What is Immutable X (IMX)?

A layer-2 scaling solution for Ethereum on which VeVe NFTs are stored, which provides quick, gasless and carbon neutral transactions.

Usage:

VeVe NFTs are stored on the IMX blockhain.

Full Definition:

Ethereum is by far the most popular blockchain for storing NFTs.

However, doing transactions on ethereum is expensive due to the “gas fees” charged for every transaction. The proof-of-work consensus algorithm that ethereum currently uses also uses a lot of energy and computing power.

Ethereum is working to fix many of these issues in an upcoming updated named “Ethereum 2.0”, but in the mean time many scaling solutions built on top of of ethereum (layer 2) have emerged to solve many of these problems.

Immutable X claims to be the first layer 2 scaling solution for ethereum purposely built for NFTs.

IMX offers gas-free transactions, quick transaction times, and is carbon-neutral.

When VeVe was released, its NFTs were originally stored on the GO Chain. However, to gain greater interoperability with the wider NFT ecosystem (among other benefits), VeVe moved their NFTs to the IMX platform in December of 2021.