Immutable X and Together Labs sign agreement to create and trade digital assets without gas fees

Immutable X, the first Ethereum-based (ETH/USD) layer-2 solution for NFTs and Together Labs, the parent company of IMVU, signed an agreement to allow one million users to take part in the dynamic NFT economy by creating and trading digital assets without gas fees, Invezz learned from a press release. All of these users are active daily. The Immutable X platform and the IMVU platform will undergo an integration.

Immutable X to boost virtual IMVU user experience

By adding NFT capabilities, Immutable X will boost IMVU users’ virtual experience. The integration will minimize complexities and enhance the creation of NFTs. Over 200,000 active IMVU creators will have the opportunity to create, buy, and sell NFTs easily while enjoying layer 1 security and saving a lot on gas fees.

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Co-founder of Immutable X, Robbie Ferguson, shared:

“We are thrilled at the partnership with IMVU. With Immutable X’s technology, we are offering scalability to every user in IMVU metaverse and allowing them to trade their NFTs seamlessly on Ethereum without compromising on the security of their assets.”

Immutable and StarkWare created Immutable X as a new construct in the world of NFT. The platform guarantees asset trade in an affordable, decentralized, and transparent ecosystem. A partnership between Immutable and Trace will let IMVU users create content without leaving a carbon footprint.

Strategic future milestones

Together Labs is planning a number of key milestones in the context of building the next generation metaverse economy, which includes NFT integration that leverages the Immutable X platform. VCOIN, a transferable digital currency IMVU launched in January this year, is being sold as a non-security with specific relief from SEC.

Sanjay Wahi, senior director of strategy for blockchain at IMVU, said:  

“IMVU users are very accustomed to creating for and buying from our virtual goods marketplace today. With the addition of NFTs and the ability to leverage the Immutable X platform, we will be able to enhance this experience in a seamless way that should drive even more adoption from both creators and users.”