Immutable X – IMX
The FIRST ever Ethereum Layer 2 network designed specifically for NFTs & Gaming, Immutable.
This is a Project Review on IMX.
Immutable was founded in 2018 by James & Robbie Ferguson and Alex Connolly, leading a team of over 240 top-tier technicians. The mission is simple, create the ultimate Ethereum NFT & Gaming scaling solution.
When the NFT narrative was in its prime, the Ethereum blockchain was extremely congested, to say the least. Gas fees were at an ATH. The network was unusable for the average user who couldn’t afford $100+ gas fees.
NFTs were extremely expensive to mint or trade and many protocols weren’t being used due to the ridiculous gas fees and that is where Immutable comes in.
As mentioned, Immutable is a Layer 2 network. There are two kinds of roll-up technologies that Layer 2 networks use, either Zero-Knowledge or Optimistic Roll-Ups. Immutable X uses ZK Rollups which allows the network to achieve high throughput without trading off security.
Immutable is known to be over 600x more efficient than Ethereum and can process up to 9,000 TPS (Transactions Per Second). The Layer 2 has become a primary network for GameFi protocols as they can build NFTs with Ethereum-grade security and ZERO GAS FEES.
Many leading Ethereum gaming protocols and NFT projects have been integrated over to the Immutable network as they are able to offer their communities a cheaper, faster and superiorly secure experience!
Here are some awesome games within the ecosystem that caught my attention:
A decentralised AAA Open-world P2E NFT Role Playing Game that is hosted on the Ethereum blockchain. There are three games within the ecosystem, all of which are extremely high quality.
Website – https://illuvium.io/
Think Yu-Gi-Oh, but on the blockchain. Popular P2E Strategy NFT Card Game! Gods Unchained has been around for 5 years and still has a solid community.
Website – https://godsunchained.com/
Most of us love a great Multiplayer First Person Shooter. The difference is Metalcore has NFT mechs, tanks and more cool tradable items! Metalcore offers both PVE and PVP experiences!
There are lots more games, NFT marketplaces and products to explore, all of which utilise the $IMX token, the token that powers the entire ecosystem and all of its values. We discuss the $IMX token further down in this article, but it’s first important to understand what the Immutable protocol is able to offer.
These are the products within the Immutable ecosystem that creates the perfect hub for both developers and users:
Also known as the Immutable Passport is a non-custodial wallet native to the Immutable ecosystem.
A product that powers developers with scalable NFT minting tools that can mint millions of NFTs at a time.
An All-in-one transaction infrastructure that is built specifically for the native marketplace!
Marketplaces, studios and NFT Creators can upgrade their income/revenue by sharing NFT orders across leading NFT Marketplaces such as Opensea.
There are more products to utilise such as Trade and Blockchain Data APIs. We can expect a lot more as the world onboards Web3 gaming. We haven’t even spoken about the Rollup technology yet!
In March 2023, Immutable and Polygon made a ground-breaking partnership with a joint mission to create the ultimate and dedicated gaming blockchain.
It will be known as Immutable zkEVM, which uses zero-knowledge rollup technology powered by top-tier blockchain, Polygon. Polygon currently has its own zkEVM network which is its native Layer 2 scaling solution for Ethereum. Immutable zkEVM serves but one purpose, Web3 Gaming.
Immutable zkEVM should be very close to launching and will probably initiate the mainnet once the GameFi narrative comes to fruition. Polygon and Immutable are both going to benefit largely from this partnership.
Web3 gaming has the potential to destroy traditional gaming and Immutable zkEVM could be the leading gaming network of the very near future.
Speaking of Polygon, if it’s not too late, you could catch the HUGE and CONFIRMED airdrop from Polygon by using the zkEVM network. Need a helping hand?
Here is a full YouTube Tutorial and Step-by-Step strategy – https://youtu.be/R52WD0-bEjw
What is the $IMX token and how is it used?
$IMX is the native token to the #Immutable network. It is used for Governance, which allows $IMX holders to vote or create network proposals. The token is also used to pay for gas fees and $IMX can even be staked to secure the network, in which you are rewarded for doing so.
The $IMX token is currently available only on the Ethereum blockchain and is on 99% of major centralised exchanges.
There are two main ways to buy $IMX, but you will always go through a centralised exchange (CEX). Here are the options:
We recommend using one of these centralised exchanges when buying or trading the $IMX token. Here is a list of CEXs with a few delicious promotions:
To get started you will need a DeFi wallet and make sure to secure your seed phrase with a hardware wallet (Trezor):
If you are buying $IMX through your DeFi wallet, we recommend using the Metamask wallet. If you haven’t set up Metamask and the Ethereum network, you can follow our Youtube tutorials down below. Here are the essential links:
At the time of writing, the $IMX token is sitting at a price of $0.77 with a market cap of $706.5M, ranking $IMX the 61st largest #cryptocurrency. $IMX has seen an ATH of $9.50 with a market cap of $1.8B and has the ability to achieve that once again.
Layer 2 networks are clearly making a statement in the world of #Web3. We all know the NFT and GameFi narratives are set to return. #Immutable has created the perfect ecosystem and is set up perfectly for the next bull run.
Immutable Twitter – @Immutable
Immutable Website – https://www.immutable.com/
That’s it! Thanks for reading! Have a look at our Guides section for more!
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