Wrapping up the hows and whys and what’s next of Optimism’s NFT marketplace

Wrapping up the hows and whys and what’s next of Optimism’s NFT marketplace

  • Quix announces plans to cease operations within two months
  • OP was unfazed as the price moved up with the rest of the market

On November 23, Quix, the largest NFT marketplace on Optimism, announced its decision to cease operations by February 28, 2023.

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

Quix built an Optimism ERC-721 bridge that is now part of the Optimism codebase. The same allowed NFT’s sales worth 4,033 ETH to trade over the 10-month period, data from Dune Analytics revealed.

Source: Dune analysis

According to the press release, Quix stated that starting January 6, 2023, the code would become “freely available for the community to use and build with”. In addition, Quix assured NFT collectors on Optimism that NFT trading would soon be redirected to OpenSea. Finally, for NFT makers, Quix confirmed that the launchpad would remain available until January 18, 2023.

When Optimism launched its OP token in May, Quix volunteered as a board delegate. Before the final shutdown, Quix confirmed that it would “continue to participate in the Optimism board for the foreseeable future, but would encourage token holders who delegated to the Quix team to re-delegate to others.”

Interestingly, when Quix announced its decision to cease operations, Stratos, “the largest NFT marketplace on Arbitrum,” also confirmed that it was winding down operations.

OP remains optimistic

Despite the news of the largest NFT marketplace on its network being shut down, Optimism’s native token OP continued to ride the wave of positive price correction.

Read Optimism [OP] Price forecast 2023-2024

According to CoinMarketCap, OP was trading at $0.9229 at the time of going to press. The price is up 5% in the last 24 hours, with $70 million OP tokens traded in the same period.

At the time of writing, positive investor sentiment lagged OP. In fact, according to Santiment, OP’s weighted sentiment shared a positive reading of 0.513.

It’s trite to point out that since the collapse of FTX, investor sentiment has fluctuated between positive and negative. The positive bias of the press towards OP reflected the general belief in the cryptocurrency market.

Moreover, despite the turmoil in the market, many OP holders have turned a profit and have done so since August. The MVRV ratio of the asset was 75.12% at the time of going to press.

This suggested that if all OP holders sold their tokens at the current price, they would realize double profits on their investments.

Source: Sentiment

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