Coinbase has partnered with 0x Protocol, a decentralized protocol infrastructure development firm that has served a trusted, open-source standard for NFT swapping across blockchains. The partnership also sees Coinbase launching its NFT platform in a beta phase.
The partnership brings 0x Protocol’s expertise in multi-chain NFT swaps to Coinbase’ up and coming NFT platform, powered by the former’s gas efficient features. According to Coinbase, the beta test phase for Coinbase NFT will enable select users chosen for the beta program to buy and sell NFTs with the use of any self-custody wallet.
“The rise of NFT communities have shown us that online conversation extends far beyond the moments around transactions. We’re building a place that’s for more than just buying and selling. We want Coinbase NFT to be a place that helps creators and collectors build and engage their communities,” shares Sanchan Saxena, VP of Product at Coinbase.
The beta phase will have no transaction fees, but only for a limited time. Coinbase plans to eventually add fees, in line with Web3 industry standards, alongside a notice of the changes once their testing and analytics confirm the platform’s viability.
“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. We look forward to seeing many more apps and marketplaces take advantage of 0x Protocol’s robust NFT swap feature set and industry-leading gas efficiency in the coming future.” shares 0x Labs co-founder and co-CEO Will Warren.
0x Protocol’s decentralized infrastructure helps developers and users to access a robust feature set of NFT exchange functionalities, with NFT swaps that support all major token standards like ERC-20, ERC-721, and ERC-1155, among others. 0x also offers free non-custodial listings, alongside off-chain or on-chain order optionality. Given its design, 0x Protocol provides users with up to 54% more efficiency in terms of gas fees. With 0x, Coinbase will extend and offer these features to its users, while also implementing collection orders and instant royalties for creators.
0x Protocol has been lauded for its highly flexible and modular architecture that’s been designed with developers in mind. To date, 0x has served over $157 billion in trading volume across over 43 million transactions. 0x also boasts of a wide ecosystem of integrators helping businesses like Coinbase build decentralized exchange functionality into their projects.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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