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In one week 33,479 Gods Unchained NFT trades took place on Immutable X, and that saved the community more than $1.3 million in gas fees or transaction costs. Immutable announced these numbers on Friday, putting emphasis on their gas-free scaling solution for NFT minting and trading on the Ethereum blockchain.
Immutable announced that the traded cards had a total value of more than $681,000, with an average of $20,48 per trade. If traders would need to pay gas fees for those trades in the past week, then the fee would probably triple the costs involved in each transaction.
Immutable embraces the concept of ‘micro NFTs’. On Ethereum every NFT that’s worth less than the gas fee or transaction costs, can hardly be traded. However, cheaper NFTs have all the freedom to change hands on Immutable X, because there are no gas costs involved. As a result digital assets can become $2 again.
The lack of gas fees on Immutable X also makes it considerably more attractive to trade. So far 11,777 users have registered to Immutable X, and 1,247 unique wallets have purchased one or more cards each. With 33,479 registered trades, that means that ever buyer acquired an average of 2.84 purchases per buyer.
Quick look at Immutable X
Immutable X uses so-called zk-rollups to allow users to trade and mint NFTs without gas fees. To learn more about zk-rollups we advice you to dive into our education article. Immutable X is a product that uses this zk-rollups technology. Currently it only supports a part of the trading card game Gods Unchained, but they’ll add more in the future.
Immutable X is best described as an Ethereum layer-2 solution built specifically for the creation and transfer of non-fungible tokens or NFTs. More importantly to create the exchange infrastructure for developers building NFT focused dapps to provide a high-quality user experience.
At the moment gamers can only trade trading cards for the game Gods Unchained. However, they will add more products in the coming months. Games like Guild of Guardians, Illuvium and War Riders will come to Immutable X. In addition, NFT farming platform SuperFarmDAO and NFT marketplace OPENSEA also announced their support.
Read more
- Ethereum Rollups: A simple explanation
- Immutable X – The NFT Specific Blockchain