On Aug. 27, the ZKSwap team announced a strategic partnership with ZKBox. Backed by the L2 Labs Foundation, ZKBox is a layer-two nonfungible token platform based on zk-Rollups technology. Through the incorporation with ZKBox, the ZKSwap team can easily empower the ordinary user to create and trade NFTs with zero gas fees at a fast speed. Simply put, ZKSwap users can directly purchase, create and trade NFTs on the ZKBox platform with its layer-two assets instantly at a lower cost. Please note that the v3 update will directly replace the v2.5 update (the NFT incorporation planning) announced in the previous roadmap.
Boosting the NFT market
The market for NFTs surged to new highs in the second quarter with $2.5 billion in sales so far this year, up from just $13.7 million in the first half of 2020. According to data recorded by DappRadar, 30-day statistics show that NFT marketplace OpenSea captured $1.564 billion in volume.
People who use, mint and trade NFTs on the layer-two Ethereum network can understand how challenging it is when it comes to the expensive costs and illiquidity of NFTs due to their uniqueness and desirability on a blockchain with a limited capacity.
Limited by the high transaction costs on layer-two networks such as Ethereum, it seems difficult for ordinary players to take part in the popular NFT marketplace, and even studios can be discouraged by the high costs required to publish their NFT works. This status quo will undoubtedly hinder the further development of the NFT industry.
More features in upcoming updates
To better solve the issues above, ZKSwap can empower its users to create, transfer, deposit and withdraw NFTs on ZKBox layer two with their holding layer-two assets. Users will save a large number of gas fees compared to working directly on the Ethereum layer-one network.
Individual creators and studios can mint NFTs on ZKBox free of gas fees, and the layer-two network supports real-time NFT withdrawals to the Ethereum layer-one network. This can ensure the liquidity of NFT assets and preservation. In detail, ZKBox will be a layer-one compatible network. Users can directly deposit NFTs purchased on layer-one networks such as OpenSea or others for a smooth trading experience without gas fees.
Together with ZKSwap, the ZKBox network will jointly support interesting games such as blind boxes and auctions in subsequent updates.
ZKSwap is a token swap protocol based on an automated market maker. Through zk-Rollup technology, the full set of Uniswap functions are realized on layer two while providing unlimited scalability and privacy. ZKSwap realizes zero gas fee transfers and transactions on the layer-two network based on the ZKSwap-Rollups technology.
At ZKSwap, every user can list their layer-one-based token on ZKSwap’s trading spot. This massively increases the volume of liquidity available on the platform and democratizes token offerings for early-stage projects.
In v3, the ZKSwap platform will give its users access to NFT mintings and trading through the partnership with the layer-two NFT platform ZKBox.
Visit ZKSwap’s official website.