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

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

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

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

Quix built an Opti­mism ERC-721 bridge which now forms part of Optimism’s code­base. The same allowed for NFTs 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 its code would “become freely avail­able for the com­mu­ni­ty to lever­age 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 its launch­pad would remain avail­able till 18 Jan­u­ary 2023. 

When Opti­mism launched its OP token in May, Quix vol­un­teered to be a gov­er­nance del­e­gate. Before its final ces­sa­tion, Quix con­firmed that it would “con­tin­ue to par­tic­i­pate in Optimism’s gov­er­nance in the short term, but 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 news that the largest NFT mar­ket­place on its net­work is clos­ing down, Optimism’s native token OP con­tin­ued to ride the wave of pos­i­tive price correction.

Read Optimism’s [OP] Price Pre­dic­tion 2023–2024

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

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

It is trite to point out that since FTX col­lapsed, investors’ sen­ti­ment has oscil­lat­ed between pos­i­tive and neg­a­tive. The press time pos­i­tive bias towards OP mir­rored the gen­er­al con­vic­tion in the cryp­tocur­ren­cy market. 

In addi­tion to this, despite the tur­moil in the mar­ket, many OP hold­ers held at a prof­it 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 prof­its on their investments. 

Source: San­ti­ment

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