As NFTs catapulted their way into the mainstream in 2021, usage of the Ethereum network hit an all-time high. Unfortunately, Ethereum wasn’t prepared to handle this volume.
On average, Ethereum can handle around 30 transactions per second. As network congestion increases, so does the price of transaction fees, also known as gas fees. During the last 16-24 months of the NFT hype-cycle, gas fees became exorbitantly high and somewhat unpredictable. Sometimes, a $50 NFT would cost a user $200 in transaction fees.
While this negatively impacted all network users, it was particularly troublesome for those in the blockchain gaming ecosystem, who rely on continuous on-chain micro-transactions for smooth gameplay.
With Ethereum’s scalability issues, there was a dire need for an NFT marketplace with low fees and lightning-fast transactions.
Enter the Immutable Marketplace.
What is the Immutable Marketplace?
The Immutable marketplace is the first gas-free NFT marketplace on the Ethereum blockchain, powered by their layer two scaling infrastructure. Through the Immutable marketplace, gamers now enjoy gas-free transactions of up to 9,000 transactions per second while benefiting from Ethereum’s unparalleled security architecture. Additionally, all transactions on the marketplace are entirely carbon-neutral, making Immutable an environmentally friendly platform for creating and trading digital assets.
While anyone can list NFTs on the Immutable marketplace with only a few lines of code, the marketplace is home to the assets of many notable blockchain gaming titles, including Gods Unchained, Illuvium, Guild of Guardians, Ember Sword, and PlanetQuest.
And the ecosystem is only continuing to grow.
In Q3 2022 alone, Immutable has onboarded about 50 games, with an additional 1,000 being built in a testing environment.
How to Mint an NFT on the Immutable Marketplace
Using Immutable’s easy-to-use software development kits and APIs, developers can tap into Immutable’s infrastructure with only a few lines of code. All developers, regardless of experience, can follow the NFT minting tutorial guide to mint their NFTs directly to the Immutable marketplace.
Once minted, these assets will be spread far and wide to all Immutable-integrated marketplaces thanks to the power of the Immutable global shared order book.
What Tokens Does the Immutable Marketplace Support
Immutable currently supports purchases through ETH and Immutable’s native crypto token, IMX.
All users of the Immutable marketplace are also eligible to earn IMX through IMX Trading Rewards. Each day, Immutable pays out 100,000 IMX to traders across all NFT marketplaces integrated with the IMX global shared order book. Just trade and earn. It’s that simple.
Want to get started? Generate at least $10 of overall daily trading volume from eligible collections. The amount of IMX earned will be proportional to the contribution relative to the trading volume of eligible collections across all marketplaces integrated with the Immutable global order book.
For instance, if the total trading volume is USD 500,000 and a user’s eligible trading volume is USD 12,000, they receive 2.4% of the daily total IMX allocation or 2,400 IMX tokens.