Immutable X Aims to Make NFTs Scalable, Cheaper on Ethereum
Ethereum’s soaring popularity among DeFi and NFT apps has led to several problems on the network over the past few months, especially related to network congestion and high gas fees. However, Immutable X is one interesting project that is working to tackle these issues and allow developers to build NFTs on Ethereum with high speed transactions and almost no gas fees.
Calling itself the leading Layer 2 scaling solution for NFTs on Ethereum, Immutable X offers instant trades and a carbon neutral platform to develop NFT marketplaces, games and dApps, all in a matter of a few hours. It is backed by the security Ethereum provides while being extremely scalable – it touts a transaction speed as high as 9,000 TPS, a feat that the original L1 blockchain comes nowhere close to.
Things have been busy in the Immutable X ecosystem over the past few weeks – some of the biggest names collaborating with the platform to launch NFT platforms include TikTok, VeVe, Disney, Marvel, and now, most recently, e-sports giant ESL Gaming. The partnership with ESL Gaming will allow the company to offer NFT minting and trading on its platform, scheduled to launch along with the ESL Pro Tour CS:GO gaming competition – its flagship tournament.
Its success is also potentially pulling projects off other ecosystems, and one that could be affected is popular Ethereum Layer 2 scaling solution Polygon. Last week, Bright Star Studio’s Project Ember Sword announced that it was shifting to Immutable X from Polygon by the end of this year. This develop will boost Immutable X by bringing 48,000 Ember Sword NFTs and over 35,000 players to its ecosystem.
Another interesting partnership announced recently is that with instant gaming leader Playco, which will allow the company to offer gas-free and carbon neutral NFTs within its instant-play games for over 500 million users around the world. According to the President and Co-founder at Immutable X, Robbie Ferguson, “Immutable X makes it very easy for leading game companies to integrate NFTs into their experiences without sacrificing security and speed, and we are thrilled to power Playco’s foray into NFTs.”
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