Topic: ZKSwap Looks to Incorporate NFT Protocol ZKBox in V3

SINGAPORE, Aug. 27, 2021 /PRNewswire/ -- On August 27th, the ZKSwap team announced the strategic partnership with ZKBox. Backed by the L2 Labs Foundation, ZKBox is a Layer2 NFT platform based on ZK-Rollups technology. Through the incorporation of ZKBox, the ZKSwap team can easily empower the ordinary user to create and trade NFTs with 0 gas fees at a fast speed. Simply put, ZKSwap users can directly purchase, create and trade NFTs on the ZKBox platform with their L2 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 NFT Market

The market for non-fungible tokens (NFTs) surged to new highs in the second quarter of 2021, with sales this year reaching $2.5 billion so far, up from just $13.7 million in the first half of 2020. 30-day statistics show the non-fungible token (NFT) marketplace, OpenSea has captured $1.564 billion in volume, according to data recorded by dappradar.com.

Scaling Challenge

People who use, mint and trade NFTs on the Layer2 Ethereum network understand the challenges in terms of high costs and illiquidity. This is due to the uniqueness and desirability of these types of assets on a blockchain with a limited capacity.

Limited by the high transaction costs on the Layer2 networks like Ethereum, it seems difficult for ordinary players to take a 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 further development of the NFT industry.

More Features about Upcoming Updates:

To better solve the issues above, ZKSwap can empower its users to create, transfer, deposit, and withdraw NFTs at ZKBox Layer2 with their holding L2 assets. Users will save a large number of gas fees as compared to working directly at the Ethereum Layer1 network.

Individual creators and studios can mint NFTs at ZKBox free of gas fees and the Layer2 network supports real-time NFT withdrawals to the Ethereum Layer1 network. This can ensure the liquidity and preservation of NFT assets. In detail, ZKBox will be a Layer1 compatible network. Users can directly deposit NFTs purchased on the Layer1 networks, like OpenSea or others for a smoother trading experience without gas fees.

The ZKBox network, together with ZKSwap will jointly support interesting games such as blind box and auction in subsequent updates.

SOURCE ZKSwap