The NFT market has become the most talked-about sector of the crypto market for some months now. A recent analysis even backed up the fact that web searches of NFTs have outpaced that of the DeFi sector. But while everything seems to be going fine in the sector and the listers of the rare digital art pieces see massive returns, the sector has been battling a known illness for some time.
When the decentralized finance sector kicked back to life in the last few minutes months, most retail traders were pushing to enter the scene even though the market has seen a boom since the sector has seen traders back out due to the high cost of Ethereum.
Immutable X will reduce the gas fees on Ethereum
The market growth has been slowed due to the same issues that the DeFi sector has had to face over the last couple of years since its boom, the cost of making an NFT, and sending them on Ethereum. But while most people are still grumbling due to the massive increase in the price associated with NFT.
This gaming platform is solely responsible for a game involving collecting precious pieces; Immutable has announced that they are working on a solution. According to the Gods Unchained producers’ statement, they have announced that a new update known as Immutable X will solve the price issues associated with NFTs.
With the launch of the layer 2 scaling solution created by Immutable, gamers as well makers and sellers of NFTs would see their NFT processed in mass. Immutable announced that even though it was designed on Ethereum, it would afford the users of NFTs to make transactions at zero cost.
Gods Unchained players always complained of high transaction fees
To test the layer 2 scaling solution, Immutable has announced that God’s Unchained would be the first recipient to put the solution to the test. Aside from helping to reduce the cost of making transactions on Ethereum, layer 2 would also provide some other benefits to the users, Immutable.
Immutable also mentioned that it created the layer 2 solution ideally because they had already witnessed the obstacles associated with making large-scale transactions on Ethereum. The Gas Fees charged on the Ethereum blockchain are paid to miners to confirm transactions, which are usually charged in Ether.
These miners secure the Ethereum network, process transactions, and confirm transactions. But recently that the network has constantly been clogged, the miners tend to approve transactions made with higher transaction fees before looking to the ones made with smaller fees. Immutable also mentioned that Gods Unchained players were always complaining about the amount they have had to always pay for making transactions, hence the main reason for the layer 2 solutions.