After Coinbase announced that it will cooperate with 0x Protocol (ZRX) for its newly established NFT marketplace, the rapidly gaining value ZRX token has seen a 60 percent gain in the last 24 hours.
After the Coinbase partnership announcement echoed in the market, the ZRX token rose to the highest level of the last 5 months at $ 1.18. The crypto asset was last at these price levels in November. The market value of 0x Protocol also increased to 865 billion dollars after this development.
Coinbase has announced that its new NFT platform will use 0x's powerful multi-chain NFT swap support. In addition, the exchange stated that a transaction fee efficiency of over 50 percent will be achieved.
While talking about the Coinbase collaboration, Will Warren, co-founder and CEO of 0x Labs, said that he thinks this partnership will contribute to the participation of new users in the Blockchain space.
ZRX, the native token of 0x Protocol, a peer-to-peer (P2P) decentralized exchange for Ethereum-based tokens, was integrated into the eToro platform in early 2022 before this development. The second major development of the year was Coinbase's announcement of the long-awaited marketplace for NFTs powered by 0x.
Coinbase cited the support for multi-chain NFT swaps as the reason for choosing 0x Protocol to support the NFT marketplace, as well as having the strongest features among the candidates for the NFT exchange protocol.
On the other hand, 0x Protocol, with its v4 version, offers half the transaction fees compared to the past. This means that users pay low transaction fees on the Coinbase NFT marketplace.
Coinbase, which had a serious impact on cryptocurrency prices with its listing news in the previous periods, has now announced that it will adopt a policy of transparency in this regard by announcing the listing news long ago. However, it seems that the Coinbase influence continues with the partnership news today.