Together Labs, Parent Company of VCOIN and IMVU Partners with Immutable X in Gasless NFT Economy
Immutable X, the first layer-2 solution for NFTs on Ethereum, has signed an agreement with Silicon Valley-based Together Labs, the parent company of IMVU, the leading friend discovery metaverse and top grossing social app, to enable 1M daily active users to participate in the growing NFT economy while creating and trading digital assets at zero gas fees. The Immutable X platform will be integrated first into Together Labs’ IMVU platform.
IMVU is well known for creating a platform for users across the globe to make meaningful social connections in a virtual space. Players can explore tens of thousands of user-created rooms and experiences, customize and create 3D avatars, meet new friends, chat, create, host and attend live events, play games and shop the latest digital fashions.
Immutable X will boost IMVU users’ virtual experience via adding NFT capabilities to its already-thriving marketplace that has more than 50 million virtual goods. Plus, the integration should enhance the creation of NFTs and remove the complexities for users. Ultimately, more than 200,000 active IMVU creators will be able to easily create, sell and buy NFTs — while saving massive amounts of gas fees and retaining Ethereum’s layer 1 security.
Immutable X was created by Immutable, in partnership with StarkWare, to build a new paradigm in the NFT world and ensure assets are traded in a transparent, decentralized, and affordable ecosystem. Plus, Immutable partnered with Trace to buy carbon credits needed to offset the energy footprint of any NFT created or traded on Immutable X to zero. This partnership will allow IMVU users to create content, express their art, style and more all without worry of carbon footprint.
Together Labs is building the next generation metaverse economy, with several strategic milestones including VCOIN, a transferable digital currency launched in IMVU in January 2021, and soon the integration of NFTs leveraging the Immutable X platform. IMVU received no-action relief from the Securities and Exchange Commission (SEC) Staff to sell VCOIN as a non-security. The seamless NFT creation and trading experience for IMVU users could boost its economy but also present an adoption opportunity of VCOIN in the NFT space as a whole.
“IMVU users are very accustomed to creating for and buying from our virtual goods marketplace today,” said Sanjay Wahi, senior director of strategy for blockchain. “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.”
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.”
Learn More about the recent announcement in VentureBeat and Cointelegraph.
Stay tuned to the VCOIN social channels to learn more about the integration between VCOIN and NFTs on IMVU. BIG stuff coming soon!
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