Back to the list

Immutable X Saves NFT Traders $1.3 Million in Gas Fees

beincrypto.com 17 April 2021 18:20, UTC
Reading time: ~2 m

Immutable X has announced that it has saved traders of NFTs over $1.3 million in gas fees. Thanks to its launch of Immutable X.

Immutable X allows users to trade NFTs without having to worry about paying gas fees. The use of zk-rollups means users can now mint and trade cheaper priced NFTs without the hassle of paying enormous gas fees on the ethereum network. 

Immutable X saves traders $1.3 million

The technology currently only supports a part of the trading card game Gods Unchained. While the technology will likely expand to add more projects in the future, Immutable X saw 33,479 Gods Unchained NFT trades completed within one week. Savings traders a staggering $1.3 million in gas fees. 

The Ethereum layer-2 solution is built specifically for the creation and transfer of NFTs. The technology is set to change the way traders transact, allowing microtransactions to now occur thanks to the no gas fee feature. 

Cofounder of Immutable Robbie Ferguson commented on the highlight, “The reason why I’m incredibly proud of the average trade $20 stat, is no $20 trades are happening on mainchain right now due to gas costs. Through Immutable X, we’ve opened up artist experimentation and whole new economies of high volume, micro trades. That’s  31k trades for people, never before possible. Immutable exists for emerging creators and artists and this is immensely rewarding to deliver for our community,” said Ferguson.

The importance of such technology is clearly evident as Immutable X saw 2.8x more transactions through its layer-2 technology than ethereum Layer 1 saw in the same time period.  

The future of zero gas fees looks bright

Immutable CTO Alex Connolly commented on the difficulties of trading NFTs on the ethereum network, “Building an NFT application on Ethereum is even harder. Together with StarkWare and their incredible STARK-rollups, we’ve built a new solution to make NFTs ready for mainstream users and developers without compromising the decentralisation of Ethereum,” said Connolly .

The future of NFTs has begun to look brighter than ever with the release of Immutable X. The technology is set to save NFT traders significant amounts in gas fees. Immutable X is set to change the landscape of how NFT trading is done with their latest feature. 

With ethereum gas fees continuously on the rise, traders are looking for ways to save on gas fees. Ferguson sees this as the first step in transforming the way assets are owned and traded. 

Back to the list