VeVe Moves to Ethereum via Immutable X
We are incredibly excited to share that Immutable X has been chosen as our technology partner and blockchain provider, allowing for the interoperability of VeVe digital collectible NFTs on the world's most decentralised blockchain protocol- Ethereum!
Immutable X is the first layer-2 scaling solution for carbon-neutral non-fungible tokens (NFTs) built on Ethereum. Utilising StarkWare’s leading zero-knowledge-proof technologies, Immutable X is able 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.
“When looking for a blockchain partner we had a few key requirements — environmental friendliness, low gas fees, interoperable (the ability to move the digital asset around different platforms), ability to mint millions of NFTs, and can integrate into VeVe’s complex tech stack.
After accessing a number of offerings in this space, we selected Immutable X as they tick all the boxes, have a strong team and an established product. Lastly, the founders of VeVe and Immutable X are from ‘Down under’, located in Australia and New Zealand, and it’s great to see such solid offerings in this space coming from this part of the world.”
— Dan Crothers, ECOMI COO and Co-Founder
VeVe X Immutable
The partnership between VeVe and Immutable paves the way for VeVe to scale from its current userbase 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.
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. As a layer 2 solution, VeVe users will also be privy to improved UX through instant trades, whilst maintaining the security and decentralisation of the base-layer Ethereum chain, adding another layer of protection to VeVe 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.”
— Robbie Ferguson, co-founder of Immutable.
Making the Transition to Immutable
Ethereum is the home of NFTs and this move not only enables the interoperability of VeVe digital collectibles, but it also opens VeVe to one of the largest communities in the space.
The full transition to Immutable X is expected to take place over the coming months, and there should be minimal disruption to the VeVe platform during that time.
I'm an OMI Holder - Do I Have to Do Anything?
The short answer is no, not yet. We will be releasing new information as the migration progresses, including any details required to move your tokens to the new chain. This will come with ample notice and ample time for users to make the switch.
Information on this channel is subjective and should not be considered financial advice and is subject to change. See disclaimer
ECOMI is a technology company based in Singapore and is leading the way in the emerging digital collectibles space. ECOMI offers a one-stop-shop for digital collectibles through the VeVe app bringing pop culture and entertainment into the 21st century.
The VeVe app allows users to experience true ownership of premium digital collectibles. Through the app marketplace, users can obtain common, rare, or one-of-a-kind digital collectibles, share these across the social network service, and exchange them with the VeVe community, all from the palm of their hand.
ECOMI sees digital collectibles as a new asset class that offers intellectual property owners the opportunity for new revenue streams in the digital landscape. Digital streaming, gaming, and in-app purchasing have become a multibillion-dollar market and the next to join this digital trend is the pop culture and collectibles industry.