X2Y2 decides to shut down its NFT marketplace after experiencing a 90% decline in trading volume, increasing competition, and fading network effects

Quotes that support claims

“X2Y2 is set to shut down in a month, citing the 90% decline in NFT trading volume from its peak as one reason.”

“The NFT market decline, with trading volumes dropping nearly 90%, led to X2Y2 struggling to maintain network effects.”