In January, the popular exchange infrastructure 0x launched the NFT swap standard on Ethereum. With a fourth iteration (v4) of the protocol, this standard will be released on Polygon, Binance Smart Chain, Fantom, Avalanche, Celo, and multiple blockchains.
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According to a press release shared with Bitcoinist, the NFT swap standard will allow developers to build NFT-based dApps, marketplaces and “unleash” sector opportunities across multiple blockchains.
Sandeep Nailwal, co-founder of Polygon, an Ethereum scalability solution, describes the fourth iteration of the protocol and the potential to improve the NFT experience on the network:
0x Protocol v4 opens up equally rich possibilities for developers, users, and authors. We hope that more NFT products at Polygon will leverage open standards to maximize the potential of the NFT market.
With each release, 0x Protocol v4 represents an important step in the project’s core mission of powering a tokenized world where “all values are free to flow.” Fantom CEO Michael Kong said Ox has become one of the leading platforms in the crypto industry. In that sense, he emphasized how Ox and Fantom’s goals overlap.
Its mission to enable the free flow of assets is very closely aligned with Fantom’s mission, and it is even more exciting to work with their excellent team to advance the decentralized space. You can not.
How the 0xNFT Swap Standard Will Contribute to the Open Financial System After Ethereum Launches
In an official post, the team behind Ox announced the implementation of the NFT swap standard on the Ethereum mainnet. Prior to the event, a community vote was held from the owner of the 0x governance token ZRX.
The team behind the platform explained the benefits of combining creator-focused features with gas-efficient features. Therefore, you can provide Web3 participants with a multi-chain experience and spend less time learning how to use different blockchains, creating different wallets, or inventing more money for towing charges.
According to the post, the NFT swap standard is 54% more gas efficient than other standards and pays immediate royalties for content creators, unmanaged on-chain and off-chain NFT lists, and many other features. can do. Below is a comparison chart of the rates users can expect on 0x Protocol v4 and alternative platforms.
As shown below, the 0x protocol in the fourth iteration provides more functionality than OpenSea and other platforms. Rene Reinsberg, Chairman of the Celo Foundation, said:
0x Protocol v4 brings a new level of accessibility to the NFT market that is in perfect agreement with its mission. Due to its transparent and open source nature, it is easy and free to implement. This allows web 3.0 developers to build a secure and efficient marketplace on the Celo network that anyone with a mobile device can access.
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Finally, Will Warren, co-founder and co-CEO of 0xLabs, the core developer behind the 0x protocol, added:
We are pleased that 0x Protocol v4 will serve as an open standard for NFT swaps on EVM-based blockchains, allowing NFT developers and communities to increasingly establish a vibrant market across the multi-chain ecosystem. Many teams are already building with 0x Protocol v4 and you can expect to hear some very exciting announcements soon. Please stay tuned.
At the time of the press, the price of ETH is trading at $ 2,578 and the daily chart has a profit of 3.45%.
