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The news of Quix’s shutdown plans coming to a halt has been welcomed by many in the NFT community. Quix is Optimism’s largest NFT marketplace and has operated since late 2020.

Surprisingly, the marketplace announced in November 2022 that it would shut down. However, the marketplace has reverted its previous decision and put its shutdown plans on hold. Thanks to a prominent player who intervened to save the platform and keep its operations going.

Quix has also had to overcome another hurdle, having suffered a massive $100,000 exploit last year.

Quix Defies The Odds 

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Quix’s launch in December 2021 was driven by the scalability advantages of Optimism’s Layer 2 scaling solution, which enabled the platform to host notable NFTs, including Oliens, Motorheads, Ganland, and BoredTown.

The team at Quix also constructed an ERC-721 bridge, which is an integral part of Optimism’s design. Sadly, the NFT market saw a downward trend in 2022, which impacted Quix and many other NFT and crypto platforms.

Now that the marketplace has received a financial lifeline, it will remain functional. Meanwhile, platform users will be relieved that it has survived the decline. The team reported that a “prominent player” from the Web3 gaming industry had intervened by providing the cash injection to halt the firm’s shutdown plans.

The report mentioned that a token grant would be given to those dedicated to the project until Feb. 28. The platform’s team further encouraged users to stay positive.

Quix Overcomes Security Breach 

In July 2022, Quix experienced a security breach that resulted in the theft of more than $100k worth of USDC and OP tokens. This occurrence strained the company’s operations.

However, the last few weeks have seen considerable growth for the Optimism network and its OP token. The token’s price has surged 135% compared to ETH since the beginning of the year, and its inclusion in the Coinbase ecosystem has further propelled its value by an additional 14%.

Currently, the total value stored on the network is worth $1 billion, with the Velodrome DEX being the most significant contributor. Many in the NFT community will be delighted that the marketplace will remain operational and provide an excellent environment for NFT trading and collecting.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.