NFT startup Immutable submitted a proposal to the ApeCoin DAO on May 27 to have the Otherside metaverse built on its network: Immutable X.
Immutable’s proposal notes that the cost to integrate, mint and transfer assets on its network would be zero, while primary and secondary sales would incur a fee of just 2%. The proposal goes on to say that Immutable has been working to bridge the “gap between highly technical and complex blockchain technology and mass-audience adoption for years.”
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Immutable X is a platform designed for creating and trading NFTs. It’s built on Ethereum but represents a second layer that’s designed for better scalability and cheaper fees. It’s currently used by several platforms, including OpenSea, TikTok and GameStop.
The company’s proposal asserts that its scalable network, no-fee transactions and carbon-neutral environment make it the best fit for Yuga Labs’ metaverse project.
Otherside is a blockchain-based virtual world which Yuga Labs, the creator of BAYC and Mutant Ape Yacht Club (MAYC), is behind. The metaverse project, linked to the BAYC NFT collection, is still under development following its land auction at the end of April. The project sold out all 55,000 of its available Otherdeed land NFTs within three hours of the public sale on April 30.
The notoriety of Yuga Labs projects has attracted proposals from several networks, including Avalanche, which made a proposal of its own on May 25.
While ApeCoin DAO members have control over matters related to ApeCoin (APE) itself, they have no direct control over how Otherside should be built. Yuga Labs may or may not take ApeCoin DAO proposals and votes into account when deciding where to build the metaverse project.
Immutable closed a Series C funding round worth $200 million in March — at a $2.5 billion valuation — with the view to acquiring new customers.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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