Coinbase’s new NFT platform released its beta mode on Wednesday, promising a marketplace for “social engagement.” As a result of the news, the price of the respective altcoin 0x (ZRX) rose more than 50%.
Coinbase partnership blows up this altcoin project
0x (ZRX) is on the rise after announcing its partnership with Coinbase late Wednesday. “Using the 0x Protocol, Coinbase provides better ways for users to discover, buy, sell and connect with NFTs at the lowest transaction costs,” 0x said in a tweet. Official Twitter announcement:
0x (ZRX) price 3 double digits news reacts with a green candle. It is trading at $1.04 at the time of writing.
What is 0x (ZRX) and why is it important?
0x offers multi-chain NFT swaps and uses less gas than other similar protocols, which is probably why Coinbase chose 0x as the partner for their NFT platform. Most importantly, it also allows off-chain listings, which will help users save on fees for activities such as listing NFTs. As we reported as
Kriptokoin.com, Coinbase NFT has been anticipated since it was announced late last year and was delayed for months. A big factor in the market’s success is its ability to compete with OpenSea, which has taken the lion’s share of NFT trading today. To put things in perspective, Moonbirds, a bustling NFT collection that launched on Saturday, has already seen 88,000 Ethereum (ETH) in volume on OpenSea. Its closest competitor, LookRare, saw volume below 7,000 ETH in the same timeframe, despite offering hefty trading incentives in the form of LOOKS tokens.
While OpenSea still dominates the NFT space, some have been marred by issues associated with the Wyvern exchange and a series of bugs that have allowed opportunists to deplete users’ NFTs or drive them far below market value. By partnering with 0x, Coinbase NFT hopes that 0x will act as a robust protocol layer that delivers an efficient user experience in line with Web3 social ambitions.
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