The native token for the Ox crypto exchange has recorded a massive spike following its partnership with Coinbase that allows Coinbase to use Ox Labs’ NFT standard for its new social NFT marketplace.
As recently reported, the Coinbase NFT social marketplace has gone into beta and will be tested by 3 million selected users on the waitlist. For Coinbase to get the market up and running, it partnered with Ox Labs which boasts that it has the “most robust feature set of any exchange protocol”.
Coinbase Partnerships Good for Price Action
According to data from CoinMarketCap, after news broke of Coinbase’s partnership the Ox token (ZRX) rallied 53 per cent. The token was at a five-month high of US$1.17 and also traded just over $1 billion volume on the day as well. The coin has since stabilised at around the $1 region.
We’re thrilled that Coinbase is using Ox to power [its] 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, 0x Labs
In the past, other projects such as Mina and Propy that partnered with Coinbase also saw considerable price movement when word got out they were collaborating with the US crypto heavyweight.
What 0x Labs Brings to the Table
The Ox open standard will be the engine of the Coinbase marketplace, aiming to deliver up to 54 per cent lower gas fees to users. Additionally, Ox Labs stated in a blog post that extra features include free non-custodial listing, instant royalties for creators, collection orders and more.
Building on Ox significantly reduces the effort required by Web3 developers and NFT marketplaces to deliver a seamless multi-chain experience to their users, giving them more time to focus on their products.
0x Labs blog post
One of the big things to come out of Ox Labs is the new V4 of its protocol that allows swaps between NFTs, so that users can exchange collectibles as easily as tokens.
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