X2Y2 wants to build a truly decentralized NFT market platform that shares revenue with users.

X2y2's vision is to create a truly decentralized NFT marketplace that belongs to the NFT community, providing users with a better product experience and returning value to the community.

Different from Web2, the underlying business logic of Web3 economy lies in "value feedback to terminal creators", that is, every user's "high-value behavior" on the chain should get value feedback from the project side.

NFT marketplace X2Y2 launched a vampire attack on market leader OpenSea, airdropping millions of tokens to its user base. Following in the footsteps of LooksRare, which launched a similar product last month, but with a different approach that hopefully won't lead to a sustained wash trade.

The total amount of X2Y2 is 1 billion, and the approximate distribution proportion is as follows: 65% pledge reward (token pledge reward and NFT pledge reward, released in 720 days); Airdrop accounted for 12% (not locked); 10% of tokens allocated to development and team (2.5% released every 180 days, the first released after 180 days, in 4 releases); 10% allocated to the Treasury and ecosystem (1.25% released every 90 days in 8 releases); Pre-sale accounted for 1.5% (360 days by block linear release); Liquidity management accounts for 1.5% (1% will be combined with 1500 ETH from sale through ILO to form LP token and destroyed, another 0.5% will be used as LP pledge reward).

In the updated scheme, X2Y2 divides 65% pledge reward into two parts, X2Y2 token pledge reward (20%) and NFT pledge reward (45%) respectively. The NFT pledge reward is to be listed and sold on X2Y2 at a reasonable price, which is mainly used to motivate users to list and sell. The pledge reward obtained is related to the proportion of the pledge value and the total pledge value. Of course, considering the type and price of NFT and other factors, the specific NFT pledge reward that users get is also related to the multiplier and the probability of their pledged NFT being sold. The latter is calculated based on factors such as the recent trading frequency of the series, the difference between the listing price and the historical price and floor price, whether the series is removed after listing, whether it belongs to the blue-chip NFT series, and how long the series has been listed. X2Y2 will distribute all rewards over 720 days. Among the total tokens pledged, the first 30 days will receive the most rewards, releasing 1.235 million tokens per day. After that, the one-day rewards will drop to 48% of the original amount. In addition, token pledge users can also get the platform fee of the previous day. The NFT pledge award was distributed in equal amounts on a daily basis, with nearly 625,000 coupons distributed each day

1. Pledge mining; 2. Platform governance.

1. Pratt & Whitney airdrop X2Y2 takes a snapshot at Ethereum block height #13916166 (OpenSea's first block in 2022). All 861,417 OpenSea users who traded before this date were airdropped for X2Y2 and did not have an expiration date. Together, they will receive 12 percent of the total number of airdropped tokens. X2y2 will not conduct any private equity financing, but will only conduct an ILO (Initial Liquidity Offering) of token based on the whitelist system. The ETH and 1% X2Y2 tokens from the sale will be put into Uniswap to provide initial liquidity and all LP tokens will be permanently destroyed. 3, no trading mining X2Y2 does not carry out trading mining, only provide pledge reward. As a result, there is no brushing issue, which gives the average user a fair chance to get higher revenue in the long run. X2Y2 pledgers will share 5,000,000 X2Y2 pledge rewards per day (0.5% of the total amount) and all fee income from the previous day (processing fee is 2%). The 5% pledge award and 1% initial LP liquidity together constitute 1.5% of the liquidity management component.

1. In terms of product experience, the current layout of X2Y2 is similar to LooksRare and relatively simple, but the features need to be further developed and improved. 2. In terms of platform transaction fees, X2Y2 and LooksRare are both 2% (slightly lower than OpenSea's 2.5%), and both have no account opening fee. All transaction fees will be returned to token pledge users. 3. In terms of platform incentives and user engagement, LooksRare launched last month divides rewards into three parts for trading users and (LP) token pledge users, namely trading reward, token pledge reward and LP token reward, encouraging users to "transaction-pledge - trade" to increase user activity, volume and token pledge.

The ultimate purpose of X2Y2 and LooksRare is to attract users to trade and pledge on the platform. The difference is the difference of incentive methods. The former pays more attention to the fundamental issue of NFT supply and demand, while the latter hopes to "invest heavily" in the early stage to directly encourage users to form trading habits. There will always be a time when token rewards decrease and run out, and when that day comes, who can better solve the problem of supply and demand is the key to becoming bigger and stronger. Before that, in the short and medium term, attracting users to trade, pledge attraction, project party selection and product experience are equally important.

1. Security risks According to media reports, X2Y2 contract upgrade permission is the official single address, has the permission to transfer user NFT. 2. Whether incentives are sustainable whether X2Y2 can attract enough real NFT players to trade and earn revenue to sustain pledge rewards is debatable.

It is uncertain whether X2Y2 can rely on economic incentives to attract a large number of users.