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Together Labs has teamed up with Immutable X to allow nonfungible token (NFT) transactions in its social avatar and commerce platform IMVU.
The Redwood City, California Together Labs, owner of the IMVU social avatar platform, developed VCoin as a transferable digital currency made for the metaverse, the universe of virtual worlds that are all interconnected, like in novels such as Snow Crash and Ready Player One.
Now it will use Immutable X to allow NFT transactions in IMVU, enabling customers to produce and trade exclusive digital things based on NFT technologies, which utilizes the blockchain — the safe and transparent digital ledger — to authenticate one-of-a-sort things.
Sydney, Australia-based Immutable lately raised $60 million. It developed a platform on top rated of Ethereum to monetize NFTs in games, and it is also the creator of the Gods Unchained NFT-based collectible card game. It is applying its Immutable X platform to energy NFT transactions for other businesses as effectively.
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Players in IMVU produce their personal virtual things, like clothes or furnishings for men and women to use with their social avatars. When other players get these things, the creators make cash in the blockchain-based VCoin cryptocurrency. IMVU gets a reduce when men and women money out their VCoin.
IMVU received a crypto-centric no-action letter from the employees of the U.S. Securities and Exchange Commission (SEC), enabling IMVU to sell VCoin as a transferable non-safety. The benefit of teaming up with Immutable X is that Together Labs gets access to a layer-2 resolution for NFTs on the well-liked Ethereum blockchain.
Ethereum has lots of customers that can confirm blockchain transactions in a safe way. But it is slow when it comes to processing transactions and it also utilizes a lot of computing power. To offset that, Immutable developed Immutable X to speed up the transactions tremendously.
The higher power expenses translated to large costs, identified as gas costs, for Ethereum transactions. But by lowering the computing and power expenses, Immutable X also lowers the gas costs, and Immutable partnered with Trace to get carbon credits necessary to offset the gas costs and power footprint of any NFT developed or traded on Immutable X to zero, the businesses mentioned.
The partnership enables IMVU’s one million everyday active customers to participate in the expanding NFT economy while creating and trading digital assets at zero gas costs. The Immutable X platform will be integrated very first into Together Labs’ IMVU platform.
Immutable X will enhance IMVU users’ virtual expertise by means of adding NFT capabilities to its currently-thriving marketplace that has more than 50 million virtual goods. Plus, the integration need to boost the creation of NFTs and get rid of the complexities for customers. Ultimately, more than 200,000 active IMVU creators will be in a position to simply produce, sell and get NFTs — when saving on gas costs and taking benefit of Ethereum’s safety.
Immutable X was developed by Immutable, in partnership with StarkWare, to allow a platform for generating and trading NFTs.