How and why and what next Optimism’s NFT marketplace is being packaged together

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

November 23, Quix, the largest NFT marketplace for optimism, announced its decision to cease operations by 28 February 2023.

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

Quix built an Optimism ERC-721 bridge that now forms part of Optimism’s codebase. The same enabled NFT sales worth 4,033 ETH to be transacted during the 10-month period, data from Dune Analytics revealed.

Source: Dune Analytics

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

When Optimism launched its OP token in May, Quix volunteered to be a governance delegate. Before the final termination, Quix confirmed that it would “continue to participate in Optimism’s governance in the short term, but encourages 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 is still optimistic

Despite the news that the largest NFT marketplace on the network is shutting down, Optimism’s original token OP continued to ride the wave of positive price correction.

Read Optimism [OP] Price prediction 2023-2024

In accordance CoinMarketCap, OP was trading at $0.9229 at press time. The price rose by 5% in the last 24 hours, with $70 million OP tokens traded in the same period.

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

It is trite to point out that since FTX collapsed, investor sentiment has fluctuated between positive and negative. Press time’s positive bias towards OP mirrored the general sentiment in the cryptocurrency market.

In addition to this, despite the turmoil in the market, many OP holders held on to profits and have since held since August. The asset’s MVRV ratio, at press time, was 75.12%.

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

Source: Sentiment