X2Y2 Team Doubling Down
A major X2Y2 token unlock, primarily for treasury and team-owned tokens, will not be sold when by the X2Y2 team when the unlock takes place in the next 24 hours, according to a tweet thread from the platform.
❗Why It Matters
Based on the platform's initial tokenomic breakdown, the team and treasury account for 20 percent of the total supply of the X2Y2 token, each being awarded 10 percent of the total allocation. While the unlocking tokens do not account for all of the aforementioned 20 percent, a significant portion (2.5% of team total, 1.25% of treasury total) will be unlocked and tradeable on the secondary market at some point tomorrow. While the team has committed to not selling any of the unlocked tokens, if they did, it could create significant sell pressure should there be sufficient liquidity on the other side.
🎤 Platform Prose
we are proud to announce that the X2Y2 team will NOT sell any token from this upcoming unlock or any tokens unlocked thus far for the foreseeable future. 💎X2Y2
📊 By the Numbers
While the X2Y2 token is far from the all-time high it generated around launch (largely due to oddities with claiming and selling the token), it has performed admirably in the last month, increasing 270 percent to $0.21 according to CoinGecko.
🖼️ The Big Picture
NFT marketplace tokens have been utilized to generate short-term interest and attract users, but none has been incentive enough for platforms like X2Y2 or LooksRare to maintain marketshare. The conversation should get another twist in the coming weeks when Blur's marketplace token, $BLUR, launches on Feb. 14.
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