Socialogue’s Layer 2: More Accessible Trading With Zero Gas Fees

Socialogue has focused on making the social NFT market accessible to everyone right from the beginning. With this in mind, they’ve created a minting process that allows for lower fees, faster transactions and less impact on the environment by developing Layer 2.

What is the benefit of Socialogue developing Layer 2?

In order to look into Layer 2, it’s helpful to know what we mean by Layer 1.

Just as traditional finance has layers — like cash, online banking and payment services — as more people start using crypto, layers emerge there too.

Layer 1 is the base level where trading of NFTs takes place, like Ethereum layer. But as more people use Layer 1, processing becomes slower. At the same time, gas fees, which are usually charged when buying, selling and minting NFTs — remain high. That’s a lot of fees!

Each transaction that takes place on the blockchain is possible due to the hard work going on in the background, by miners, for example. The gas fees are what cover this cost. If gas fees go up, so does the cost of creating and using NFTs on Layer 1. And because gas fees can fluctuate drastically, traders can get caught out if prices suddenly rise.

One way to fix this, while increasing speed, decreasing cost and making trading more accessible is developing Layer 2.

Understanding Layer 2 and how to use it on Socialogue

Layer 2 works off the main chain. Socialogue users can mint, list, delist, sell and create NFTs directly on Layer 2. This allows you to use a secure system without having to pay gas fees each time you create or deal with your NFTs. It’s faster and also cheaper than trading and minting on Layer 1.

So, if an artist creates an NFT using Socialogue, they’ll have the chance to choose if they’d prefer to use Layer 2 from the outset. They can mint it with absolutely zero gas fees on Layer 2. Once minted, these NFTs can be traded on Socialogue’s marketplace for free so long as they remain on Layer 2.

If you do decide to withdraw your NFTs, whether that’s into your MetaMask wallet or other marketplaces, then you can simply select the withdraw option, pay a single gas fee and then transfer the NFTs out. This allows you to easily keep an eye on gas fee rates to ensure you’re paying the lowest possible gas fees when you take your NFTs off Layer 2 to Layer1.

What’s great is that no matter how many NFTs you transfer at the same time from Layer 2 to Layer 1 on Socialogue, you’ll only pay one set fee. It doesn’t matter if it’s for one NFT or 10,000! So not only can you create and transact with your NFTs on Layer 2 without being caught by gas fees at every stage, you’ll only be paying for the cost of one transfer when you decide to take them out of Layer 2.