Together Labs has partnered with Immutable X to enable nonfungible token (NFT) transactions in social avatar and commerce platform IMVU.
Together Labs is the parent company of IMVU which is a leading friend discovery metaverse and top-grossing social app that enables approx 1M daily active users to take part in the growing NFT economy while creating and trading digital assets at zero gas fees.
Together Labs believes that Immutable X will boost IMVU users’ virtual experience by adding NFT capabilities to its already-flourishing marketplace that has over 50M virtual goods. The integration is also supposed to enhance the creation of NFTs and remove the complexities for users.
The first layer-2 solution for NFTs on Ethereum, Immutable X, enables up to 9,000 near-instant transactions per second in the case of ERC-20 and ERC-721 tokens. The platform offers zero gas fees and scaling capabilities that exceed the market average leveraging StarkWare’s zk-Rollup.
Image source: Together labs
The integration aims to enable more than 200,000 active IMVU creators to easily create, sell and buy NFTs, while saving large amounts of gas fees and retaining Ethereum’s layer 1 security.
Together Labs said that it is building the next generation metaverse economy, with several strategic milestones including VCOIN, which is a transferable digital currency launched in IMVU in January 2021. IMVU received no-action relief from the SEC Staff to sell VCOIN as a non-security. The easy NFT creation and trading experience for IMVU users will boost its economy along with presenting an adoption opportunity of VCOIN in the NFT space as a whole.
"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." noted, Robbie Ferguson, Co-founder of Immutable X.
Immutable recently raised $60 million from venture capital firms such as Alameda Research and VaynerFund. The platform allows users to monetize NFTs in games. It is also the developer of the Gods Unchained NFT-based collectible card game. Immutable X platform also powers NFT transactions for other firms as well.