0x Token Soars 53% Following Coinbase NFT Partnership

The price of the 0x (ZRX) token has hit an almost five-month high of $1.18 on Thursday following the announcement of a major partnership with crypto exchange Coinbase.

According to data from CoinMarketCap, ZRX last traded at these levels at the end of November 2021.

Despite a consequent correction to $1.12 by press time, ZRX is still up 53% in the past 24 hours. With a market cap of more than $94 million, the token is currently ranked the 86th largest cryptocurrency.

ZRX’s impressive price action follows news that 0x Labs, the developer team behind the project, would be partnering with America’s largest crypto exchange Coinbase.

 NFT Revolution

Coinbase’s Ethereum NFT Marketplace Launches in Beta

Cryptocurrency exchange Coinbase today announced that its NFT marketplace is officially live in a limited-access beta launch, six months after it officially announced its long-teased plans. Coinbase NFT is now available to select users added from the waitlist, which has amassed millions of prospective members since October. According to the exchange, it will add users in the order of signup, with plans to add everyone in the “coming weeks.” The peer-to-peer marketplace has launched with support...

Per the company’s blog post, Coinbase has selected the 0x protocol to power its newly launched social NFT marketplace thanks to the protocol’s ability to offer lower transaction costs as compared to other competing chains.

“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,” 0x Labs said. “Additionally, with 0x Protocol v4 being up to 54% more gas efficient, Coinbase marketplace users will enjoy low trading costs.”

0x Focus on NFTs

0x is an open-source, decentralized exchange (DEX) protocol created by 0x Labs.

Initially launched on Ethereum, it currently allows for the peer-to-peer exchange of tokenized assets across a growing number of blockchains, including Polygon, BNB Chain, Avalanche, and Fantom.

Earlier this year, it launched rolled out v4 of its protocol, enabling projects to offer swaps between NFTs. Similar to traditional token swaps, NFT swaps let users trade one digital collectible for another.

Latest Version of 0x to Allow NFT Swaps on Ethereum, Avalanche, Fantom, and Others

One of crypto’s very first liquidity aggregators is entering the NFT space.  0x Protocol’s v4 release will soon let any project using the protocol’s smart contracts to offer swaps between non-fungible tokens (NFTs). Like traditional token swaps, NFT swaps let enthusiasts trade one digital collectible for another.  0x is currently available to users of Ethereum, Avalanche, Fantom, Optimism, Polygon, and Binance Smart Chain.  The new swap offering will first be launched on Ethereum and then the co...

According to 0x Labs, its smart contracts have built-in advantages such as 54% cheaper 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 anticipate this launch will unlock a massive wave of new users into the blockchain space,” Will Warren, co-founder and co-CEO of 0x Labs, commented on the Coinbase partnership.

First announced in October 2021, Coinbase NFT went live in a limited beta-access on Wednesday. Initially, it can be used only with self-custody wallets such as Coinbase Wallet, MetaMask, and wallets that support the WalletConnect protocol.

In the future, the exchange plans to launch optional NFT custody services, and let users buy NFTs with a Coinbase account or a credit card.