Quix NFT Market Saved From Shutdown by Web3 Gaming Player

Optimism’s largest NFT marketplace has revealed that it will not shut down after all. The team revealed that a prominent player from the web3 gaming space had swooped in.

Quix, the largest NFT marketplace on Optimism, has announced that it will not shut down its marketplace. The team tweeted on Feb. 28 that a “prominent player from the web3 gaming space” had become involved, saving the marketplace from closure.

We’ve got some major news to announce! The looming shutdown of Quix Marketplace is no longer happening. We can’t reveal too much yet, but a prominent player from the web3 gaming space has a plan to keep the mission and community of Quix alive! Stay tuned for more announcements.
— Quix 🔴✨ (@qx_app) February 28, 2023

Quix announced in November 2022 that it would close its marketplace — with the closure date set for Feb. 28. The team has left it until the last minute to inform users of the rescue.

Launched in December 2021, Quix picked Optimism because of the scalability benefits that the layer 2 scaling solution offers. Popular NFT projects that have had a place on Quix include BoredTown, Oliens, Motorheads, and Ganland. Quix even built the ERC-721 bridge, which is an important part of Optimism’s design.

NFTs experienced a massive surge in popularity since their launch, but 2022 also saw the market decline over time. Quix wasn’t the only platform affected by it, but users will breathe relief that the marketplace will continue to exist.

Quix Comes Back From the Brink

The plans to shut down came as something of a shock to the crypto community. The project did announce at the time that it would open source the code on behalf of the Optimism community, but users nonetheless felt dejection.

GM everyone! We’re thrilled to announce that the codebase for Quix is now open-source. This includes the frontend and backend code for the NFT marketplace, the NFT indexer, and the launchpad. Now any developer will be able to deploy or extend any part of Quix!
— Quix 🔴✨ (@qx_app) February 13, 2023

The shutdown announcement also mentioned that a token grant would be offered retroactively to contributions and the community until Feb. 28. The team ended by saying that it remained optimistic about the NFT ecosystem’s future, and it appears that the optimism was well-founded.

Quix Suffered an Exploit Last Year

Quix has suffered other incidents that have put a strain on its efforts. In July 2022, it suffered from an exploit that led to the theft of over $100,000 in OP and USDC. It announced that it would refund all the stolen tokens.

We can confirm that a recent update to our marketplace contract was exploited, allowing a hacker to steal approved ERC-20 tokens
1. We will be refunding all stolen ERC-20 tokens
2. NFTs remain safe and are not affected by the exploit
3. All marketplace activity remains paused https://t.co/wBYt903QVO
— Quix 🔴✨ (@qx_app) July 1, 2022

Meanwhile, the Optimism network and its OP token have experienced solid growth over the past weeks. The token has grown substantially since the start of the year, rising 135% against ETH. The fact that Coinbase joined its ecosystem helped the token gain 14%. The total value locked currently stands at $1 billion, with the Velodrome DEX being the biggest platform on the network.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.

Source: https://beincrypto.com/optimisms-largest-nft-marketplace-quix-shutdown-plans-hold/