The online world of buying, selling, and trading NFTs, as well as the cryptocurrency marketplace, can be a confusing and jumbled mess of numbers, letters, unknown abbreviations, and jargon. To operate in the space, it is crucial to break down the meanings of the phrases and words used, so you can make informed decisions about your investments and collecting.
One such jumble of letters and numbers you may have seen in the space is “X2Y2.” But, what does this strange alphanumeric code actually mean? Let’s break down the moving parts of this term and understand how X2Y2 can be beneficial to you.
X2Y2 is what many in the industry are calling “an emerging NFT marketplace … [which] rivals OpenSea (the largest NFT marketplace).”
The site itself launched in February 2022. Featuring bulk listing, rarity tracking, and real-time notifications, this marketplace is intended for users to buy, sell, and trade NFTs. But, let’s take a closer look at how that is done and what these features can mean for you.
Table of Contents
A Truly Decentralized NFT Market
In its simplest terms, the X2Y2 brand defines itself as “a truly decentralized NFT marketplace.” That’s all well and good if you are more than familiar with each of the terms used. However, for the newest collectors, buyers, sellers, and traders, let’s take a closer look at the terms and see what they may mean for your uses online.
A Decentralized NFT Marketplace
To understand the operations and values of the X2Y2 marketplace, let’s break down the terms used in the company’s own definition. The platform itself claims to be completely community-owned. It boasts 100 percent profit to the token holders.
But what is a decentralized NFT marketplace, and what are the pros and cons of its operations. Let’s dive a little bit deeper into the involved vocabulary.
Decentralization
The concept of decentralizing is often done to distribute a particular entity. In the case of crypto and NFTs, decentralization is the distribution both of data and information, but also the location of the storage.
Decentralization functions because of blockchain technology. The blockchain makes it possible to allow for what many refer to as a “distributed ledger” of sorts. The gatherings of data (called blocks in this case) are strung together chronologically (the chain) in a long series of the entire comings and goings of any particular system.
For example, an NFT on the blockchain will have its entire history, from creation and placement onto the world wide web, to its owners from first to present, and each step in between. The same goes for cryptocurrencies. Any user, at any time, can view the blockchain to see the history and state of the given crypto.
The decentralization concept also allows for:
- Added security via distribution and immutable blocks
- Transparency as all users can access the information
- Lack of a central authority or oversight
As it is managed via a peer-to-peer network of users, the decentralization of the blockchain allows for the core principle: a lack of centralized “power” to occur. With the blockchain, each user is a member of the core “server” so to speak.
Where big business, governments, or even powerful corporations often own one, centralized server of information, which they of course maintain full control of, the blockchain and distribution technologies allow for the “power” to go back to “the people,” meaning they can govern and monitor themselves without the interference, rules, or fees that often come with such authority.
NFT: A Non-Fungible Token
Decentralization has plenty of applications, but in terms of the X2Y2 NFT marketplace, the “currency” of choice is the NFT. But what is an NFT? And how is it used in investing and collecting?
The NFT is a non-fungible token. It means that it is a unique piece, one that cannot be replicated or replaced with an equal. A token, much like that you’ve likely physically held in an arcade setting, is simply the representation of that item.
In today’s marketplace, the NFT is most often digital art. Other spaces are working with the technology to truly allow the token to stand for anything from pieces of actual real estate to the car in your driveway, to allow for balanced and fair trading of commodities.
On X2Y2, that commodity, however, is most often digital art. NFTs have the luxury of encompassing a vast assortment of art. From .mp3 and .mp4 files to .jpg or .gifs, the art’s actual form can consist of any number of file types.
Any artist can use the platform to make pieces for sale or trade. The value of the pieces varies by factors such as rarity, the number of the pieces on the market, the artist, style, and other determinations made, sometimes at random, by the ecosystem surrounding the NFT.
Entering the NFT space is something users should do with a bit of caution. No matter the advice you receive, diving into an NFT project or investment can come with a massive amount of volatility. Values for such files are constantly on the move.
If your aim is a financial windfall, it is important to note that there are many steps investors must take, from legal ramifications to tax and fees, it is important to be informed when making such an investment.
Marketplace
This may be the most common and familiar part of the phrase we are breaking down: the marketplace. Commonly used throughout history as the word to describe a place where people gather to do business, or exchange of goods and services, the same definition applies to the online world of NFTs.
