Immutable X Now Supports NFT offers From Users
NFT offers are now live on the Immutable X protocol, which means that NFT buyers can make an offer for an asset and NFT sellers can agree to a buyer's price.
With the launch of Offers on the Immutable X protocol, buyers will be able to offer less than the asking price. Likewise, sellers will have the option able to accept offers lower than the asking price. This will result in more trading volume across the ecosystem.
The recently launched functionality will be available across all Immutable X marketplaces.
Who does this launch impact?
- Marketplaces: Offers is a trading primitive that will let users offer different prices and try out new trading strategies to make the Immutable X Global Order Book's assets more liquid.
- Traders: Next, NFT offers give traders more ways to use the marketplace, more options for finding prices, and more trading opportunities. NFT offers also give you more ways to do trading strategies that make use of liquidity on the Immutable X Global Order Book
- Games: Finally, NFT offers encourage more trading of in-game items, which means more royalties are paid and more people use the game.
How ‘NFT Offer’ It Works
Bids on individual items on the marketplace will be visible to users. If they want to make an offer, they can do so by clicking the "Make an offer" button.
Traders can use this dashboard to keep track of their active offers and cancel them if necessary.
As the owner, you may wish to accept the bids placed on your assets. A front-end experience will be provided to support this.
The dashboard for offers received shows how many listings a seller has that have received an offer. The highest offer per listing is displayed here, allowing the seller to quickly review their offers.
This is to note that NFT Offers are still in beta, so the following rules apply during this time:
- Limited to only a few markets
- Only for listed assets, and only up to 10% of the asking price. Only in the listed currency.
- Rate Limited: No fees for the seller market
More about Immutable X
Immutable X is a layer-2 solution that is secured by Ethereum and focuses on NFT minting and Web3 games. It is run by StarkWare, which is an Ethereum scaling solution that lets Immutable X mint NFTs without using gas. At the time of this writing, the official website says that more than 33 million gas-free NFTs have already been made. Immutable X has also made it possible for more than seven million NFT trades to happen in 2022 and saved 2.7 billion kWh of energy compared to proof-of-work solutions.
