- ZRX, the native cryptocurrency of the 0x protocol, has been on the rise following the platform’s announcement of collaboration with Coinbase NFT.
0x (ZRX) The price of the token reached almost five-month highs of $1.18 on Thursday, following news that the platform has made a major collaboration with cryptocurrency exchange Coinbase. According to data from CoinMarketCap, ZRX was last traded at these levels at the end of November 2021.
Today, the altcoin experienced a massive increase of up to 70 percent. Although the cryptocurrency has corrected at the time of writing, it is still trading at $ 0.98 with an increase of 40 percent. With a market cap of over $8340 million, the token is currently ranked as the 93rd largest cryptocurrency.
Coinbase partnership
ZRXThe impressive price action comes after news that 0x Labs, the developer team behind the project, will partner with America’s largest crypto exchange Coinbase.
According to the company’s blog post, Coinbase chose the 0x protocol to power the newly launched social NFT marketplace, thanks to the protocol’s ability to offer lower transaction costs compared to other competing chains. 0x Labs made the following statement on the subject:
“With strong multi-chain NFT swap support and the most robust feature set of any NFT exchange protocol, 0x was the most logical choice to power the new market. Also, Coinbase marketplace users will benefit from lower trading costs as 0x Protocol v4 is up to 54 percent more efficient on gas.”
We’re proud to partner with @Coinbase_NFT to power their new social marketplace for NFTs! ⚡️
By using 0x Protocol, Coinbase provides better ways to discover, buy, sell, and connect around NFTs at the lowest transaction costs for users ⛽️https://t.co/GwZUsh3xzj
— 0x (@0xProject) April 20, 2022
0x focuses on NFT
0x is an open source, decentralized exchange (DEX) protocol created by 0x Labs.
Originally launched on Ethereum, the project is currently polygon (MATIC), BNB Chain (BNB), Avalanche (AVAX) and Phantom It allows peer-to-peer exchange of tokenized assets on a growing number of blockchains, including FTM.
0x launched v4 of its protocol earlier this year, which allows projects to swap between NFTs. NFT swaps allow users to exchange one digital item for another digital item, similar to traditional token swaps.
In addition to these, according to 0x Labs, the platform’s smart contracts; 54 percent cheaper gas costs, royalties for creators/artists, free custodial listings at any 0x-based NFT marketplace, etc. It has built-in advantages such as
Will Warren, co-founder and CEO of 0x Labs, also commented on the collaboration with Coinbase, saying:
“We are excited that Coinbase is using 0x to power their new social marketplace for NFTs, and we anticipate that this launch will bring a huge wave of new users to the blockchain ecosystem.”
First announced in October 2021, Coinbase NFT was released on Wednesday with a limited beta access mode, with Coinbase NFT reportedly initially only available with self-custody wallets such as Coinbase Wallet, MetaMask, and wallets that support the WalletConnect protocol.
In the future, the exchange-optional NFT custody It plans to launch (store) services and allow users to purchase NFTs with a Coinbase account or credit card.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.