X2Y2 AMA: How to Become a Challenger to OpenSea and LooksRare?

Last night, X2Y2 held its first AMA on Twitter Space. Since most of the activities and questions on Discord came from Chinese-speaking X2Y2ers, this AMA was conducted in Chinese. To ensure that those who missed the AMA can fully understand the content, we have recorded the entire event in writing. Unfortunately, due to some technical and network issues, part of the open Q&A session at the end was lost.

Participants

• TP (Member of the X2Y2 founding team)
• LEO (X2Y2 Discord community moderator)
• X2Y2ers: icaca, Sii, cj3343, conanxin, jack ma, oobb, 盈盈, 小白, 0xNK, yu7

Questions

TP: Thank you all for coming. This is my first time using Twitter Space. I hope we won't encounter any technical issues. Although X2Y2 has only been around for a few days, we are very happy to see so many active members in our Discord community asking these questions. Alright, let's get straight to the questions.

Question 1: What is the team's background?

TP: Yes. I have seen these questions multiple times in our community. Although our team is anonymous, I can share more background about us: most of our members come from existing mature top NFT exchanges, so we have the technical and operational experience to handle large NFT exchanges.

Some people may worry that an anonymous team is more likely to "run away with the funds." To avoid this, we have made things simple enough. All the ETH we raise from the ILO (Initial Liquidity Offering) will be added as liquidity to Uniswap, and the generated LP tokens will be transferred to a black hole address for permanent burning, so the team has no authority to "run away with the funds."

Question 2: Is there currently any investment institution supporting the team?

TP: No. Because we believe that if money could recreate an OpenSea, there would already be many on the market. The tokenomics designed for NFT participants is the key to building a better OpenSea. At this stage, we need more help from the NFT community rather than investors. Of course, our doors will always be open to those investors who truly believe they can help.

Question 3: Regarding the recent bug on OpenSea that caused NFTs listed at low prices to be transferred at low prices without cancellation, will X2Y2 have the same issue?

TP: No. I guess OpenSea has this issue due to many historical legacy problems. For X2Y2, when an NFT is transferred from one wallet to another, we automatically cancel its current listing, so when they are transferred back, this problem will not occur.

Question 4: Does the team plan to collaborate with some blue-chip NFT projects and give them a whitelist for joining the ILO?

TP: Some X2Y2ers in our Discord community have already tried to reach out to some NFT projects independently. However, there is no conclusion yet, but we have received positive responses from multiple parties. We are very willing to share our whitelist with any individuals or groups that can help us spread the word.

Question 5: How will the project attract more users? How will it compete with OpenSea and LooksRare?

TP: We have designed the entire tokenomics for the community, especially to limit whale users. We are working with the Winkrypto team (formerly ChainNews), which is one of the best crypto agencies in the industry. They have previously conducted related activities for well-known projects like Avalanche, Algorand, and Solana.

As many have criticized, OpenSea has no tokenomics at all and chooses to share all its revenue with investors from Silicon Valley and Wall Street. The tokenomics we build for the community will be a powerful weapon for us against OpenSea.

As for LooksRare, they have done well in challenging OpenSea and have shown us all that OpenSea is not invincible. We launched X2Y2 a few months ago, and when we first saw LooksRare's token distribution plan and their product, we thought there was nothing special, so we weren't very concerned. However, after delving deeper, we found some differences. You can find some things on-chain, but not on their website.

I won't elaborate on this here, as it is their choice, and so far, it seems to be proceeding as expected, which is good. But when you drive away the industry leader and bring in more landlords, we have reason to rally more people to drive the landlords away. From now on, we won't say much more about this. They are respectable opponents. You can verify what I said on-chain.

Question 6: What are the differences between your project and OpenSea, and what are your advantages?

TP: In fact, the core functions of most general NFT markets are quite similar, and we are no exception, as cultivating a completely new user mindset is a very difficult task. However, in some product details, you can see some of our original ideas and highlights, such as real-time push notifications for buying and selling. Of course, this is just one example, and there will be more innovations or micro-innovations in the future. Our core advantage lies in the tokenomics we provide for the community and the feedback and support we receive from the community, which brings more possibilities.

Question 7: If users only sell airdrops, leading to selling pressure, how will you address this?

TP: The token distribution mechanism has a hard cap designed for the top 4% of OpenSea traders. Without a cap, these whales would hold 45% of all airdropped X2Y2. The token price must rise several times before most token holders consider doing something with it.

Additionally, we mentioned a special requirement in the Litepaper. That is, users need to list all their NFTs on X2Y2 at the same or lower price than they listed on OpenSea to receive the airdrop. This task is not easy, so I believe that after most people go through this listing process and experience our product's interface, interaction, and user experience, they will trust X2Y2 more.

Question 8: Will you support digital RMB?

TP: No. There are too many reasons, the first being privacy issues.

Question 9: Is this an open-source project? I want to do some research and report bugs.

TP: The smart contracts are definitely open-source. However, the matching and display parts will not be open-source. After we start moving the market to Layer 2 solutions like dXdY, we will gradually open-source that part as well. You are welcome to report anything you find to us.

Question 10: How will the X2Y2 we receive from the ILO be distributed? Will it unlock daily, weekly, or in some other way?

TP: This is a block-based linear release unlock.

LEO: Thank you all for coming today. I am the Discord community moderator for X2Y2. This is also my first time hosting a Twitter Space AMA. I think everyone has learned a lot about the details of X2Y2 today. Thank you for the excellent questions and TP's patient answers.

TP: Alright. Thank you, LEO. In the future, we will have more necessary AMAs. Thank you all for participating today, and see you next time!