Switcheo Labs gears up to launch an NFT marketplace on Zilliqa

Switcheo Labs, the organization behind Switcheo Network, is planning to roll out a non-fungible token (NFT) marketplace on Zilliqa. The company unveiled this news through a blog post on September 4, noting that the marketplace aims to meet the need of the NFT enthusiasts, collectors, and artists within the Zilliqa ecosystem. Reportedly, the platform will go live on the ZilSwap, an on-chain decentralized exchange that runs on Zilliqa.

According to the blog post, Zilliqa has been trying to get a share of the booming NFT market. However, its ecosystem is still in its infancy stages, compared to Ethereum, which currently dominates the industry. To this end, Switcheo Labs decided to launch an NFT marketplace on Zilliqa to help expedite the growth of NFTs within its ecosystem.

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Bullish that this launch will be beneficial for both Zilliqa and the NFT industry, Switcheo Labs noted that ZilSwap currently serves the majority share of DEX users within the Zilliqa community. As such, it is well-positioned to secure a sizeable portion of the NFT industry. This move will also cement ZilSwap’s position as a leading platform on Zilliqa.

An NFT sale to commemorate the platform’s launch

The marketplace will, allegedly, feature a cross-chain bridge dubbed ZilBridge. Powered by Switcheo TradeHub, this functionality would enable the bridging of NFTs from Ethereum to Zilliqa and vice-versa. Through this feature, Switcheo Labs and Zilliqa believe they will reach their shared goal of creating more inclusive markets and open economies.

To celebrate the upcoming launch of this marketplace, Zilliqa and Switcheo Labs will be holding a public sale of a commemorative NFT collection dubbed The Bear Market on September 15. Apart from marking the platform’s launch, this collection also shows the collaboration between Switcheo and Zilliqa is sustainable and long-lasting. Additionally, it will celebrate ZilSwap’s first anniversary.

This news comes as Zilliqa (ZIL/USD) continues performing bullishly. At the time of writing, the coin is up 4.41% in 24 hours to change hands at $0.1321 (£0.095). This value also depicts a 20.85% gain over the past seven days. However, unlike leading cryptocurrencies, which are inching closer to their all-time highs, ZIL’s current price symbolizes a 48.82% drop from its May 6 ATH of $0.2563 (£0.19).