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ZKSwap to incorporate NFT protocol ZKBox in V3

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The NFT market has grown to over $2.5 billion in the second quarter of 2021 from $13.7 million in the first half of 2020. According to the 30-day data recorded by dappradar.com, OpenSea alone captured a volume of $1.564 billion.

Users who use, mint, and trade NFTs on the Layer2 Ethereum network face the challenges of high costs and illiquidity due to their uniqueness and desirability on a blockchain with a limited capacity.

ZKSwap and ZKBox’s partnership

ZKBox is a Layer2 NFT platform based on the ZK-Rollups technology. The ZKSwap team announced the platform’s collaboration with ZKBox on 27th August. Users in the NFT marketplace who are limited by the high transaction costs of Layer 2 networks like Ethereum get the option to create, transfer, deposit, and withdraw NFTs at ZKBox Layer2 solution.

The solution would also help users to save a large number of gas fees in comparison to when they would work directly on the Ethereum Layer1 network.

ZKBox allows individual creators and studios to mint NFTs without any gas fees and the Layer2 network supports real-time NFT withdrawals to the Ethereum network’s Layer1.

This would be helpful in ensuring liquidity and preservation of NFT assets. Users would be able to directly deposit NFTs purchased on the Layer1 networks like OpenSea or others for a smoother trading experience without gas fees.

Conclusion

As mentioned earlier, ZKSwap users would be able to easily purchase, create and trade NFTs on the ZKBox platform with 0 gas fees at a fast speed.

The V3 update will replace the V2.5 update of NFT incorporation directly as per the previous ZKSwap roadmap.

ZKBox with ZKSwap will jointly support interesting games such as blind box and auction in the subsequent updates.

For more information about ZKSwap, please check out their website.

Disclaimer: This is a paid post and should not be treated as news/advice.

With Masters in Mass communication and journalism, Anjali's interests lie in blockchain technology adoption across emerging economies.

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