VeVe, the leading mobile-first digital collectible platform, announced a partnership with Immutable X, the first layer-2 scaling solution for carbon-neutral non-fungible tokens (NFTs) built on Ethereum. The collaboration paves the way for VeVe to scale its App from its current user base of 300,000 collectors and provide millions of everyday consumers seamless, secure and carbon-neutral experiences in the world of digital collectibles across all fandoms.
Non-fungible tokens (NFTs) have been around as early as 2014 but have recently popularized to become the world’s most booming digital assets that represent real-world items. Although NFTs seem to appeal to only the gaming industry at first, VeVe has proven that the potential is beyond in-game items with growing interest for NFT art, music, film and animations. Their recent drop of the DeLorean Time Machine from Back to the Future- featuring 87,000 NFTs- sold out in just a few hours generating millions in revenue.
“Neutralizing our carbon footprint and environmental impact has been a top priority for VeVe,” said David Yu, CEO of VeVe. “Immutable X is the ultimate partner to continue this effort and we’re beyond thrilled to partner with them to bring our ever-growing community of digital collectors a seamless, secure and environmentally friendly experience.”
VeVe brings premium licensed NFT digital collectibles to the mass market at the touch of your fingertips as their services are easily accessible via the App Store and Google Play.
With over 500,000 NFTs sold and USD $30 million in NFT transactions, their platform has united all types of fandoms across the globe with an ever-expanding roster of high-profile partners such as DC Comics, Cartoon Network, Star Trek, tokidoki, Ghostbusters, and Back to the Future. Whether the VeVe user is into pop culture, gaming, sports or film, there’s a NFT for everyone to buy, sell or bid directly on the VeVe platform.
VeVe also offers users the ability to proudly display their digital collectibles with customizable, virtual and limitless-sized showrooms that have AR photo capabilities for an immersive 3D experience.
The future of the NFT industry is interoperable, and moving to Immutable X offers VeVe collectors more options when it comes to storing, trading and interacting with their digital assets. VeVe’s partnership with Immutable X will also help to advance the platform’s security, scalability and visibility, whilst maintaining the company’s ethos of environmentally friendly digital assets.
“VeVe switching to Ethereum proves that scale, user experience, and carbon-impact no longer has to be a trade-off with core decentralization. We’re thrilled to help create a scalable way for hundreds of thousands of people to use Ethereum’s open ecosystem,” said Robbie Ferguson, co-founder of Immutable.
Immutable X was created by Immutable, the team behind one of Ethereum’s highest-grossing trading card games, Gods Unchained. Immutable X teamed up with StarkWare, leading zero-knowledge proof provider, in order to provide instantaneous, gas-free transactions while retaining the security of Ethereum. Since its official Alpha marketplace launch in early April this year, Immutable X has proven to achieve scalability with up to 9,000+ trades per second.
Immutable X will help VeVe to transition from a centralized blockchain to Ethereum and enable NFTs to be minted, traded, earned, shared and collected gas-free. Plus, users will be able to gain improved UX through instant like magic trades and feel more secure on a decentralized blockchain environment.
Financial restrictions due to high gas fees can limit the NFT industry growth at scale. Communities won’t flourish when there are high barriers to entry, especially for the mass market newcomers. The partnership between Immutable X and VeVe can play a significant example of bridging the gap between the existing NFT enthusiasts and the general public, and meeting the needs of all types of artists and collectors across the globe.