ZKBox, the first ZK-Rollups-based layer 2 NFT protocol backed by L2 Labs, today rolls out its white paper (link) and official website (link), committed to providing real-time NFT minting, trading, deposit, and withdrawal services free of charge.
Why creating ZKBox?
With Non-Fungible-Tokens (NFTs) booming and NFT marketplaces exploding, the total trading volume of NFTs have surged to new highs, with $2.5 billion in sales in the first half of 2021, an overwhelming spike from just $13.7 million in the first half of 2020. The daily trading volume on OpenSea alone peaked at $322.9 million on August 29, according to Dune Analytics data.
Behind such prosperity, high barriers remain in the NFT sphere that cannot be ignored. As described in the ZKBox white paper, the considerable cost in buying NFTs and paying commissions and Ethereum gas fees have turned many crypto users off. Additionally, an NFT buyer often has to wait for a long time before the transaction is confirmed on Ethereum due to low TPS and severe congestions while risking a transaction failure.
Almost all users of popular NFT marketplaces, such as OpenSea, Nifty Gateway, FTX, Mintable, etc., are faced with these obstacles as long as they are buying and selling NFTs on the Ethereum network. Nevertheless, if shifted to the layer 2 network, the minting, issuance, and circulation of NFTs can be much faster and simpler with a better user experience. That is exactly what ZKBox can do.
Three reasons to use ZKBox
As ZKBox unveils its official website, the layer 2 protocol announces three major advantages – no Gas fees, highly efficient, and ultra-secure.
For one thing, ZKBox users can mint, trade, or transfer NFTs on the Layer 2 network with zero Gas fees. For another, users can deposit or withdraw NFTs between Ethereum Layer 1 and Layer 2 networks within seconds using ZKBox. To ensure the same level of security as Ethereum, ZKBox allows users to keep private keys by themselves and leverages the layer 2 scaling solution, ZK-Rollups, to guarantee the state consistency of the Ethereum layer 1 and layer 2 with zero-knowledge proofs.
“While eliminating block confirmation time, ZKBox can process up to thousands of transactions per second theoretically,” according to the White Paper.
Looking ahead, ZKBox aims to improve its layer 2 network performance continuously, support more types of NFTs, and bring its solution to all NFT marketplaces to contribute to a paradigm revolution in the blockchain world.
Through its Layer2 NFT protocol based on ZK-Rollup technology, ZKBox enables influencers, artists, celebrities, widely recognized brands, creators and ordinary users to create, transfer, trade NFTs on the Layer2.
ZKBox supports NFT transactions between Layer1 and Layer2 networks and supports ERC-721 standards, which are crucial in establishing a framework for NFT transactions and improving asset liquidity.