Tuesday, December 6, 2022

0x Token Surged 53% After Coinbase NFT Partnership

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The 0x token surged 53% after the latest Coinbase NFT partnership and the coin is still rallying on the new announcement so let’s read more today in our latest altcoin news today.

The 0x price token hit a five-month high of $1.18 after the announcement of a partnership with the Coinbase crypto exchange. According to the data from CoinMarketCap, ZRX last traded at these levels at the end of November 2021. Despite the corrections o $1.12, the 0x token surged and is still up by 53% with a market cap of more than $94 million and it is ranked 86th biggest crypto. ZRX’s impressive price action came on the news that 0x Labs will partner with America’s largest crypto exchange coinbase.

According to the company’s blog post, Coinbase selected the 0x protocol in order to power its newly launched social NFT market thanks to its ability to offer low transaction costs compared to other chains. 0x labs said:

“With powerful multi-chain NFT swap support and the most robust feature set of any NFT exchange protocol, 0x was the obvious choice to power the new marketplace. Additionally, with 0x Protocol v4 being up to 54% more gas efficient, Coinbase marketplace users will enjoy low trading costs.”

0x is an open-source DX protocol created by 0x labs. Initially launched on Ethereum it now allows for a peer-to-peer exchange of tokenized assets on a number of blockchains like BNB Chain, Avalanche, Fantom, and Polygon. Earlier this year, it launched a v4 of its protocol and enabled projects to offer swaps between NFTs. Similar to traditional token swaps, the NFT swaps allowed users to trade one digital collectible for another.

0x price
0x 24-hour Price Chart (Source: coingecko)

As per 0x Labs, the smart contracts have built-in advantages like 54% cheaper gas cots, free non-custodial listings and royalties for creators, and even more. Will Warren, the co-founder of 0x Labs said about the partnership:

“We’re thrilled that Coinbase is using 0x to power their new social marketplace for NFTs and anticipate this launch will unlock a massive wave of new users into the blockchain space.”

Initially announced in October 2021, Coinbase NFT went live in limited beta access and initailly can be used only with self-custody wallets like MetaMask, Coinbase wallets, and wallets that support the WAlletConnect protocol. In the future, the exchange plans to launch an optional NFT custody service and allow its users to buy NFTs with a Coinbase account or a credit card.

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