A New NFT marketplace offering 100% rebates to its users gains prominence and sees a significant surge across multiple metrics.
The NFT market has continued to buck the trend as it hit new milestones amidst what some investors have come to embrace as a bear market. While the general crypto market has continued to see falling prices, the NFT sector has somewhat been immune to the carnage. Several projects have seen significant spikes in sales volume while new marketplaces are launched with multiple capabilities.
X2Y2 Hits Record Numbers
Consequently, the NFT trend continues as a recently launched NFT Market place, X2Y2, posted record numbers this week. The platform is community-owned and promises 100% free trading fees to its users. The platform recently launched a 100% rebates program for all NFT collection trades.
Consequently, the platform’s offerings have been well received as it has seen a significant spike in its volume, active users and fees generated. Several reports reveal that X2Y2 recently hit all-time highs for the above-mentioned metrics.
Source: DuneAnalytics
According to Dune analytics, the sales volume on the X2Y2 platform hit a record high of 18,990 ETH on June 6. This milestone was achieved following a gradual increase in volume by March’s end, as revealed in the chart. The marketplace saw minimal sales volume between its launch and March’s end, with the highest recorded volume being 714 ETH in February.
However, it started to see a rise in volume from March, reaching 4,660 ETH on the first of April before going to 6,170 ETH before April’s end. Subsequently, it broke the 10,000ETH barrier at the start of May before it reached a new all-time high.
Source: DuneAnalytics
Meanwhile, as the volume increased, the total number of active users has also skyrocketed. The previous record was 3,400, achieved in February shortly after launch. Since then, the number of users has declined, reaching a low of 88 users in March. However, the number has rebounded significant and has now breached the previous ATH and set a new record of 4,220 daily active users.
Furthermore, as the number of active users increased alongside the volume, the generated fees on the marketplace have surged. After a relatively lean month of April, where zero trading fees were recorded, the value has risen and reached 95.11 ETH. This is significant considering the platform offers 100% profit to its holders.
Source: DuneAnalytics
Consequently, X2Y2’s strong performance has seen it emerge as a significant player within the NFT space. Its performance has seen it slice a decent market share to rank third behind OpenSea and LooksRare, which continue to dominate the industry. While their market shares have continued to hold firm, their performances have moved in the opposite direction compared to X2Y2.
Emerging Platforms Get Creative To Attract Users
As the NFT boom continues, new entrants into the space are getting creative to attract users and get a decent market share. LooksRare, at its launch, offered its native tokens to users who have recorded transactions worth over 3 ETH. It also provided incentives to users for using the platform by giving them rebates while allowing them to stake for more rewards.
Similarly, X2Y2 has opted to reward its users through sharing rewards. So far, the total value of dividends distributed has exceeded $3.2 million and coincided with the spike in the active number of users. Clearly, this shows that new entrants are willing to go above and beyond to attract users to them.
Source: DuneAnalytics
Earlier, it was reported that transactions on Ethereum were on track to reach all-time highs. However, after reaching the ATH in April, the transaction weekly transaction count has largely failed to leave up to the expectation. The chart shows that the transaction count slumped from over 1.4 million to just over 45 thousand before surging back to nearly 1.3 million. This week, the count is forecasted to reach around 900 thousand.
However, it is yet to be seen if NFTs can maintain their strong performance if the broader crypto market persists. But with it currently, in a boom, investors would be looking to take advantage and reap significant profits while they still can.
Will the NFT market boom continue if the bear market continues? Let us know your thoughts in the comments below.
Chris is a crypto enthusiast and a firm believer in the blockchain’s ability to create a new financial paradigm. Through writing, Chris hopes to expose the intricacies of this disruptive technology and how it is beneficial to Africans and developing countries. He aims to give readers a rational and unbiased outlook of the industry by equipping them with the necessary information to make enlightened investment decisions.
