OpenSea has announced it will use Immutable X to cut gas charges. The NFT marketplace is designed to support trading in digital collectibles with their Ethereum-based gas-free Layer 2 protocol without compromising on security.
OpenSea has announced plans to integrate an Ethereum Layer 2 protocol that will allow the platform to offer users free gas trading. It does this when the NFT market advances to dominate the industry. In recent months, the marketplace has become a favorite for collectors and artists.
After a humble start in 2017, this year has turned out to be the best year, largely driven by the demand for NFTs. In March, the platform transacted more than $ 147 million. In addition, the platform managed to raise $ 23 million with high profile personalities like Mark Cuban and Andreessen Horowitz on the investor list.
OpenSea Commit to Ethereum
However, as the platform continues to attract more users, it has come under pressure. Gas charges and speed have become major drawbacks for new and existing traders on OpenSea. As an Ethereum based market, it has had the same problems as Ethereum for the past few years. Inability to scale and high gas charges. However, the team came up with an elegant solution that ensures that Ethereum will not leave.
On Wednesday OpenSea announced the integration of an Ethereum Layer 2 protocol. Immutable X was created for NFTs on Ethereum. It offers no trading fees, instant confirmations, and claims that can achieve up to 9,000 transactions per second.
“By integrating Immutable X, we can offer users a gas-free trading experience without compromising the security of the Ethereum network,” said OpenSea Product Manager Nate Chastain. “We’re rolling this out for … future game developers and gamers on OpenSea who will benefit from this scaling solution.”
The demand for NFTs is increasing steadily, which is mainly due to the growing trend of digital exhibitions. As the first and largest NFT market, OpenSea could set a trend that other NFT marketplaces will soon follow.
Problems with the scalability of NFTs
According to a blog post by Immutable X, NFTs on Ethereum are currently facing a scaling crisis. Several solutions have been proposed, including plasma chains, state channels, and ZK rollups, which Invariant X is considered to be. This solution has caused a stir as it allows for high batch security confirmations. It is said:
“Generally, users put their assets in an on-chain smart contract and their assets are made available for immediate trading in an off-chain environment. Users can then withdraw from the chain under certain conditions … “
This enables a high speed of transactions without compromising security. This solution was praised by Ethereum founder Vitalik Buterin, who further pointed out that the entire Ethereum ecosystem is likely to be all-in rollups as a scaling strategy.
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Kiguru is a good writer with a penchant for innovation, finance, and the convergence of the two. A company that holds on to the breakthrough ability of cryptographic forms of money and blockchain. When he’s not in his office, he’s tuned in to Nas, Eminem, and The Beatles.
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