Coinbase is a decentralized protocol infrastructure development firm that has provided a trusted, open-source standard for NFT swapping across blockchains. Coinbase will also launch its NFT platform in beta as part of the collaboration.
The collaboration brings 0x Protocol’s expertise in multi-chain NFT swaps to Coinbase’s upcoming NFT platform, which will be powered by the latter’s gas-efficient features. According to Coinbase, the Coinbase NFT beta test phase will allow select users chosen for the beta program to buy and sell NFTs using any self-custody wallet.
“The rise of NFT communities has shown us that online conversation extends far beyond the moments around transactions. We’re building a place that’s far 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.
Transaction fees will be waived during the beta phase, but only for a limited time. Coinbase intends to implement fees in accordance with Web3 industry standards, as well as 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.
The decentralized infrastructure of the 0x Protocol allows developers and users to gain access to a robust feature set of NFT exchange functionalities, including NFT swaps that support all major token standards such as ERC-20, ERC-721, and ERC-1155, among others. 0x also provides free non-custodial listings, as well as the option of placing orders off-chain or on-chain. Because of its design, the 0x Protocol provides users with up to 54% more efficiency in terms of gas fees. Coinbase will extend and provide these features to its users with 0x, as well as collection orders and instant royalties for creators.
0x Protocol has received praise for its highly flexible and modular architecture, which was created with developers in mind. 0x has served over $157 billion in trading volume across 43 million transactions to date. 0x also has a large ecosystem of integrators who help companies like Coinbase integrate decentralized exchange functionality into their projects.
To read our blog on “NFT collections earning millions of dollars each week, but which will last?” click here.
