One of the biggest problem for NFTs is high gas fees. ImmutableX is a Layer 2 scaling solution for NFTs, built on Ethereum. It has no gas fees, instant transactions, and you benefit from the security of the Ethereum network. In this article, I will explain:
- what is ImmutableX
- how it work
- and how to build NFTs projects on it
The token of ImmutableX is IMX. It used to vote on Governance, and for trading fees. It currently has a market cap of $7B, and a total supply of 2B token. Technically Immutable uses ZK rollups, based on the StarkEx technology. This means ImmutableX aggregates many transactions in a single Ethereum transactions, which reduces the gas cost of each individual transaction. It can reach 9000 tps, compared to 15 tps for Ethereum.
There are already more than 45 NFTs projects on ImmutableX like Godunchained, Moodycrows and Astrobros.
In terms of partnerships, there is:
- VeVe, an app to buy NFTs is moving to ImmutableX. VeVe holds licenses to distribute some very popular NFTs like Marvel & DC Comics NFTs.
- A partnership with TikTok
- And finally OpenSea will soon add ImmutableX to its NFT marketplace.
Building on ImmutableX
To create an NFT on ImmutableX, you need to:
- Deploy an ERC721 smart contract on Ethereum, with a special
- Deploy the metadata server.
- Register the NFT with ImmutableX.
- And finally users can mint and trade your NFT on the ImmutableX marketplace
If you want more customization, it’s also possible to build your own marketplace by leveraging the API of ImmutableX. In this case you will want to use the ImmutableX SDK, a typescript client for the ImmutableX API.
In terms of wallet you can use Metamask to connect to ImmutableX.
To see transactions on ImmutableX you can use a website called Immutascan.io
In conclusion I think ImmutableX solves one of the biggest problem for NFTs, which is high transaction fees, while at the same time keeping the security of the Ethereum ecosystem, which is important for NFT collectors.
However, be aware that on ImmutableX you cannot deploy your own smart contract logic. You can only perform one of the standard NFT operations defined by ImmutableX. And this is because of a limitation of the ZK technology.
Next if you want to get started in the world of NFTs as a developer, checkout my new course on NFT, and enjoy the discount for the launch week.