Key Takeaways
A new NFT marketplace called X2Y2 has launched with a token airdrop.
It distributed tokens to OpenSea users and is currently up around 235%.
The marketplace is currently paying out 8,000% annual percentage yield to token stakers.
Share this article
A new challenger to OpenSea called X2Y2 has launched with a token airdrop. Its native token is up 235% since it went live.
X2Y2 Jumps After Vampire Airdrop
X2Y2 wants to eat OpenSea’s lunch—and its native token is off to a flying start.
The new Ethereum-based NFT trading platform launched the X2Y2 token Wednesday and it’s already rallied around 235%. Similar to LookRare, another NFT marketplace that launched last month, the team conducted what’s known as a “vampire attack” airdrop to attract OpenSea users. In crypto, a vampire attack refers to a tactical move projects employ to distribute free tokens to incentivize users of a competing dApp to start using their offering. In this case, the competitor is OpenSea.
X2Y2 airdropped 120 million tokens representing 12% of its 1 billion token supply to 861,417 wallets that traded on OpenSea between mid-June and mid-December 2021.
The amount of tokens distributed to each user was proportional to their amount of trading activity on OpenSea. There was also a precondition on airdrop claimers to list their OpenSea-listed NFTs on X2Y2 at the same price.
Since the airdrop, the token has soared from around $1.14 on 16 Feb to $3.83 today, per data from CoinGecko. It’s up around 74% in the last 24 hours.
While OpenSea is currently the hub of NFT trading, issues surrounding the platform’s user experience and business model have prompted users to seek out alternatives (OpenSea doesn’t have a token and incited a backlash when its new Chief Financial Officer hinted that the company was looking at going public). As a result, competitors have emerged to attract OpenSea users with airdrops. LooksRare dropped tokens to OpenSea users who had traded over 3 ETH in volume and is also issuing token rewards to its most active users. The token model has led to suspected cases of wash trading on the platform.
According to an X2Y2 Mirror post, it designed its tokenomics to redress issues associated with LooksRare’s LOOKS token. Notably, rather than rewarding users for trading, X2Y2 will pay token stakers, with an additional cut of the platform fees paid in WETH.
The current annual percentage yield for staking X2Y2 tokens is over 8,000%. Additionally, the platform is also rewarding NFT staking. Per X2Y2 documents, listing an NFT on X2YX counts as “NFT Staking,” making the user eligible for free rewards. These factors have helped generate hype surrounding the marketplace and no doubt fueled X2Y2’s rally. Whether it can sustain and overtake LookRare or the market leader of the NFT space—OpenSea—remains to be seen.
Disclosure: The author of this piece owned ETH and other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
LooksRare Dangles Carrot for OpenSea NFT Collectors
LooksRare launched with an airdrop today. The NFT marketplace is aiming to take on OpenSea. LooksRare Targets OpenSea Users A new NFT marketplace is hoping to topple OpenSea’s monopoly over…
What is a Crypto Airdrop: Why Projects Airdrop Crypto
Crypto airdrops occur when new tokens are freely distributed to different wallets in order to drive initial growth and build a community. They represent a popular marketing tactic that new projects use to spread…
The Top Five NFT Marketplace Alternatives to OpenSea
OpenSea became the go-to NFT marketplace during the technology’s 2021 boom. However, the platform’s high fees, centralized model, and recent listing issues have driven collectors to seek out alternative options…
Here’s Another Airdrop—Be Careful Bots Don’t Steal Your …
Trading bots battled to front-run each other’s WTF token trades following fees.wtf’s airdrop early Friday. Some bots made off with thousands of dollars in profit, and many early traders got…
