ImmutableX, a layer-two scaling solution to Ethereum, allows the transfer of non-fungible tokens off-chain while maintaining their on-chain integrity. It was designed to make trading NFTs faster and more efficient on the Ethereum network, especially for transactions with high volumes and high values.
ImmutableX works by creating a “mirror” of an NFT on ImmutableX network. This mirror is made up of a group validators who verify and confirm that the NFT is authentic. The NFT is then moved off-chain to ImmutableX, where it can trade and transfer more efficiently than the Ethereum main blockchain. The ImmutableX network records the ownership information updated on the Ethereum mainchain, which ensures that the NFT’s integrity on-chain.
ImmutableX’s ability to dramatically reduce the price of trading NFTs on Ethereum is one of its main advantages. The actual transfer of NFTs takes place off-chain so it doesn’t require as much computational power as an on-chain transaction. This allows traders to avoid high gas fees that can prove prohibitive for some users.
ImmutableX can also be scaled, processing up to 1000 transactions per second. This makes it ideal for high-volume NFT trading such as digital art marketplaces and gaming platforms.
ImmutableX’s security is another key feature. A group of validators is responsible for verifying the authenticity of NFTs and protecting the ImmutableX network. This ensures that NFTs sent over the network are authentic and not counterfeit.
ImmutableX, which allows the efficient and cost-effective trade of NFTs while maintaining their integrity on-chain, is a good solution for Ethereum. This could be a significant step towards the adoption of NFTs on Ethereum in high-volume, high-value sectors.