The How, Why, and What’s Next for Optimism’s NFT Market

  • Quix announces plans to cease operations in two months
  • OP remained unfazed as his price rose with the rest of the market

On November 23, Quix, the largest NFT marketplace for optimism, announced. more dangerous Its decision to cease operations by February 28, 2023 at the latest.

Launched on the scalable L2 blockchain ten months ago, data from Dune Analytics revealed that 131,532 addresses completed 300,215 NFT exchanges on Quix.

Quix built the ERC-721 optimism bridge which now forms part of the optimism code base. Data from Dune Analytics showed that the same allowed NFT sales worth 4,033 ETH to take place over a 10-month period.

Source: Dune Analytics

According to the press release, Quix stated that its code “will be freely available for the community to benefit from and build upon, starting January 6, 2023.” Additionally, Quix assured NFT collectors on optimism that NFT trading will soon be redirected to OpenSea. Finally, for NFT creators, Quix has confirmed that its launchpad will remain available until January 18, 2023.

When Optimism launched its OP token in May, Quix volunteered as a delegate to the board. Before its eventual demise, Quix confirmed that it “will continue to participate in the governance of Optimism in the short term, but encourages token holders who have delegated to the Quix team to re-delegate to others.”

Interestingly, when Quix announced its decision to cease operations, Stratos, “Arbitrum’s largest NFT marketplace,” also has been confirmed He was finishing work.

OP is still optimistic

Despite the news that the largest NFT market in its network was shutting down, the original token OP optimism continued to ride the wave of a positive price correction.

Read optimism [OP] Price forecast 2023-2024

according to CoinMarketCap, OP is trading at $0.9229 at the time of writing. Its price is up 5% in the last 24 hours, with $70 million worth of OP tokens being traded over the same period.

At the time of writing, positive investor sentiment is lagging behind the OP. In fact, according to Santiment, the weighted OP sentiment shared a positive reading of 0.513.

It’s cliched to point out that since the FTX crash, investor sentiment has swung between positive and negative. The positive bias towards the OP at the time this article was published reflected the general sentiment in the cryptocurrency market.

In addition, despite the turmoil in the market, many OP holders held on to take a profit and have since held their own since August. The asset’s MVRV ratio, at the time of writing, is 75.12%.

This means that if all OP holders sell their tokens at the current price, they will make double profits on their investment.

Source: feeling

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