fee of 2.5% for every transaction. In contrast, X2Y2 charges a transaction fee of 0.5%, much lower than OpenSea. Another major difference between both platforms is that X2Y2 has its own token, while OpenSea doesn’t. Also, it’s compulsory to pay royalty fees for NFT purchases on OpenSea but not on X2Y2.

X2Y2 lets you buy or sell NFTs in bulk to cut down your gas fees, but OpenSea offers a similar feature. Meanwhile, you can import NFTs directly from OpenSea into X2Y2.

Read our full review of OpenSea.

X2Y2 vs. LooksRare

LooksRare, an ETH-based NFT marketplace, launched in the first quarter of 2022 with attacks on OpenSea, just like X2Y2. Both platforms are community-centered and use a reward system to incentivize traders, collectors, and creators. Like X2Y2, LooksRare has a native governance token, called LOOKS. In terms of pricing, X2Y2 wins the affordability battle with a trading fee of only 0.5% compared to LooksRare's 2%. But, LooksRare recently scrapped compulsory royalty fees just like X2Y2, so it’s your choice to pay it or not.

Read our full review of LooksRare.

X2Y2 Review and Final Thoughts

X2Y2 is a major challenger to big NFT marketplaces like OpenSea and LooksRare. The platform is offering much lower transaction fees to lure customers away from its competitors, and you can take advantage of it while it lasts. The main drawback of X2Y2 is that it supports only NFTs minted on the Ethereum blockchain, whereas a competitor like OpenSea supports NFTs minted on multiple blockchains including Ethereum, Solana, and Polygon.

Frequently Asked Questions

  • What is X2Y2 in crypto?

    Expand to learn more

    X2Y2 crypto is the native token and governance coin for the X2Y2 network. Its maximum supply is capped at 1,000,000,000 coins, where 65% is dedicated to staking rewards, 12 to Airdrops, and the remainder to the development team and ecosystem.

  • Where can I buy X2Y2?

    Expand to learn more

    You can buy X2Y2 from NFT exchanges like Uniswap, MEXC Global, BKEX, BigOne, and Bitget. You will need a Web3 wallet like MetaMask or Trust Wallet to get started.

  • Does X2Y2 have fees?

    Expand to learn more

    Yes, like any OpenSea and LooksRare, X2Y2 has fees too. However, you'll enjoy low trading fees of only 0.5% on this platform, and flexible royalty payments, making it the most affordable marketplace for collectibles.

  • How do I claim X2Y2?

    Expand to learn more

    You first need to list NFTs on the X2Y2 platform to qualify for airdrops. Once you're marked eligible, simply connect your preferred ETH. You will receive an airdrop notification indicating how many coins you can get for free. Proceed to claim them.

  • Who owns X2Y2?

    Expand to learn more

    X2Y2 is a fully decentralized marketplace wholly owned by the community. It doesn't accept private investor funds and distributes its coin fairly to everyone eligible, no matter your trade volume.

  • Does X2Y2 report to the IRS?

    Expand to learn more

    There is no mandatory reporting requirement obligating X2Y2 to report to the IRS. The company may, however, disclose user data if the law requires them to do so. All crypto marketplaces, including X2Y2, will be required to report to the IRS once the infrastructure bill is implemented.

Contributors

  • Avatar of Eugene Abungana

    Eugene is a writer in the crypto and finance space.

  • Avatar of Gary Anglebrandt

    Gary Anglebrandt is a US-based editor, copywriter, and communications consultant with a background in business and international news. Beyond the US, he has worked from Seoul and Beijing, and continues to work with professionals based around the globe.