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0x Token increases by 53% Following Coinbase NFT Partnership

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Nonhlanhla P Dube
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The 0x protocol’s underlying token, ZRX, is surging following the announcement of a major partnership with crypto exchange Coinbase, the price of the 0x (ZRX) token reached a nearly five-month high of $1.18(R 17.89) on Thursday.

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ZRX last traded at these levels at the end of November 2021, according to CoinMarketCap data. The token is currently the 86th largest cryptocurrency, with a market cap of more than $94 million(R 1.4bn).

The impressive price movement of ZRX follows news that the project’s developer team, 0x Labs, would be collaborating with America’s largest crypto exchange, Coinbase.
According to the company’s blog post, Coinbase chose the 0x protocol to power its newly launched social NFT marketplace due to the protocol’s ability to offer lower transaction costs than competing chains.

“With powerful multi-chain NFT swap support and the most robust feature set of any NFT exchange protocol,” 0x Labs said, “0x was the obvious choice to power the new marketplace.” “In addition, because 0x Protocol v4 is up to 54% more gas efficient, Coinbase marketplace users will benefit from lower trading costs.”

0x’s focus on NFTs

0x is a decentralized exchange (DEX) protocol developed by 0x Labs that is open source.

It began on Ethereum and now allows for the peer-to-peer exchange of tokenized assets across a growing number of blockchains, including Polygon, BNB Chain, Avalanche, and Fantom.

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It released version 4 of its protocol earlier this year, allowing projects to offer swaps between NFTs. NFT swaps, like traditional token swaps, allow users to exchange one digital collectable for another.

According to 0x Labs, its smart contracts include built-in benefits such as 54% lower gas costs, royalties for creators, free non-custodial listings on any 0x-based NFT marketplaces, and more.

“We’re thrilled that Coinbase is using 0x to power their new social marketplace for NFTs, and we anticipate that this launch will usher in a massive wave of new users into the blockchain space,” Will Warren, co-founder and co-CEO of 0x Labs, said of the Coinbase collaboration.

Coinbase NFT, which was first announced in October 2021, went live in a limited beta-access mode on Wednesday. For the time being, it can only be used with self-custody wallets like Coinbase Wallet, MetaMask, and wallets that support the WalletConnect protocol.

In the future, the exchange intends to offer optional NFT custody services as well as the ability to purchase NFTs using a Coinbase account or a credit card.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube