The Ethereum NFT Marketplace OpenSea introduces gas-free transactions as NFTs are one of the hottest trends in the crypto and general tech today so let’s read more in our latest cryptocurrency news today.
NFTs are one of the hottest trends in the crypto space right now and a new collaboration is making their minting much easier. If you want to issue an NFT on Ethereum, chances are that you will spend about $150 in “gas” to approve, mint, and host your crypto art, digital collectible, and virtual land on the world’s most used blockchain.
The fee stems from charges that you will pay to miners for transacting and interacting with Ethereum and they pose a hindrance for budding artists or high school students that want to make some more money selling digital art. The NFT marketplace OpenSea is one of the world’s biggest NFT marketplace which is trying to solve the problem. According to a press release, the company is bringing gas-fee trading to Ethereum users via a new partnership with Immutable X, as per Nate Chastian who is the head of product at OpenSea:
“Integrating Immutable X enables us to offer users a gas-free trading experience without sacrificing the security of the Ethereum network.”
He added that the company is rolling out the project to support existing immutable X projects and to also make sure that the future game developers and players on OpenSea benefit from the scaling solution. The Immutable X is a gas-free layer 2 protocol for ETH NFTs and this is a collective term to solutions that are designed to help scale applications by handling huge transactions off the main ETH chain. The protocol was touted as a serious contender for the first Layer 2 scaling solution for NFT on the ETH and offered an instant trade confirmation with the scalability of 9000 TPS+ and zero gas fees to users without having to compromise their custody.
Immutable X is coming to OpenSea! We’re excited to announce OpenSea will soon support the trading of NFTs on their gas-free layer-2 protocol, built directly on Ethereum. #Immutable #OpenSea pic.twitter.com/B3Y5j7Lfue
— OpenSea (@opensea) March 31, 2021
It is developed by Australian blockchain firm Immutable which is behind games like Gods Unchained and other NFT focused offerings. The company provides sellers and buyers with real digital property rights and builds infrastructure for marketplaces that are used by developers to provide more value to their users. The new move came on the back of OpenSea by announcing a $23 million fundraise to support the growth of their market of 20 million NFTs last month which is seen as a strong growth period for the NFTs over the past year.