X2Y2 is a truly decentralized NFT marketplace on a mission to solve some of the greatest issues in the current NFT marketplace infrastructure. The popular NFT marketplace Opensea is not only one of the oldest and most well-known marketplaces, but it also has a considerable amount of issues.
The fact that Opensea has monopoly over 90 percent of the NFT market is one of the biggest problems. Why? The issues stem from having such a strong impact on the entire industry, meaning whenever there’s an issue with Opensea, it affects the entire NFT industry, that’s a dangerous pool to swim in if you ask me.
Some of these issues include:
- System downtime impacts the entire NFT industry.
- Centralized management model, arbitrarily withholding user assets.
- Siding with investors in Silicon Valley and Wall Street to share the enormous profits of the transaction fees, which were contributed by the community.
Of course, X2Y2 isn’t the only attempt at competing with Opensea, both OpenDAO and LooksRare have had their shot at challenging Opensea’s monopoly, however, these marketplaces proved to be not as great as they set out to be initially.
From a lack of transparency to wash trading, these NFT marketplaces have fallen short in their attempt to compete with the almighty Opensea.