How, why and what’s next for the Optimism NFT market

The how and why and what next of Optimism's NFT marketplace packing up

  • Quix announces plans to stop operating in two months
  • OP remained indifferent as its price rose along with the rest of the market.

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

Dune Analytics data, launched on the scalable L2 blockchain ten months ago, showed that 131,532 addresses entered into 300,215 NFT exchanges on Quix.

Quix built the Optimism ERC-721 bridge, which is now part of the Optimism codebase. The same allowed for 4,033 ETH NFT sales over a 10-month period, according to Dune Analytics.

Source: Dune Analytics.

According to a press release, Quix stated that its code “will become freely available for the community to use and build starting January 6, 2023.” In addition, Quix assured NFT faucets on the website Optimism that NFT trading will soon be redirected to OpenSea. Finally, Quix has confirmed to the creators of NFT that its launchpad will be available until January 18, 2023.

When Optimism launched its OP token in May, Quix volunteered to be a governance delegate. Prior to its final termination, Quix confirmed that it “will continue to be involved in the governance of Optimism in the short term, but will encourage token holders who have delegated the Quix team to re-delegate to others.”

Interestingly, when Quix announced its decision to cease operations, Stratos, “Arbitrum’s largest NFT marketplace,” also confirmed that he is curtailing operations.

OP remains optimistic

Despite news of the closure of the largest NFT market on its network, Optimism OP’s native token continued to follow a wave of positive price correction.

Read optimism [OP] Price forecast for 2023-2024

According to CoinMarketCap, OP was trading at $0.9229 at press time. Its price has risen by 5% in the last 24 hours, with 70 million OP tokens sold in the same period.

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

It is trite to note that after the collapse of FTX, investor sentiment fluctuated between positive and negative. The positive bias towards OP at press time reflected the general belief in the cryptocurrency market.

On top of that, despite the turmoil in the market, many OP holders held on with a profit and have held since August. The asset’s MVRV ratio at the time of publication was 75.12%.

This assumed that if all OP holders sold their tokens at the current price, they would earn double the return on their investment.

Source: Sentiment

Written by khirou

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