In the case of X2Y2, again, the commodity is NFTs. The NFT marketplace is the space or platform on which users can come together to buy, sell, create, trade, and collect NFTs. Participating members on the site will accept the terms of the marketplace’s rules and regulations.
Much like you agree to the terms of a grocery store, though you don’t sign a contract to do so, you will enter the X2Y2 community with the understanding that such action as to join will come with an unsaid expectation of processes. In other words, users expect others to operate in the terms and means set up by the platform.
How To Use X2Y2
Now that you have some understanding of what the X2Y2 NFT marketplace means, it is easier to understand the actions one can take using the site. NFT transactions can be made in a number of places, and X2Y2 is just one such space.
The robust features the space is known for include things like instant push notifications for both buys and sells, keeping users informed up-to-the-minute of exchanges. There is also an integrated rarity ranking within the program, showing you just how unique your NFT may be.
Bulk sending, as well as bulk sales, are also made possible in this new marketplace. Of course, basic functions like selling and trading are met with an easy-to-use interface, as well.
Let’s break down the marketplace’s common uses so that you can understand how to easily navigate the market and the unique NFT ecosystem offered on X2Y2.
Set-Up Starters
It is always wise to start at the very beginning. So, to get set up in the space, one needs to create an account. To do so, which has no direct cost upon joining, one must link a digital wallet to the system.
In order to have an account on the market, you must first have a digital wallet you own. Be sure your wallet of choice is compatible and able to provide you with the features and security you require.
Digital Wallets
Digital wallets come in many shapes and sizes. From hardware that you can plug-in like a thumb drive, to software programs that allow for desktop, laptop, and even mobile applications, there are loads of ways to own a digital wallet.
Some users even resort to the old-fashioned storage method of the past: pen and paper! A paper wallet can be as simple as storing your passcodes and private keys on paper, thus making what the industry has so creatively named: the paper wallet.
Compatible Wallets
Whatever form you choose, you will need to be sure the wallet of choice is compatible with X2Y2. Those brands currently include:
- MetaMask
- Coinbase Wallet
- SafePal
- MathWallet
- TokenPocket
- Trust Wallet
- imToken
Wallet Safety
One important factor to remember when choosing and operating your wallet, in the event that you are new to the space is simply the location of your NFTs (storage of) and crypto. Much like your wallet holds your credit cards or cash, your wallet will contain your private keys to access your financial information.
It is very important that you keep your information secure and private. While connecting via wallet-connect is supported on mobile phones and tablets on X2Y2, it is strongly suggested even by the brand itself that those using the space do so via the decentralized application (dApp)( browser inside your wallet app instead.
If there is no other choice in your wallet of choice but to log in via a wallet-connect feature, X2Y2 advises users to:
- Always open x2y2.io in a full-featured browser like Safari, or Chrome;
- Don’t open x2y2.io inside any other apps (such as Discord, Telegram, or Twitter) as they are not compatible
- Make sure to select the Ethereum network when connecting
Following the brand’s advice, users can keep their information more protected and operational while using the X2Y2 features.
Connecting Your Digital Wallet in X2Y2
When you open the X2Y2 platform, you will see that there is a wallet icon in the top upper right of your screen. This wallet image only shows when no wallet is yet connected by that signed-on user.
To connect your wallet, click on that icon. A list of digital wallet brands should appear. Select your wallet brand and log into that wallet using your private keys and log-in information.
Once you have successfully connected your digital wallet to X2Y2, you should see the upper right corner image change to your personal icon (and not the plain wallet). If your avatar does not appear, try restarting your device and trying the steps again.
Creating Your Profile
Once your wallet is connected to X2Y2, you can edit your profile. You cannot do so prior to the wallet connection.
Your avatar should appear now at the top right corner. You can click on this image to open your profile and its settings. Click on “Settings.” From there, you may select an NFT for your avatar on the X2Y2 space (you may only use an NFT here). Additionally, you will set up a User Name, which can be up to 30 characters long. The X2Y2 space does have measures in place and will not allow for sensitive or inappropriate words to be used.
Additionally, under settings, you can choose to write a “Bio” and introduce yourself or your interests. The space will also allow you to link social media platform accounts such as a personal website, Twitter, etc.
Once you have personalized your X2Y2 user experience, you are ready to interact in the marketplace. Let’s take a look at some of the fun you can have with NFT trades, purchases, and sales in this unique community.
