No-Fee NFTs Save Immutable X Users $400k in 24 Hours
The success of Immutable X paints a promising picture for the future of Ethereum's Layer 2 scaling solutions.
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The Immutable X L2 NFT marketplace launched yesterday on Apr. 08, making gas fees totally free for users.
$414,480 Saved on Day One of Launch
The Immutable X marketplace opened yesterday, allowing users to buy in-game assets for its Immutable’s own blockchain trading card game, Gods Unchained. Users made 10,362 trades within 24 hours, each of which would have cost around $40 on Ethereum.
The total sum would have amounted to $414,480 — however, for Immutable X users, the transactions were free.
— Immutable | $IMX ⓧ (@Immutable) April 9, 2021
Immutable X users pay zero gas for minting or trading NFTs, and all transactions are enforced by zero-knowledge proof terchnology.
“We’re allowing users to choose between two Validium and ZK-rollups via a system known as “Volition”, and we’re starting by offering maximum scalability via Validium,” said Immutable.
For now, Immutable X only offers trading and minting for Gods Unchained NFTs only, although the platform will integrate more games and partner projects in the future. However, beyond this particular use case, the potential is huge.
Eliminating ETH Gas Fees
Gas fees have been the bane of the Ethereum network all year, with punitively high fees directly contributing to the rise of competing networks like Binance Smart Chain.
Retail users of DeFi have been pushed out due to the death of microtransactions on most protocols.
However, the technology underlying Immutable X could potentially be rolled out to the wider NFT and crpyto marketplaces. Today, a trading card game solved fees. Tomorrow, it may be an automated market maker or decentralized exchange.
The success of Immutable X is proof that Ethereum scaling solutions, complicated as they may be, are capable of solving the network’s problems and facilitating trading on a decentralized metwork, bringing Ethereum closer to its vision of becoming a world computer.