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X2Y2 is a decentralized NFT marketplace that offers a range of features like bulk listing and batch buying for users to trade NFTs. It has quickly become one of the top 5 NFT marketplaces in terms of sales volume, the total number of unique users, and sales count.
In addition to being a leading NFT marketplace, X2Y2 also operates as an NFT Fi platform, allowing users to borrow ETH from lenders using their NFTs as collaterals. According to a recent post on the official X2Y2 blog, the platform is expanding its financial offerings and has more products in the pipeline.
What is the X2Y2 token?
The X2Y2 marketplace was launched on January 28, 2022, and soon after, introduced a staking rewards program that distributes 100% platform fees to eligible X2Y2 stakers. The rewards payout is determined by the total tokens staked and locked.
The total supply of X2Y2 tokens is 1,000,000,000, and the team dedicated 65% of it to the staking rewards program. Of this, 200,070,000 tokens are reserved for X2Y2 stakers, while 449,930,000 tokens are allocated as trading rewards for NFT buyers and sellers on the platform.
The X2Y2 reward program is divided into four stages and covers a total of 720 days, with higher staking rewards offered in the earlier stages. Currently, the program is at the fourth stage, so if you’re interested in staking X2Y2 tokens to earn rewards, this is your last chance.
How to buy and sell NFTs on the X2Y2 marketplace
Users can buy and sell fixed-price NFTs or make and accept offers on individual NFTs. While bidding in auctions is not yet available, there are other unique features to take advantage of.
The “Make Collection Offer” feature allows users to bid on every asset in a particular collection in just one step. If a seller accepts the collection offer, all other offers are automatically cancelled. Additionally, users can set an expiration date for their collection offer.
Another notable feature is the private sale which enables users to sell an NFT only to a pre-specified wallet address. Listing a private sale is similar to listing a fixed-price NFT, but users enter the wallet address to which they want to sell the asset. Private trades on X2Y2 don’t have any market fees or creator royalties.
Private sales are marked with a locked icon on the X2Y2 marketplace. You can easily find any private listings dedicated to your wallet directly on your dashboard.
How does X2Y2 NFT lending work?
X2Y2 offers a unique lending system that enables users to borrow and lend ETH using NFT loans. If you own an NFT from a whitelisted collection, you can use it as collateral and borrow ETH in exchange.
When you accept a loan offer, you’ll receive an amount of ETH from the lender directly to your wallet. You have to repay the borrowed amount plus interest by the due date, and until you do so, your NFT will remain locked on the X2Y2 platform. If you fail to pay off, the lender receives the NFT collateral.
A lender can make two types of loan offers to lend ETH to earn interest: item offers, which are valid for a single NFT, and collection offers, which apply to all NFTs in a particular collection. One of the distinguishing traits of X2Y2’s NFT lending system is that lenders can make multiple loan offers with different due dates simultaneously.
The future of X2Y2
The team is committed to launching an NFT Fi module named X2Y2 Fi. The new module will have a dedicated development team and operate on the subdomain fi.x2y2.io, offering new financial products, such as cross-protocol lending and leveraged trading.