In Brief:
- 0x will soon launch the v4 protocol to allow users to swap their NFTs across blockchains.
- The new update provides Free non-custodial listing capability from on-chain or off-chain.
- The smart contract on v4 is 54% more gas efficient.
Peer-to-peer exchange, 0x is soon going to launch V4 (version 4), which will allow users to swap non-fungible tokens (NFTs) across the Ethereum and EVM-based blockchains such as Binance Smart Chain, Polygon, Fantom, Avalanche, Celo, Optimism.
Co-Founder and Co-CEO of 0x Labs, Will Warren stated, “Our motivation in bringing NFT support to 0x Protocol v4 is to provide an open technical standard for NFT markets that is technically robust, non-extractive, and consistent across EVM blockchains. Since blockchains have limited throughput, NFT communities will be forced to spread out across many distinct networks. 0x Protocol v4 will serve as public exchange infrastructure and bring uniformity and feature parity to NFT markets across all EVM blockchains.”
0x protocol v4 will help NFT marketplaces and Web 3 entities to perform cross-chain NFT transactions without developing a separate network, which will ultimately help to reduce fragmentation in the market with better transparency.
The new update, v4 will carry the same NFT trading features as v3, but it will be more “creator-centric features” to provide immense benefits to creators as well as NFT holders.
In the blog post, the protocol listed several perks of v4 including free non-custodial on-chain and off-chain listings, up to 54% more gas efficiency, instant royalties for creators, and others.
The NFT swaps support all leading token standards such as ERC 721, ERC 1155, and ERC 20.
The key development which draws the attention of many crypto intellectuals is its Free non-custodial listing capability, which means the NFT will not remove from wallets until an order is executed.
Also, users can choose listing options like on-chain and off-chain. The off-chain NFT listing will be completely free for sellers while the On-chain listing requires Gas fees. 0x protocol claims that the smart contract on the v4 reduces the Gas fees up to 54%.
In the last few months, the NFT buying and selling has increased in an exponential manner. But, the high transaction cost on the Ethereum blockchain makes it costly to mint NFTs. Now, many platforms are working to cut off gas fees.
In November 2021, the Unstoppable domain went live on the Polygon network, which helped users to pay zero gas fees for NFT minting.
