What is the Layer 2 solution for NFT?

A lot of people like NFTs, but don’t like paying for GAS when buying or exchanging them. Some people have heard of gasless Layer 2 solutions, but don’t understand how they work. The most common view is that it is a separate blockchain (sidechain), which does not have the proper support and reliability, and therefore it makes no sense to use it for my NFT.

People are afraid if the Layer 2 project goes bankrupt, they will not be able to access their NFTs. Let’s see how gasless Layer 2 works using Immutable X as an example.

In simple. If an Ethereum mint transaction for one NFT is expensive, then why not to mint thousand NFTs in 1 transaction at a time? If we take the metadata of a thousand NFTs and pack them into a batch that we store in the Ethereum blockchain, we get metadata stored for a thousand NFTs. All we need is a way to retrieve single NFT from the batch.

That’s exactly what Layer 2 does

When you mint your NFT on gasless Layer 2 your metadata is packed together with other metadata and stored in the Ethereum blockchain.

The Immutable X smart contract can retrieve the metadata of your NFT and then mint it for you on Layer 1 Ethereum. This is called withdrawal to Layer 1.

Of course, you will have to pay for gas when you withdraw your NFT, but it also means that your data and your NFTs are secured by the Ethereum blockchain.

Once your NFT minted, its data is stored in Ethereum forever. And even if the company goes bankrupt and sells their servers, you can always withdraw your NFTs to Layer 1 Ethereum and hold them as regular NFT tokens.

Layer 2 from Immutable X has the advantage of gasless minting and trading, with the reliability and security of the Ethereum blockchain.

https://photocentra.com — first stock & art photography marketplace on Immutable X gasless Layer 2 solution.