0x protocol itself altcoin the one which… 0x (ZRX)rallied more than 47% after Coinbase’s NFT market announcement.
It was announced that 0x will be used in Coinbase’s NFT market.
With the development, the altcoin, which is approaching a market value of $ 1 billion, is trading at $ 0.9898 at the time of writing.
However, 0x’s trading volume has also surged in the last 24 hours, increasing by more than 3,000% to $1.25 billion.
This type of volume spike had not been observed for this altcoin since February of 2021.
Coinbase Uses 0x (ZRX) Altcoin for Infrastructure of New NFT Market
Coinbase stated in its statement that the NFT platform will use the “strong multi-chain NFT swap support” of the 0x protocol, thus saving up to 54% transaction fees.
In addition, thanks to the 0x protocol, Coinbase NFT market content producers will be instantly rewarded with royalties and listings can be made for free.
Will Warren, co-founder and co-CEO of 0x Labs, the company behind the protocol, said in a statement:
“We are excited that Coinbase is using 0x for the infrastructure of the new social NFT marketplace. With the launch of this new platform, we anticipate that a huge wave of new users will enter the world of Blockchain.”
Coinbase, which has the title of being the largest cryptocurrency exchange in the USA, was the focus of criticism as it lagged behind its competitors in opening an NFT marketplace.
*Not investment advice.