A partnership between Coinbase NFT and 0x protocol has sent the ZRX token soaring, with a 47% rally over the past 24-hours.

0x (ZRX), the native token behind the 0x protocol, has rallied by more than 47% following an announcement that it will power Coinbase’s NFT marketplace.

ZRX is now nearing market cap of $1 billion as it trades at a five-month high of $1.09.

Trade volume over the past 24-hours has also seen a significant uptick, rising by more than 3,000% to $1.25 billion, its largest volume spike since February 2021.

Coinbase said that its NFT platform will utilize 0x protocol’s “powerful multi-chain NFT swap support”, as well as the up to 54% more gas efficiency. The protocol will also enable Coinbase NFT to reward creators with instant royalties as well as free, non-custodial listings.

“We’re thrilled that Coinbase is using 0x to power their new social marketplace for NFTs and anticipate this launch will unlock a massive wave of new users into the blockchain space,” said Will Warren, co-founder and co-CEO of 0x Labs.

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