The necessity of Layer 2 solutions has grown significantly in the NFT space, primarily due to the challenges faced by blockchain networks, with Ethereum in particular struggling with issues related to scalability, cost, and environmental impact. The rising popularity of NFTs resulted in congestion and escalated gas fees on the Ethereum network. In response, Layer 2 solutions have emerged as crucial enhancements, providing faster transaction speeds, cost-effectiveness, and a more environmentally friendly approach. Solutions like Immutable X, Polygon, Arbitrum, and $INSP contribute significantly to enhancing the scalability and sustainability of the NFT ecosystem.

$INSP and How Does it Differ from Other Layer 2 Solutions for NFTs

$INSP represents the native token of the Inspect ecosystem, a Layer 2 solution tailored for X (formerly Twitter) in the web3 domain. Unlike other Layer 2 solutions that often focus on specific functionalities, $INSP distinguishes itself by offering a comprehensive platform that seamlessly integrates social media with the web3 and crypto ecosystems. Initially concentrating on NFTs, Inspect has evolved into a versatile Layer 2 solution, providing analytics, news aggregation, and transaction capabilities directly from social platforms. $INSP stands out not only by offering insights into the NFT space but also by serving as a web3 Social Intelligence platform with a broad scope encompassing over 20,000 tokens.