X2Y2
Crypto Overview
Overview
X2Y2 is an NFT marketplace protocol launched in 2022. The X2Y2 token serves as the platform's governance and utility token, allowing holders to participate in protocol decisions and earn rewards from platform fees.
Purpose and Utility
The primary purpose of X2Y2 is to facilitate NFT trading while providing token holders with governance rights and fee-sharing benefits. Token holders can stake their X2Y2 to earn a portion of the marketplace trading fees.
Business Model Assessment
The platform operates as a decentralized NFT marketplace, competing with platforms like OpenSea. The business model is straightforward and transparent - the platform charges fees on NFT trades, and these fees are distributed to token stakers. The core functionality of NFT trading and fee distribution is halal as it involves actual asset exchange and value creation.
Real-World Adoption
X2Y2 has achieved significant adoption in the NFT space, with substantial trading volume and active users. The platform maintains regular development updates and community engagement.
Token Distribution and Governance
The token distribution includes allocations for the team, early investors, and the community. While there are vesting schedules in place, the token economics appear designed for long-term sustainability rather than short-term enrichment.
Additional Considerations
The platform's core functions of NFT trading and governance do not involve prohibited activities like lending or gambling. The staking mechanism is based on platform fee sharing rather than interest-bearing deposits.
Crypto Impact
To assign a comfort level investing in X2Y2 from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to X2Y2.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.