Buying NFTs on X2Y2
As with most NFTs on the market, there are different ways you can make a purchase. As a creator or seller, you can choose the method of sale. Depending on the offerings of given marketplaces, such modes will vary.
On X2Y2, those modes typically fall into one of four categories. Let’s take a look at those methods of the sale so that you can jump on understanding how to make your first purchase.
Buying a Fixed Price NFT
Likely one of the most straightforward types of purchases is that of the fixed price NFT. These single NFT purchases can be made with the simple click of the “Buy Now” button. Once you find an NFT you like, click on the “Details” page of the fixed price listing.
The first time you make a purchase on X2Y2, a dialogue will pop up asking you to allow for the terms of service. You may also opt to click the “Don’t ask again,” at this time so that you don’t have to do so each time you buy an NFT.
Next, a confirmation box will appear. It is important to carefully check the details shown in the box. Be sure the price is the one you saw, your account is properly connected, and the NFT is shown in the display. A quick analysis at this stage can prevent a myriad of issues down the road.
If you think everything appears as expected, clicking the blue “Buy” button will prompt the next step. You will first need to confirm the payment, after which a “Waiting for transaction” banner will appear. This screen automatically refreshes the page when the transaction is processed.
Once complete, you have successfully made a buy on the X2Y2 space, and you are the proud new owner of that NFT. As defined by the blockchain authenticated and verified ownership documentation of the transaction, you are the only, true legal owner of the piece! Anyone claiming to own your NFT can be prosecuted in the same way one would if stealing a tangible object.
Buyers, sellers, and traders can rest easy knowing that the project they have purchased via the site is truly theirs. Without signing a contract, the token itself can track its investors and history completely within the blockchain. That data is now locked permanently into the immutable block of data. Thanks to the marketplace’s smart contract, your NFT market purchase is secure and verified.
Offer on One NFT
If a creator isn’t sure of the value of a new NFT, there can also be a “Make an Offer” option. Should you come across an NFT with this choice, you can click on the “Details” page and find a blue, “Make an Offer” button.
Payment will be in WETH, so those offering a price must be sure the amount is in their wallet. Additionally, the site allows you to set a timeframe for which the amount offered can expire.
Once complete, your offer will go to the seller, where it will ultimately be their choice to accept or deny the set price. A notification will alert you to the decision, along with steps to proceed with the purchase should it be accepted. There is no preset market cap on the sale price for a single NFT.
Collection Offer
Instead of purchasing a single NFT, X2Y2 offers users the ability to purchase an entire group of NFTs. Done with the steps previously noted for a single NFT, a buyer may choose to make an offer on an entire collection.
This setting, again found under Details, is something the seller must offer in order for it to function. No market cap price is currently set for any purchase on the site.
Bidding in an Auction
Thus far, the X2Y2 platform does not allow for auction bidding. It is a feature, according to its website, that is planned for the near future.
Interested auction bidders are asked to keep an eye on the site’s “News” page for updates on upcoming releases and additions.
Selling NFTs on X2Y2
It is not just a space for buyers. The ability for you to then sell your wares is also offered on the space. There are two types of sales you can predetermine when posting your NFT up.
Fixed Price Listing
If you have a price in mind, you can select this mode for sale. Simply connect your digital wallet to X2Y2, and click on My Items. There, you should find all NFTs compatible with the space. Select the one you wish to sell.
If you want to set the price yourself, you will click “Fixed Price Listing” and fill in the required fields, such as expiration time and currency preferred (currently only ETH is allowed).
A two-step process will require your approval and signature in order to fully sell the piece.
Accepting an Offer
When you have an item posted for sale that is not at a predetermined fixed price, you will be alerted to any offers that come to you. Notification settings allow a seller to be instantly notified when a price comes in.
Much like the fixed price, you will be asked to review a suggested price and allow or deny it. Again, a two-step approval and the signature process will finalize your transaction.
The FAQs of X2Y2
What Are Gas Fees on X2Y2?
X2Y2 is a marketplace that aims to make things low- to no-cost for its users. There are, however, due to the cost of operations, some features that require transaction fees. If you are charged for “gas fees,” these are transaction fees on Ethereum. X2Y2 does not receive these market fees collected and is not able to refund them.
The actual actions that cause a fee in X2Y2 include:
Actions that Cost Gas
- Approving WETH or any crypto (one-time only)
- Buying an NFT
- Accepting an offer
- Canceling a proposed sale
- Transferring NFT to another address
- Bridging between WETH and ETH
These are the only actions that should ever prompt a fee for the use of the space. Other actions, often ones that cost money to conduct in other spaces, however, are not charged for on the X2Y2 space.
