Have you considered buying an NFT or two? If so, one of the biggest turnoffs you likely faced was the fact that gas fees are charged with each transaction. Essentially, the vast majority of NFTs are validated through the Ethereum blockchain. However, gas fees, with amounts based on supply and demand, are charged with each transaction.
Well, in recent times, non-fungible tokens have become overwhelmingly popular, and supply and demand-based gas fees have skyrocketed. In fact, during most times of the day, if you want to purchase one of these digital collectibles, you’ll need to shell out at least $100 in ETH above and beyond the actual sale price of the token.
This also poses another major issue.
You see, transactions on the blockchain take quite a bit of energy consumption to make them happen. As NFTs and cryptocurrencies become more popular, the energy consumption is climbing, leading to environmental concerns.
Nonetheless, I’ve been explaining for some time now that any industry goes through growing pains, and while NFTs and crypto, as they sit today, are very energy-intensive assets, I’ve pointed to the fact that this will change, and thanks to an announcement made this morning, it looks like both issues, gas fees and environmental concerns, are being met with a reliable solution. Here’s what’s going on:
Mintable & Immutable Say Goodbye to Gas Fees & Environmental Concerns
In an effort to solve some of the biggest problems facing NFTs today, Mintable has announced an integration with Immutable X. Immutable X is the first Layer 2 scaling solution for NFTs on Ethereum, created by Immutable in partnership with StarkWare.
In the press release, Mintable said that following the integration, all existing and future L2 projects will be accessible on its marketplace, allowing around 10 million monthly visitors to seamlessly trade over 24 million gas-free and 100% carbon neutral collectibles.
So, what will Immutable X do for the NFT community?
Ultimately, what we’re talking about here is a Layer 2 scaling option that aims to promote mainstream NFT adoption by offering gas-free minting and trading and self custody alongside a seamless user experience for developers and consumers.
Importantly, the platform is also ensuring carbon neutrality by purchasing carbon credits to offset the gas consumed on Ethereum.
This is just another step Mintable is taking to make NFTs more accessible and environmentally friendly. We’re talking about the platform that pioneered gasless minting, batch minting, royalties, and credit card purchases of NFTs. Not to mention, the company recently aggregated all ERC-721 tokens on Ethereum and they’re now available through the Mintable marketplace along with everything on Immutable X.
In a statement Jiawen Ngeow, COO of Mintable, had the following to offer:
“Accessibility has always been at the heart of what we do here at Mintable. This partnership brings us a step closer to our vision of making Mintable the most accessible and cost effective place for buying and selling NFTs in the world.”
The above comment was followed up by Robbie Ferguson, co-founder of Immutable. Here’s what he had to say:
“This partnership is a tremendous addition to our growing Immutable X’s ecosystem. We want to be everywhere NFT fans are and Mintable’s dedication to break new ground in empowering audiences with smart contracts is mind-blowing. We are excited to welcome these communities and work with Mintable to scale NFTmarketplaces.”
The Bottom Line
The bottom line here is the same one that I’ve been pointing to for some time. While there are some accessibility and environmental concerns surrounding NFTs, it’s important to remember that the industry is in its infancy. As a result, over time, continued innovation will weed these issues out. Today’s news is proof of that with two of the biggest problems with the space now being addressed by leaders in the industry.