0x New Version Will Allow NFT Swaps On Ethereum, Fantom And More

A 0x new version will allow NFT swaps on Ethereum, Avalanche, Fantom, and more as it includes new features that allow developers to build marketplaces as one of the first ways of entering the NFT space so let’s read more in our latest blockchain news.

The 0x new version will soon allow any project using the protocol’s smart contract to offer swaps between NFTs and just like traditional swaps, NFT swaps allow enthusiasts to trade one digital collectible for another. 0x is now available to users of Ethereum, Optimism, Fantom, Avalanche, Binance Smart Chain, and more. The new swap offering will be the first launched on Ethereum and then the community of ZRX token holders will vote on which chain they should get launched after that.

Before today’s announcements, 0x’s primary focus is to supply developers with tools that need to spin up decentralized exchanges on the ETH network. The co-founder of 0x labs Will Warren said:

 “We believe it’s critical that markets are built on open standards and open-source code. We are fully committed to supporting a vibrant NFT ecosystem that spans multiple blockchains by launching a credibly neutral exchange infrastructure that is both robust and non-extractive.”

0x touts its smart contracts as equipped with a built-in advantage like 54% cheaper gas costs, royalties, and listings on any 0x-based NFT marketplace. This means that the developers on any of the compatible blockchain networks can turn to 0x for a toolkit that will allow them to build their marketplace without having to start from scratch. Trader.xyz and SudoSwap are already using the 0x smart contracts for these swaps and they will upgrade to v4 once the launch is complete. Warren expects other projects to join in the near future.

Unlike traditional token swaps, NFT swaps are unproven technology so it remains to be seen whether the new project will succeed. Warren however is confident that it will:

“We anticipate many new NFT projects powered by 0x will join our ecosystem. This will ultimately reduce market fragmentation, drive greater transparency and interoperability in the space, and help to prevent the platform monopolies that exist in Web 2.0.”

0x’s new offering comes amid a huge year for NFTs overall. OpenSea is the most popular marketplace is now on track to post its best month ever while Dune Analytics noted that the monthly volume of the platform for January is over $4.8 billion. Most of the activity was buoyed by celebrities that are buying things like Bored Ape as we saw Eminem, Post Malone, and Justin Bieber join the NFT train. The larger web 2.0 firms like those Warren mentioned, also keyed into the trend, and YouTube and Instagram both signaled their intents to get involved in other forms of the trend. 0x’s NFT swap feature could become a standard in the digital collectibles space.