Immutable has forwarded a proposal to ApeCoin DAO for them to continue building the Bored Ape Yacht Club (BAYC) NFT projects, including the OtherSide Metaverse, on Ethereum through the Immutable X protocol.
In a submission on June 1, Immutable reasoned out that their participation in Ethereum will be crucial for the community.
Because of their wildly successful BAYC project, NFTs went mainstream, empowering artists. Through their popularity, celebrities, including Justin Bieber and Stephen Curry, went on to Ethereum assets.
Ethereum continues to be an active hub for NFTs and boasts of a vibrant community anchored on a battle-tested and secure base layer that’s also one of the most decentralized. Notably, a big part of Ethereum’s growth is attributed to diverse projects which continue to build on it, including the creators of BAYC.
ApeCoin is an Important Part of Ethereum’s History
ApeCoin, in the view of Immutable, is an integral part of Ethereum’s history and hopefully, if their proposal sails through, shall continue to be in the years to come. Additionally, building on Ethereum through the Immutable X protocol would justify Yugaverse’s “continued investment into the Otherside metaverse.”
Earlier, the founder of Immutable, Robbie Ferguson, said BAYC was a testament to the Ethereum community. He highlighted numerous advantages of building out in Ethereum through a scalable, highly reliable, and low-fee protocol in Ethereum.
In his view, there was no need for BAYC to build on competing smart contract networks like the BNB Chain. The Ethereum competitor has an active NFT community but is scalable with lower transaction fees.
Robbie argued that if they continue building on Ethereum through Immutable X, BAYC would have access to the best of both worlds. On the one hand, BAYC, like other Ethereum NFTs, would have the edge of high price premiums. At the same time, there would be better provenance. This is because BAYC NFTs were born out of Ethereum and will, therefore, “prosper on Ethereum”.
Ethereum Struggles with High Gas Fees
Ethereum struggles with Gas fees that remain steep compared to competing platforms like Solana or the BNB Chain. Immutable X is a layer-2 solution focused on scaling NFTs. If the ApeCoin DAO accepts Immutable’s suggestion, users will mint assets at near-zero fees and access high liquidity.
Image Source
- nft blockmagnates: Photo by Tezos on Unsplash
