The NFT site says it will use Immutable X to kill the trading fees that have shocked newcomers.
Non-fungible token (NFT) market OpenSea is planning to integrate an Ethereum scaling solution in an attempt to remove expensive gas charges, an obstacle for many new users who rush into the NFT space.
The market says it will add support for trading via the decentralized Immutable X protocol. OpenSea said on Wednesday that the technology will provide instant trading confirmation, greater scalability and zero gas rates.
“The integration of Immutable X allows us to provide users with a gas-free trading experience, without sacrificing the security of the Ethereum network,” said OpenSea’s head of product, Nate Chastain. “We are launching this for … future game developers and players on OpenSea who will benefit from this scaling solution.”
The protocol is capable of processing more than 9,000 transactions per second, according to a press release.
“We built Immutable X as a ZK-rollup in partnership with StarkWare,” wrote the company in an October 2020 blog post. ZK rollups are a cryptographic method for checking and settling transactions in bulk. StarkWare, a leading developer of the technology, recently raised $ 75 million of Series B.
In his blog post, Immutable X added:
“ZK-rollups are the only solution above capable of scale without compromise, and though they still have disadvantages in the area of general computation, those challenges are rapidly being resolved.”
OpenSea is one of the largest NFT markets in the world and has stood out with the recent hype and demand in everything from tokenized art and music to digital wearables.
The platform recently announced a $ 23 million fundraiser led by Silicon Valley venture capital firm Andreessen Horowitz in an effort to support its 100x growth in the past six months.
“OpenSea support is a great addition to Immutable X and a step forward in scaling Ethereum NFTs,” said Immutable co-founder Robbie Ferguson. “We are looking forward to supporting your insane exponential growth with our protocol.”