Gas-Free Actions
The actions below will not require paying gas fees on X2Y2:
- Posting an NFT for sale
- Lowering Price
- Making an offer
Having such actions allows the users of the space to keep more money in their pockets, and the total supply of art and artists is on the rise for this budding new star. Artists hoping to place their items up for sale don’t want to have to put up market fees to do so.
Allowing for free sale posts is a huge step in the industry and a likely cause for this market’s newfound popularity. With low to no market fees, more users are attracted to the platform to do business.
What Is WETH?
Many may be familiar with Ether, the cryptocurrency used on the Ethereum network. However, the term “WETH” may be new to you. WETH is “Wrapped Ether,” an ERC-20 compatible version of ETH. 1 WETH will always be equivalent to 1 ETH.
WETH is often the form of funds used to buy NFTs on the X2Y2 space. They can be converted to X2Y2 tokens, the funds used on site.
Why Are My NFTs Not In My Items?
You may notice when using X2Y2 that not all tokens are supported just yet. The development of such a varied space requires quite a bit of coding and expansion.
ERC-1155 NFTs, which is a standard used by OpenSea is currently not supported yet. If some of your NFTs are ERC-1155, they won’t be displayed in “My Items” for now. The site aims to add compatibility as it grows.
“Please be patient, we will implement them soon so you can trade them at X2Y2,” states the site.
How can you know if it is an ERC-1155 NFT while working in this space? Navigate to the NFT on OpenSea, and click the Details section. There is a Token Standard property that shows whether it’s ERC-721 or ERC-1155. Most NFTs use the ERC-721 Standard.
The X2Y2 Tokens
In addition to the multiple NFTs offered on X2Y2 for buying, selling, and trading, there is also a token unique to the space. The X2Y2 token is being deployed in stages. It has a strict distribution schedule to adhere to and offers rewards to its owners.
Token Distribution
In order to claim tokens on this site, there are a few ways to focus your efforts. The total supply of 1,000,000,000 X2Y2 tokens will be allocated across six unique methods. Here is the breakdown offered explaining the tokens and the unique economy:
Airdrop 12% 120,000,000
Development & Team 10% 100,000,000
Treasury & Ecosystem 10% 100,000,000
Presale 1.5% 15,000,000
Liquidity Management 1.5% 15,000,000
Staking Reward 65% 650,000,000
Total Supply 100% 1,000,000,000
While the public initial liquidity offering has passed, the X2Y2 token is available for purchase and trading on the Uniswap site. Continued initial liquidity offerings will be released in a set schedule, with bulk sending set for annual release. Such a schedule has been created to both offer a market cap while being able to provide lp staking rewards, but also to allow for emissions to be scheduled and planned.
What the Token Solves
Clearly, the X2Y2 space is giving OpenSea users a run for the money. The liquidity bootstrapping that comes from the public initial liquidity offering is locked on X2Y2. It is permanent.
Additionally, the ability to “share the market fees” means that 100 percent of the fees collected are rewarded back to the site’s stakers. An airdrop that expired on March 30, 2022, covered all OpenSea users that had traded before the deadline.
No future inclusive airdrop plans are in the works, as the predetermined 12 percent has been distributed. As tokens and their prices boom, it is a good sign that more is to come from X2Y2 and its set supply. If you were lucky enough to have traded before the deadline, receiving the initial airdrop tokens, you can look into the values of those investments.
Whether an individual or a team, those that received initial airdrop tokens just after the launch of the new space, have traded values rapidly over time. While developers on the backend continue to team up and schedule deployments of new and upcoming tokens ready for launch, the supply will always be in the control of the stakers.
There is also no private token sale. That initial total is said to be locked permanently. The supply can only be altered with the release of the tokens, which will constantly impact the market cap of the value.
The Future of X2Y2
It is simple to say the future remains to be seen, but with the early success of its pieces, the NFT marketplace will surely be changed by the oncoming developments of this new platform. With new NFTs and features for exchange being added daily, there is plenty of room for the growth of this budding new enterprise.
Stay Informed
To stay alert to the ever-changing online space of NFTs and cryptocurrencies, keep tuned to FLOLiO. We offer the resources and information to keep you in the know. Be able to make smart choices by having the information at your fingertips!
