Immutable has announced that it has saved NFT traders over $ 1.3 million in gas fees thanks to the launch of Immutable X.
Immutable X allows users to trade NFT without having to worry about paying gas fees. The use of zk-rollups means that users can now coin and trade NFT at cheaper prices without the hassle of paying huge gas fees on the Ethereum network.
Immutable X saves traders $ 1.3 million
The technology is currently only supported by a portion of the Gods Unchained trading card game. While the technology will likely expand to add more projects in the future, Immutable X saw 33,479 Gods Unchained NFT trades completed in one week.
The savings for traders amount to a staggering $ 1.3 million in gas fees.
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The Ethereum Layer 2 solution is specifically designed for NFT creation and transfer. The technology is set up to change the way traders trade, allowing micro transactions to happen now thanks to the no gas fee feature.
Immutable co-founder Robbie Ferguson commented on the highlights:
“The reason I’m incredibly proud of the $ 20 average trading stat is that there are no $ 20 trades on the main chain right now due to gas costs.”
“Through Immutable X, we have opened up artist experimentation and entirely new economies of high-volume micro trades. That’s 31 thousand trades for people, never before possible. Immutable exists for emerging creators and artists and this is immensely rewarding for our community. “
The importance of such technology is clearly evident since Immutable X saw 2.8 times more transactions through its Layer 2 technology than Ethereum’s Layer 1 saw in the same period of time.
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The future of zero gas tariffs looks bright
Immutable CTO Alex Connolly commented on the difficulties of trading NFT on the Ethereum network:
“Creating an NFT application on Ethereum is even more difficult. Together with StarkWare and their amazing STARK cumulative packages, we have created a new solution to make NFTs ready for mainstream users and developers without compromising the decentralization of Ethereum. “
The future of NFTs has started to look brighter than ever with the release of Immutable X. The technology is set up to save NFT traders significant amounts on gas fees.
Immutable X is set up to change the landscape of how NFT trading is done thanks to its latest feature.
With Ethereum gas rates steadily increasing, traders are looking for ways to save on gas rates. Ferguson sees this as the first step in transforming the way assets are owned and traded.
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