X2Y2, a once dominant marketplace for non-fungible tokens (NFTs), will be closing its doors on April 30 after a successful three-year run. At its peak, the exchange was second only to OpenSea in trading volume during the NFT craze of 2021.

The decision to shut down comes as the NFT market as a whole has seen a significant decline in trading volumes, with numbers dropping nearly 90% from their peak. In a recent post, the X2Y2 team cited this decline in activity as well as struggles to maintain the necessary network effects for a successful marketplace as reasons for the closure.

Founder TP expressed in a post, “Marketplaces rely heavily on network effects. After three years, it’s time for us to move on.” Since its launch in early 2022, X2Y2 had amassed an impressive $5.6 billion in total trading volume, according to data from TokenTerminal.

Although the smart contracts tied to the platform will continue to operate, users are urged to withdraw their assets or transition their activities before the shutdown date. Following the announcement, the price of X2Y2’s native token has dropped by 10.7%, now trading at just over $0.001. The token has witnessed a 97.7% decrease in value over the past two years.

The team has disclosed plans to pivot towards a new project focused on AI-powered, decentralized financial tools.