0x Protocol's Token Surges Over 47% After Coinbase NFT partnership

A partnership between Coinbase NFT and 0x protocol has sent the ZRX token soaring, with a 47% rally over the past 24-hours.

Apr 21, 2022 at 8:55 a.m. UTC
Updated Apr 21, 2022 at 2:55 p.m. UTC

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

0x (ZRX), the native token behind the 0x protocol, has rallied by more than 47% following an announcement that it will power Coinbase's (COIN) non-fungible token (NFT) marketplace.

  • ZRX is now nearing market cap of $1 billion as it trades at a five-month high of $1.09.
  • Trade volume over the past 24-hours has also seen a significant uptick, rising by more than 3,000% to $1.25 billion, its largest volume spike since February 2021.
  • Coinbase said that its NFT platform will utilize 0x protocol's "powerful multi-chain NFT swap support", as well as the up to 54% more gas efficiency. The protocol will also enable Coinbase NFT to reward creators with instant royalties as well as free, non-custodial listings.
  • "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," said Will Warren, co-founder and co-CEO of 0x Labs.

Read more about
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

CoinDesk - Unknown

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Trending

1
CoinDesk - Unknown
Terra lanzaría su snapshot esta semana: cómo serán distribuidos los 'nuevos' LUNA

El suministro de tokens en la nueva blockchain será de poco más de $116 millones, dijeron los desarrolladores.

El suministro de tokens en la nueva blockchain será de poco más de $116 millones, dijeron los desarrolladores.

CoinDesk - Unknown
2
CoinDesk - Unknown
Binance to Advise on Crypto Strategy as Kazakhstsan Looks to Boost Industry

The country known as a bitcoin mining hub is trying to attract more crypto firms and broaden the industry.

The country known as a bitcoin mining hub is trying to attract more crypto firms and broaden the industry.

CoinDesk - Unknown
3
CoinDesk - Unknown
Why Is South Korea Throwing Money at the Metaverse?

South Korea’s “Digital New Deal” is flooding the country’s tech industry with billions of dollars in grant money in the hopes of creating 2 million new jobs. This article is part of "Metaverse Week."

South Korea’s “Digital New Deal” is flooding the country’s tech industry with billions of dollars in grant money in the hopes of creating 2 million new jobs. This article is part of "Metaverse Week."

CoinDesk - Unknown
4
CoinDesk - Unknown
As Bitcoin Price Slides, Older Mining Rigs Are Becoming Less Profitable

Even as Bitcoin's mining difficulty adjusts downward, the price trend might spell a crisis for retail miners. On the other hand, it could be an opportunity for those looking to buy rigs.

Even as Bitcoin's mining difficulty adjusts downward, the price trend might spell a crisis for retail miners. On the other hand, it could be an opportunity for those looking to buy rigs.

CoinDesk - Unknown