What is Immutable X? A Guide to the Layer 2 Blockchain for Buying NFTs on TokenTrove

ImmutableX is a Layer 2 blockchain with a higher amount of transactions per second compared to Ethereum. It also boasts near-zero fees per transaction. ImmutableX ties its transactions to the Ethereum blockchain, allowing it to borrow from Ethereum’s security while scaling its transactions per second.

To buy and sell NFTs on TokenTrove, you'll need to use your MetaMask wallet to interact with the ImmutableX network.

What Is TokenTrove? A Marketplace for Buying and Selling NFTs on Immutable X

TokenTrove is a decentralized marketplace built on the Immutable X blockchain, a Layer 2 solution for Ethereum that allows for fast and secure NFT transactions with near-zero fees.

As one of the first NFT marketplaces to utilize Immutable X, TokenTrove has quickly gained popularity among collectors and creators looking for a more cost-effective and efficient way to buy and sell NFTs.

Benefits of Using a Layer 2 Blockchain Like ImmutableX

As Ethereum gas fees continue to rise, many NFT collectors and creators are turning to Layer 2 blockchains as a more cost-effective and efficient way to buy, sell, and trade NFTs. Here are some of the benefits of using a Layer 2 blockchain like ImmutableX:

1. Low fees: Layer 2 blockchains like ImmutableX offer significantly lower transaction fees compared to Ethereum, which can help collectors save money and increase their buying power. For example, transactions on ImmutableX are near-zero fees, making it an attractive option for buying and selling NFTs.

2. Fast transactions: Layer 2 blockchains can process transactions faster than Ethereum, thanks to their use of sidechains or off-chain scaling solutions. ImmutableX, for instance, has a higher amount of transactions per second compared to Ethereum, allowing for quicker confirmation times and smoother user experiences.

3. Scalability: By moving transactions off the Ethereum mainnet and onto a Layer 2 blockchain, users can enjoy greater scalability and reduced network congestion. This means that more transactions can be processed in less time, without the need for expensive gas fees.

4. Security: Layer 2 blockchains like ImmutableX borrow from the security protocols of Ethereum, which is considered one of the most secure blockchains in the world. ImmutableX uses advanced security measures like zk-rollups to protect users and prevent fraud.

5. Compatibility: Many Layer 2 blockchains, including ImmutableX, are compatible with existing Ethereum-based applications and wallets like MetaMask. This makes it easy for collectors and creators to use their existing tools and infrastructure when buying and selling NFTs on Layer 2 marketplaces like TokenTrove.

By using a Layer 2 blockchain like ImmutableX, NFT collectors and creators can enjoy a range of benefits that help them save money, reduce transaction times, and increase their buying power. As more Layer 2 solutions emerge, it's likely that we'll see even greater innovation and experimentation in the NFT space.

Comparison of Gas Fees on Ethereum vs. ImmutableX

Gas fees on Ethereum have become a significant barrier for many NFT collectors and creators, as they can make buying and selling NFTs prohibitively expensive. However, with the rise of Layer 2 blockchains like ImmutableX, users can access a more cost-effective and efficient way to transact NFTs.

One of the most significant advantages of ImmutableX over Ethereum is its near-zero transaction fees. Because ImmutableX is built on top of Ethereum as a Layer 2 solution, it is able to take advantage of Ethereum's security and decentralization while processing transactions faster and more affordably.

To put this into perspective, the average gas fee on Ethereum can range from a few dollars to hundreds of dollars, depending on network congestion and other factors. In contrast, transactions on ImmutableX are processed with near-zero fees, making it a much more cost-effective option for buying and selling NFTs.

This cost savings can be especially significant for high-value NFT transactions, where gas fees can quickly add up and eat into profits. By using ImmutableX, NFT creators and collectors can access a more affordable and scalable way to transact digital assets, without sacrificing security or performance.

As more Layer 2 solutions like ImmutableX emerge, it's likely that we'll see even greater competition and innovation in the NFT space. By leveraging the benefits of Layer 2 blockchains, creators and collectors can access a more affordable and efficient way to transact NFTs, opening up new possibilities for digital ownership and creativity.

