X2Y2 Airdrop Review: The decentralized NFT marketplace

About X2Y2 Airdrop

X2Y2 Airdrop is an NFT marketplace built by a highly experienced team, with industry-proven blockchain solutions. It is designed to avoid the many known issues of OpenSea, and further improve the experience of trading with convenient features like bulk listing, batch purchasing, real-time notification and rarity integration.

X2Y2 is airdropping a total of 120,000,000 X2Y2 to OpenSea users. Users who’ve traded on OpenSea by January 1st, 2022 at Ethereum block #13916166 are eligible for the airdrop. Eligible users must list the required number of NFTs on X2Y2 to be able to claim the rewards.

Step-By-Step Guide

1. Visit the X2Y2 webiste.
2. Connect your ETH wallet.
3. If you’re eligible, then you will get an airdrop popup showing the number of tokens you’re eligible to claim and the number of NFTs you need to list to claim the airdrop.
4. Based on your eligible amount, you need to list the required number of NFTs to claim the rewards.
5. Users who’ve traded on OpenSea by January 1st, 2022 at Ethereum block #13916166 are eligible for the airdrop.
6. Users who’ve traded >=30 ETH are eligible to claim 1,000 X2Y2 from a total pool of 41,592,000 X2Y2 and users who’ve traded <30 ETH are eligible to claim X2Y2 from a total pool of 78,408,000 X2Y2 based on their Wallet Volume / (Total Volume – Whale Volume).
7. For more information regarding the airdrop, see this post.

The Problem

After the X2Y2 Airdrop of the NFT reached its new height in 2021, OpenSea, one of the oldest NFT trading marketplaces, has a monopoly on over 90% of NFT transactions. OpenSea helped a lot in building this whole ecosystem around NFTs, but it has a variety of problems. Such as:

• Too much system downtime, impacting the whole 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 fee, which was contributed by the community.

At the end of 2021, we saw challengers as OpenDAO and LooksRare emerged. Among them, LooksRare made a perfect start in challenging OpenSea’s monopoly by a working marketplace. With the trade mining invented by centralized exchanges like Fcoin back in 2018, it attracted many OpenSea users to at least try out a new marketplace.

Focusing on whales but not people. LooksRare had chosen 20% of X2Y2 Airdrop nearly 900,000 trading users with more than 3 ETH transactions as the target of its airdrop. No doubt, these top-tier users are critical. But all NFT users are still less than 0.02% of the population, and we need to reward and empower them all to advocate the future with NFTs.

Lack of transparency. Before LooksRare was officially published, 3.3% of LOOKS tokens were allocated to so-called strategic investors at a non-public price. Essentially this is no different than the backroom deal OpenSea did with Silicon Valley and Wall Street investors.

Wash trading. X2Y2 Airdrop is the harshest problem of the three. Because of wash trading, normal users’ rewards are diluted by the massive amount of wash trading transactions, discouraging and penalizing those honest users from using. Also, by wash trading, a small number of whales with financial and technical advantages take most of the LOOKS reward emitted every day.

X2Y2 Tokenomics

X2Y2 aims to resolve all the three problems of LooksRare above with the following tokenomics:

• Inclusive Airdrop.
  • We took the snapshot at Ethereum block #13916166. All OpenSea users that had traded before that will be included. (see the Airdrop section for details).
  • There is no expiration date for the airdrop.
• No private sale.
  • There will be an Initial Liquidity Offering for X2Y2.
  • The ETH obtained from the sale will be put into Uniswap to provide initial liquidity. All LP tokens received by adding the liquidity will be burned to lock the liquidity permanently (see the section Initial Liquidity Offering for details).
  • No private sale rounds, never.
• No trading rewards, no wash trading.
  • No trading rewards will be provided, only staking rewards.
  • X2Y2 stakers will receive the daily X2Y2 reward and all the previous day’s handling fees (fee rate is at 2%).
  • Compared with trade mining, this mechanism would provide X2Y2 stakers with more prolonged and higher returns.

X2Y2 Marketplace

X2Y2 Airdrop r1 will be a full-featured NFT market at its launch. The marketplace’s smart contract, frontend, and backend are all 100% independently developed.

In addition to the most basic functions like listing and trading, you can expect the following features:

• Instant push notifications for buys & sells
• Integrated rarity ranking and analysis
• Bulk sending & listing
• Bidding on a collection or traits