Immutable X is an Ethereum scaling network designed for gaming applications, and Immutable’s platform continues to expand with the zkEVM network and Passport wallet.
Immutable X is a layer-2 scaling network built atop Ethereum, the premier blockchain for decentralized applications. Created by Web3 firm Immutable with technology developed by StarkWare, Immutable X uses its native ERC-20 token IMX and hosts many popular blockchain games like Gods Unchained, Guild of Guardians, Illuvium, and Ember Sword, among many others.
Ethereum supporters claim that its mainnet is one of the most decentralized and secure among cryptocurrencies, but historically has suffered from high gas fees and lengthy transaction processing times, leading to friction with NFT creators like those behind CryptoKitties who once overloaded its mainnet with their virtual cats, rendering it virtually unusable.
Due to the nature of blockchain games’ NFTs – unique tokens that signify ownership – being so essential, most game developers find it unfeasible to develop on Ethereum mainnet. That is where layer-2 solutions such as Immutable X come into play; Immutable is also expanding with another zkEVM scaling network coming soon – here is everything you should know about their platform!
What Is Immutable X?
Immutable X is a gaming-focused protocol designed for enhanced security on top of the Ethereum mainnet with fast transaction costs, offering additional benefits over and above the Ethereum mainnet. In other words, Immutable X provides additional advantages over Ethereum mainnet.
According to Immutable X’s whitepaper, its network allows users to transact without incurring gas fees – this is made possible thanks to StarkWare’s ZK roll-up technology, which bundles transactions to enable over 9,000 NFT transactions per second on Immutable X.
Who Designed Immutable X?
Immutable is the Web3 firm behind the Immutable X protocol. It serves as its blockchain developer and game publisher, having released the NFT card-battling game Gods Unchained and the action role-playing game Guild of Guardians.
Crunchbase data indicates that Immutable has raised nearly $280 million from 32 investors as of January 2024, including Tencent, GameStop Digital Ventures, King River Capital, and Alameda Research (now defunct).
How Does Immutable X Work?
Immutable X supports all Ethereum wallets, including MetaMask and Coinbase Wallet. Users can create an Immutable Passport wallet to transact on the network, designed as a more user-friendly crypto wallet for gamers that acts as their central identity across games.
Immutable X is designed to sit atop the Ethereum mainnet, taking advantage of its decentralization and security to finalize transactions quickly and cost-effectively on its layer-2 network, furthermore, due to ZK rollups used by Immutable X for layer-2 network transactions.
Immutable has designed several REST application programming interfaces (APIs) or application programming interfaces that conform to specific architectural standards. Transactions facilitated through these APIs take less time than engaging directly via smart contracts or other protocol engagement methods.
Who uses Immutable X?
ImmutableX has become the platform of choice for various NFT marketplaces and game developers to sell their goods and services. Immutable Ventures established a $500 million fund in June 2022 to invest in Web3 gaming projects being developed on ImmutableX and provide grant-based funding for developers using it.
Rarible, Mintable, NFTrade, TokenTrove, OKX, and Kinguin are among the NFT marketplaces using Immutable X. GameStop launched its NFT market using Immutable X in 2022 but has since discontinued its own crypto wallet and plans to close its marketplace in February 2024.
Games such as IMVU, Guild of Guardians, Habbo, Cross the Ages, Undead Blocks, Ember Sword Planet Quest Gods Unchained WAGMI Defense Tiny Colony are developing web3 components on Immutable X.
As Web3 gaming grows more popular, Immutable X is challenged by other blockchains like Polygon, Avalanche, Arbitrum Nova Sui, and Solana for fast and seamless gameplay experiences.
What is Immutable zkEVM?
Immutable expands beyond Immutable X as its Ethereum gaming platform expands. In March 2023, they announced they are teaming up with Polygon to develop an Immutable zkEVM scaling network combining Polygon’s technology and Immutable’s gaming platform.
According to an Immutable blog post, MetalCore, Shardbound, and Elemental Knights have already announced that they will use Immutable’s zkEVM network. This network’s native compatibility with Ethereum Virtual Machine smart contracts makes porting easier while providing access to various third-party tools.
As the Immutable Platform has grown, so has its token. Currently, the IMX token is considered the most valuable gaming token, with a market cap approaching $2.7 billion, making it one of the 37th largest overall cryptocurrencies by market cap, according to data provided by CoinGecko as of January 17, 2024.
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Frequently Asked Questions (FAQs)
What is Immutable web3?
Immutable is the premier platform for developing web3 games on Ethereum, powering the next generation of web3 games.
How does immutable make money?
Immutable X’s primary revenue source is user fees. While no gas fees are charged when using the platform, users who exchange assets pay fees at exchange points. Immutable X charges 2% fees on primary asset sales and an additional 2% fee on NFT exchanges
Is IMX a gaming coin?
IMX is the cryptocurrency token associated with Immutable Blockchain’s gaming-focused ecosystem.
Who started immutable?
Immutable was founded in 2018 by James Ferguson, Robbie Ferguson, and Alex Connolly.
Is Immutablex a blockchain?
Immutable X is built upon the Ethereum Blockchain using Layer-2 scaling solution zk-Rollups for faster and cheaper transactions compared to traditional Ethereum NFT marketplaces – making Immutable X accessible to a broader audience.
Conclusion
Immutable X (IMX) is a groundbreaking solution in Blockchain technology and NFTs, solving some of the most pressing issues related to NFT trading, such as scalability and environmental concerns. Furthermore, its commitment to carbon neutrality is an example of sustainable Blockchain solutions; not only does IMX facilitate seamless NFT trading, but it does so while taking an eco-friendly approach, which is important in today’s environmentally conscious society.
Cryptocurrency and NFTs can be highly unpredictable environments where anything can happen at any moment. Suppose you enjoy taking risks and want a potentially high-return investment opportunity. In that case, Immutable X is your perfect partner – offering zero gas charge and greater scalability benefits to its users. When looking at investing in NFTs it is wise to act with caution by investing only your time and money in trustworthy projects like Immutable X.
