Quick take:
- The X2Y2 NFT marketplace is expecting a major unlock in 24 hours.
- A total of 12.5 million treasury tokens and 25 million team tokens will be unlocked.
- X2Y2 posted on Twitter on Friday reassuring its community that the team will not be selling any unlocked tokens.
X2Y2 has issued an update on Twitter reassuring its community that the team will not be selling any unlocked tokens. The NFT marketplace is expecting a major unlock of 12.5 million treasury tokens and 25 million team tokens in 24 hours.
In a follow-up tweet, X2Y2 wrote: “That said, we are proud to announce that the X2Y2 team will NOT sell any token from this upcoming unlock or any tokens unlocked thus far for the foreseeable future.”
The team is keeping up with its promise of not selling unlocked tokens, which it has kept since the first unlock. “Our faith in X2Y2’s future remains steadfast and we are committed to [growing] with our long-term holders,” the company said.
The highly incentivised NFT marketplace went live in February last year, momentarily becoming the biggest NFT platform in terms of transaction volume amid a high rate of wash trading.
It has since experienced a significant decline in transaction volume falling behind LooksRare, OpenSea and Blur— which launched in October 2022.
X2Y2 has, however, maintained a decent number of users only trailing only OpenSea and Blur. It is also on average registering more daily sales than LookRare.
The platform is also one of the few that fully respect creator fees, after enforcing OpenSea’s policy. The leading NFT marketplace introduced an on-chain tool last September requiring all platforms on the allow list to enforce royalty fees on all collections.
The X2Y2 token $X2Y2 price spiked by more than 22% on Friday afternoon following the announcement. The token has been on a mega rally since the beginning of the year.
Transaction volume also increased significantly in the past 24 hours to reach $10 million. The $X2Y2 token now boasts a market cap of $36.8 million and a fully diluted valuation of $207 million despite the crypto winter.
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