The latest version of the 0x protocol will include a new feature that will allow developers to create an NFT marketplace on a variety of different blockchains.
The v4 version of the 0x protocol will soon allow any project using the protocol's smart contracts to perform NFT swaps. Like traditional token swaps, NFT swaps allow enthusiasts to trade one digital collection for another.
0x is currently available to users of Ethereum, Avalanche, Fantom, Optimism, Polygon, and Binance Smart Chain. The new version will be implemented on Ethereum first, and then the owners of the ZRX token, the native token of the 0x protocol, will unanimously decide on which chain it should be launched after Ethereum.
0x is a protocol whose main focus is to provide developers with the tools they need to accelerate decentralized exchanges (DEXs) on top of the Ethereum network.
Will Warren, co-founder of 0x Labs, the team behind the 0x protocol, emphasized open source code.
“We believe it is critical that NFT markets be built on open standards and open source code. We want to create a living NFT ecosystem that spans multiple blockchains by implementing a neutral exchange infrastructure that is both robust and reliable.”
0x offers its smart contracts equipped with various benefits such as 54% cheaper gas costs, royalty fees for creators, free listing on any 0x-based NFT marketplace, and more. This means that developers can use 0x for a toolkit that allows them to quickly build their marketplace on any compatible blockchain network without having to start from scratch.
For example, SudoSwap and Trader.xyz already use 0x v3 smart contracts for such swaps and are expected to upgrade to v4 once the launch is complete. Warren expects more projects to join in the near future.
It should be noted that unlike traditional token swaps, NFT swaps are a new and hitherto unproven technology, so it remains to be seen whether 0x's ambitious new project will be successful.