ZKSwap, a groundbreaking decentralized cryptocurrency exchange on top of the Ether (ETH) blockchain, is considering a significant expansion of its toolbox. In an upcoming release, an NFT minting platform and marketplace features could be activated.
Bringing NFT to Layer 2: ZKSwap to Integrate ZKBox
According to the latest official announcement from the ZKSwap team, it has entered into a partnership with ZKBox, the pioneering platform for Tier 2 of digital collectibles (non-counterfeitable tokens or NFTs).
Backed by blockchain veterans at the L2 Labs Foundation, ZKBox leverages the opportunity of zero-knowledge rollups (zk-rollups), a cutting-edge ethereum (ETH) scaling practice. zKBox empowers NFT minting, storage and transaction dashboards with zk-rollups to facilitate senseless and low-latency transactions.
With ZKBox, users can mint and trade NFTs at a lower cost and their assets are transferred to a second layer. The interest in ZKBox reflects rocketing NFT mania: net sales in this space have exceeded $2.5 billion to date. OpenSea, the leading marketplace in this space, has amassed $1.56 billion in trading volume this year.
ZKSwap will likely integrate ZKBox in its V3 release, which will replace V2.5, as specified in the updated ZKSwap roadmap.
ZKSwap DEX addresses key challenges in the NFT market
In 2021, ZKSwap DEX changes the game of exchanging cryptocurrencies via Ether Layer 2. That is, it introduces a new way of interacting between L2 and L1, reducing costs and rethinking the logic. As a result, moving money between the two layers of the Ether infrastructure has never been easier.
Recently, ZKSwap also applied its patented extension technology to Binance Smart Chain, an EVM-compatible smart contract platform for the flagship centralized exchange Binance. Deploying ZKSwap v2 to BSC’s main network will prevent this network from experiencing Ethernet-style congestion.
With such unparalleled expertise, the time has come for ZKSwap to solve a major scaling problem in the non-forgeable token, or NFT, space. Simply put, ZKSwap is focused on solving the same challenges it addresses in decentralized trading of digital assets: low throughput, low scalability, high latency, and transaction costs.
With ZKSwap’s integrated ZKBox, the dominant scaling method for Ethernet (ETH), zk-proofs, will completely reshape NFT’s business processes and user experience. Also, with ZKSwap’s improved operational logic in v2, NFT storage, minting, promotion and buying and selling will be as easy as on current Layer 1 NFT heavyweights such as OpenSea or Rarible.