NFT Marketplace X2Y2 Announces Complete Shutdown
The NFT X2Y2 trading platform has officially announced its closure. April 30 will mark the last day of the platform’s operation, which has been active for three years. The project’s leader, known by the pseudonym TP, stated that smart contracts will continue to function, allowing users to withdraw their assets without rushing.
The main reason for the shutdown is the sharp decline in NFT trading volumes. Compared to peak levels in 2021, platform activity has dropped by 90%. The X2Y2 executive noted that the team made every effort to secure a leading position, but now it’s time to move forward:
> “We tried our best to become leaders, but after three years, it became clear that we need to move on. Our experience in the NFT market has taught us that long-term value is more important than chasing trends.”
Now, TP intends to focus on a project in the field of artificial intelligence (AI), with further details to be revealed later.
Marathon Digital Raises $2 Billion for Bitcoin Purchases
The major mining company Marathon Digital has announced a $2 billion stock offering. All funds raised have already been used to purchase Bitcoin (BTC). This confirms the trend of institutional investment in the leading cryptocurrency, despite market fluctuations.
Circle Prepares for IPO with Support from JPMorgan and Citi
According to Fortune, the issuer of the USDC stablecoin — Circle is in discussions with JPMorgan and Citi about a public stock offering (IPO). If negotiations are successful, Circle may file its application by the end of April. The company’s entry into the stock market could be a significant step for the crypto industry, strengthening the position of stablecoins in the traditional financial system.
Japan Plans to Classify Cryptocurrency as a Financial Product
Japanese regulators continue to adapt legislation to digital assets. Under new plans, cryptocurrency could be classified as a financial instrument by 2026. This may simplify the integration of crypto assets into the traditional financial system while enhancing investor protection.
While some market participants fear increased regulation, experts believe these changes will boost trust in cryptocurrencies and accelerate their adoption among major financial institutions.
Ethereum Network Fees Drop to 2020 Levels
Amid declining activity in the Ethereum network, transaction fees have fallen to mid-2020 levels. This is due to both a decrease in speculative demand and blockchain optimization efforts.
Recent events in the crypto industry indicate that the NFT sector is experiencing a downturn, while major companies are exploring new opportunities. The closure of X2Y2 confirms the declining interest in NFTs, while financial and technology giants continue to develop blockchain and invest in Bitcoin.
– Marathon Digital raises billions of dollars to buy BTC.
– Circle prepares for an IPO with backing from major banks.
– Japan is drafting a new law to classify cryptocurrencies as financial instruments.
– Ethereum network fees have reached their lowest levels in years.
Despite the NFT market losing popularity, the crypto industry as a whole continues to evolve. Major companies are betting on Bitcoin, stablecoins, and financial innovations, reaffirming the long-term potential of digital assets.