How to Buy an NFT on TokenTrove

To get started buying NFTs on TokenTrove, the first step is to connect your MetaMask wallet.

Then choose the MetaMask account you want to use.

How To Create An Immutable X Account for Hassle-Free NFT Trading on TokenTrove

Click the dropdown menu in the top right and click ‘Create Immutable X Account’.

You’ll then need to connect your wallet to the Immutable X link.

Then sign your transaction.

Now that your Immutable X account is set up, the next step is to set up your Immutable X key.

How To Set Up An Immutable X Key to Secure Your NFT Transactions on TokenTrove

First click Set Up.

Then sign the action with your wallet. This will be free.

You won’t need to write down any Secret Phrases, your Ethereum account in MetaMask is your key to accessing assets on ImmutableX.

How To Deposit IMTBL ETH In TokenTrove to Purchase NFTs on Immutable X

Before depositing IMTBL ETH, keep these tips in mind:

• Depositing IMTBL ETH means selling ETH for IMTBL ETH, which can only be used on ImmutableX.

• If you want to convert your IMTBL ETH back to Ethereum, you'll need to withdraw, which incurs a gas fee.

• It's a good idea to keep at least .02 ETH in your MetaMask wallet to pay for gas fees.

If you’re just starting out on TokenTrove, it might be beneficial to start with a small amount you know you’re looking to spend. It’s a good idea to keep at least .02 ETH in your MetaMask wallet to pay for gas.

Now it's time to Deposit.

Click the green Deposit button next to IMTBL ETH.

When you’re ready to Deposit, choose your amount to transfer to IMTBL ETH Tokens.

You’ll sign a transaction in your wallet to approve the transfer (no gas fee).

Next, you’ll do the transfer which will cost a gas fee. For me, it was $50. Yours will vary.

You’ll wait for the Ethereum to be swapped to IMTBL ETH and deposited into your wallet.

For me, it took about 15 minutes for the IMTBL ETH to show up in my wallet

Success!

Buying An NFT On TokenTrove

Now that we’ve deposited IMTBL ETH, we can start looking for NFTs to buy. If you’ve bought anything on OpenSea the rest of the process is nearly identical. The difference is you won’t be paying gas when you buy an NFT on TokenTrove. Instead, you’ll just sign for transactions:

For this article, I bought a random NFT I know nothing about. Buying a random NFT is not recommended for your NFT journey. However, at a list price of 0.000045ETH, this NFT costs $0.19 and zero gas to buy.

Once you’ve purchased an NFT, go to My Account to see your assets:

You’ll need to select the individual Collection to see the NFTs you own in that Collection:

The NFTs you own on Immutable X do not show up on your OpenSea because you’re using a different blockchain to transact.

Tips for Finding and Buying NFTs on TokenTrove

TokenTrove is a decentralized marketplace that offers a wide range of NFTs across different categories, from art and collectibles to gaming items and digital assets. Here are some tips for finding and buying NFTs on TokenTrove:

Explore different categories: TokenTrove offers a variety of NFTs across different categories, so be sure to explore different sections of the marketplace to find NFTs that align with your interests and preferences.

Follow your favorite creators: Many NFT creators have a presence on TokenTrove, so consider following them to stay up-to-date on their latest releases and drops.

Check out featured collections: TokenTrove regularly features different collections and drops on its homepage, so be sure to check this section frequently for new and exciting NFTs.

Pay attention to rarity and edition size: When buying NFTs, be sure to pay attention to factors like rarity and edition size, as these can impact the value and desirability of an NFT over time.

Use advanced search filters: TokenTrove offers advanced search filters that allow you to narrow down your search by things like price range, category, and creator. Use these filters to find NFTs that meet your specific criteria.

Join the TokenTrove Discord community: The TokenTrove Discord community is a great place to connect with other NFT collectors and creators, ask questions, and stay up-to-date on the latest news and drops on the platform.

Conclusion: Save Money and Simplify Your NFT Journey with TokenTrove on ImmutableX

As Ethereum gas fees continue to rise, the cost of entry for everyday collectors increases as well. Layer 2 blockchains and Layer 2 marketplaces are hoping to offer a solution to the expensive cost of entry.

I hope this article helps you start exploring a cheaper option to buying and selling NFTs!