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X2Y2 NFT Marketplace: A Comprehensive Guide by GetBlock

Vance Wood

Vance Wood

September 27, 2022

7 min read

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Launched in 2022, X2Y2 is a next-generation NFT marketplace with the mission of challenging the market’s big sharks, like OpenSea, in building a “truly decentralized” platform and empowering NFT creators.

What is X2Y2 NFT marketplace

X2Y2 has rapidly taken off after its initial launch and is now the second-best performing platform within the NFT market industry. The project’s main goal is to provide fully decentralized, secure, and industry-proven services to community members. What’s more, X2Y2 boasts 100% profit to token stakers. Among other features are the absence of private token sales and an unexpirable airdrop offered to all OpenSea users who have traded before. What else can users expect?

X2Y2_official_website_landing_page

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X2Y2 is specifically designed to boost the convenience and functionality of NFT marketplaces. Besides, the platform puts creators and their interests first -- each member is supplied with a set of tools intended to help users with managing the NFT minting process.
Recently, the X2Y2 team announced that users can now decide on the amount of royalties they want to contribute:

As the decision was met with both praise and criticism, X2Y2 remains true to its mission of staying on top of the latest trends in the NFT community.

How to use X2Y2

The X2Y2 NFT marketplace seeks to solve issues related to buying and selling non-fungible tokens by implementing several features of crucial importance based on cutting-edge technology.

Among these features are bulk NFT sales and NFT purchases, instant real-time notifications for both buys and sells, and much more. The platform has integrated its own rarity ranking, which lets users gain access to the latest information regarding the uniqueness of a specific NFT within the marketplace.

On top of this, the X2Y2 NFT platform comes with a user-friendly layout, which makes this marketplace even more accessible for different types of community members.

How to buy an NFT on X2Y2

Depending on the offerings of the marketplace, there are several methods of sale procedure available. Let’s take a quick look at the options offered to X2Y2 users.

Buying a fixed price NFT

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  1. To purchase a fixed price NFT, open the “Details” page, and click “Buy now”.
  2. Confirmation box will appear. Make sure the information you see is correct.
  3. Connect your preferred wallet. Use this guide to connect a wallet.
  4. First-time buyers will have to accept the terms of service.
  5. Check the details of a transaction. If correct, confirm the payment.
  6. Wait for the transaction to process.
  7. The purchase is complete.

Offer on ONE NFT

In case the creator has not yet decided on the exact value of an NFT, there is a “Make an offer” option available. Buyers willing to purchase the NFT can suggest their own price, and the seller has the right to either accept or decline the offer.

To proceed, please go to the “Details” page and click “Make an Offer”. Some things to consider: all offers are made in WETH (Wrapped Ethereum). Your money will not be withdrawn from the wallet unless the offer is accepted. Offers can be canceled anytime before confirmed.

When making the offer, each user is required to fill in the expiration date (timeframe) and price. If the offer is confirmed, the user is notified with an alert and sent further instructions.

Collection offer

With this option, X2Y2 users can purchase NFTs in batches instead of making several stand-alone purchases every time. Unlike the purchasing mode described above, this time, a buyer makes an offer on the entire collection. The original creator makes collection offers available for participants.

N.B. This GetBlock’s guide will help you create your first NFT collection

Bidding in an auction

Bidding auctions are not yet available on the X2Y2 marketplace; however, according to the information provided by the X2Y2 team, the addition will be made soon.

How to sell an NFT on X2Y2

Just like with buying NFTs on X2Y2, there are different ways of selling non-fungible tokens on the platform. Here is what they are.

Fixed price listing

If you want to post an NFT for the listing, it’s important to remember that listed NFTs can be canceled anytime before purchase or when the listing is expired. If the NFT is transferred to any other address, the listing is canceled automatically.

  1. Connect wallet to the X2Y2 marketplace. Use this guide to connect a wallet.
  2. Click your avatar in the top right-hand corner, and select My Items.
  3. Navigate to the NFT you wish to list for sale and click “Fixed price”.
  4. In the pop-up window, set a price, expiration date, and currency (currently, you can only use ETH).
  5. Click the List button once done.
  6. Approve and sign the request.
  7. The sale is complete.

Accepting an offer

Offers are accepted in the “Offers” tab, where you can see your NFTs and buyers’ offers. A seller is instantly notified each time a new offer comes in. Before accepting the transaction, you will be asked to review and approve the offer.

N.B. Check out this GetBlock’s guide to learn how to start trading NFTs

What is X2Y2 token

The X2Y2 token is the native token of the platform used to maintain its operating state. The total supply of 1,000,000,000 X2Y2 tokens is being deployed step by step. An Initial Liquidity Offering (ILO) was held to bootstrap the liquidity of X2Y2 tokens.

Here’s the breakdown of the X2Y2 tokenomics (look here for more info):

official_tokenomics

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As seen above, the majority of tokens are allocated to staking rewards, which highlights the user-friendliness of the X2Y2 platform. Users can purchase X2Y2 tokens via [Uniswap] and a number of other services.

FAQ

What are gas fees on X2Y2?

X2Y2 gas fees are directly associated with Ethereum fees. X2Y2 does not collect any fees and does not carry out refunds. Please refer to this page to find out more about what actions require and do not require gas fees.

When was X2Y2 launched?

The project released its whitepaper on January 26, 2022. The X2Y2 Discord community was launched two days later - on January 28, 2022, alongside the platform’s official website. On February 14, 2022, the ILO of X2Y2 tokens was carried out.

What is WETH?

The term “WETH” is used to describe a wrapped version of an Ethereum coin compatible with ETH. WETH, which is convertible to X2Y2 tokens, is used to buy NFTs on X2Y2.

Closing thoughts

What we see today is a new type of approach to decentralization from the X2Y2 NFT marketplace. This promising enterprise is planning to introduce more exciting developments, which would only increase the platform’s presence in the NFT ecosystem on a global scale. X2Y2 could reach new heights of both functionality and popularity, thanks to its user-oriented style and the ability to quickly adapt to change.

Vance Wood

Vance Wood

September 27, 2022

7 min read

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