Ox (ZRX), the protocol’s native coin, rose by over 47% after the announcement that it is going to power Coinbase’s non-fungible token (NFT) marketplace. On Thursday, the ZRX market cap rose to USD 1 billion, as its price reached a 5-month high of USD 1.09.
The trade volume of ZRX on Thursday rose by more than 3,000% to reach USD 1.25 billion, the largest shot since Feb 2021. Coinbase has indicated it is planning to use the OX protocol’s powerful multi-chain NFT swap support, alongside its 54% more gas efficiency. In addition, the protocol is aimed at helping Coinbase NFT to reward its creators with royalties and non-custodial listing.
The Ox platform was launched in 2017 following a USD 24 million initial coin offering. In February this year, Ox also raised another USD 15 million in the Series A round that was led by Pantera Capital, with huge participation from Coinbase Ventures.
Already, crypto majors, such as FTX, have already launched their platforms for non-fungible tokens (NFTs). Now, Coinbase is getting into the space to offer greater diversity in the rapidly growing and evolving niche.
Will Warren, the co-founder and co-CEO of Ox Labs, said they are thrilled that Coinbase is utilizing Ox to drive their new social marketplace for non-fungible tokens. He also indicated that they anticipate the launch will help to unlock a big wave of new users into the crypto and blockchain space.