Opensea has yet another competitor in the NFT marketplace game, this time, it’s newcomers X2Y2, who recently had an airdrop. X2Y2 offers similar selling points to users, like accumulative rewards for using their marketplace or staking their token, as well as an airdrop similar to the likes of LooksRare, ENS and OpenDAO.
About X2Y2
X2Y2 has addressed the “monopoly” on over 90% of all NFT transactions, and they wanted to change that by taking over a bit of the market share from the primary NFT marketplace. They had a 14 tweets-long Twitter thread which they posted at the beginning of the month, detailing their goals and what will happen on the platform. They also only joined Twitter in January of this year, and have gained 38,000+ followers since. Within this thread, they addressed the obvious comparisons to LooksRare and OpenDAO, crediting them for originating the concept. However, they also mentioned some of the issues which all three platforms (Opensea, LooksRare and OpenDAO) have faced in the past, and how they plan to improve on them.
The differences they highlighted are an inclusive, non-expiring airdrop, no private sale and no wash trading, only staking rewards. They also mentioned their fair tokenomics which leaves 65% of the token to staking rewards. Overall, they want to “build the decentralized NFT marketplace we all deserve. By the people, for the people.”
We have seen one person, @retroblockchain, take to Twitter to complain about the airdrop and platform after being banned from their Discord. Their experience was hearing about the airdrop, spending money in fees to verify collections and then having no way to complete the requirements to claim the airdrop. At the end of their complaint, he stated “Please DYOR but I wouldn’t go near it with a 100ft pole”.
Recent Airdrops in the Space
Airdrops have become more and more common in the NFT and crypto space. From big names that everyone remembers like OpenDAO, ENS and Looksrare which made people thousands, to more discreet ones which have seen silent profiters.
However, as with many aspects of crypto and NFTs, we have seen some scams. For example, the $YEAR token, which turned into a rug pull in under 6 hours at the end of last year. This was done through the person(s) behind the project draining money from the liquidity pool, sending the value of the token to zero. This caused people who bought the token on its way up to lose money, however thankfully those who claimed $YEAR for free/sold it early weren’t at any additional risk.
The key to Airdrops is doing your own research, into the teams, roadmaps and history of projects before aping in too fast. Even if you’re 100% sure, you should always take extra precautions to ensure your wallet, and what it contains remain safe.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
