This outcome is not conducive to the Ethereum network being able to support a wide range of applications at massive scale. From there, these ImmutableX coins can be transferred into the Staking Rewards program to earn even more IMX. IMX is available in many centralized and decentralized exchanges such as Binance, Coinbase, Gemini, Uniswap, and SushiSwap.
How Does Immutable X Work?
NFTs are unique digital assets that represent ownership of various digital or physical items, such as art, collectibles, and even real estate. Immutable X offers a decentralized and secure environment for NFT enthusiasts, from beginners to professionals, to buy, sell, and trade these one-of-a-kind tokens. In February, GameStop partnered with ImmutableX to launch the GameStop NFT Marketplace and a dedicated $100 million grant fund for game developers to build games on the platform. Although Immutable does not charge gas fees for NFT trading and minting, a 2% protocol fee is applied to every transaction settled through the Immutable global shared orderbook. From there, 20% of the protocol fee is converted to $IMX and transferred to the staking rewards pool.
- At its core, Immutable X is built on the Ethereum Blockchain, utilizing the Layer-2 scaling solution called zk-Rollups.
- Immutable X has several games currently being developed on its infrastructure.
- Decentralized and centralized exchanges offer unique advantages, but the key difference lies in who truly controls a user’s coins.
- From there, 20% of the protocol fee is converted to IMX and sent to the staking rewards pool.
Price History and Current Market Position of the IMX Token
So, if you are planning to invest in NFTs, act prudently and invest your time and money in trustworthy projects. The API abstraction layer is an important component in popularizing Immutable X. It allows users to avoid switching between networks when connecting wallets. The users can design and trade NFTs via API calls without requiring to interact directly with smart contracts. The developers can integrate ImmutableX’s Software Development Kits (SDK), API, and wallet to design NFT products such as P2E games. It is growing as a potent solution for Blockchain gaming projects as it offers easy adaptability for users.
Milestones and developments over the years
More importantly, Immutable delivers seamless gaming experiences and true digital ownership to players across the globe. By tokenizing all in-game assets as fully-carbon neutral NFTs, players can buy, sell, and trade their assets gas-free on the Immutable marketplace, earning real-world value from their in-game performance. The platform allows users to enjoy a seamless experience of minting and trading digital collectibles. The perks of using this revolutionary interface involve zero gas fees, carbon-neutrality, processing of 9000 transactions per second (TPS), and access to instant trades, games, and applications without any compromise. Achieving the mentioned TPS rate is one of the most important targets set by Immutable X crypto portal and the team is constantly developing itself to live up to the predetermined goals.
What Problems Does ImmutableX Solve?
Planet Quest is a sci-fi fantasy exploration game, where players have to look for a special element called Quantum. It is earned by completing adventures and challenges and can be used to trade and purchase in-game assets. Start by creating an account on an exchange that lists IMX, complete any necessary KYC (Know Your Customer) procedures, and deposit funds either through fiat currency or cryptocurrency. Once your account is funded, navigate to the IMX trading pair of your choice, enter the amount you wish to purchase, and execute the trade. Mint, transfer, and trade without paying any gas fees to develop a planet-scale game. Read about the massive Q1 months in 2024 for Immutable including new partnerships, an expanded game library, and surging on-chain activity across our gaming ecosystem.
At its core, Immutable X is a Layer-2 scaling solution built specifically for the Ethereum Blockchain. The most popular exchange to buy and trade Immutable is Binance, where the most active trading pair IMX/USDT has a trading volume of $10,725,655.31 in the last 24 hours. The network earns through a 2% fee on all primary asset sales and a 2% fee on every NFT trade, denominated in the purchase currency. Furthermore, marketplaces can add their own fees to every NFT order since Immutable X offers a shared order book accessible to all marketplaces.
To qualify for IMX staking rewards, all users must hold IMX on a layer 1 or layer 2 blockchain and vote on a governance proposal in the last 30 days. Users must also either hold an NFT on ImmutableX or have completed a trade within the last 30 days. Moreover, users will not have to switch networks when connecting their wallets. The protocol also provides an intermediate layer called the “Link,” which enables an NFT-specific wallet experience and allows Immutable X to support a third-party marketplace ecosystem without security risks.
With the impact of the 2022 bear market, the IMX price has since dropped to $.43 with a total market cap of over $295 million. Like all cryptocurrencies, the price of the ImmutableX coin is volatile and based on a handful of factors including supply and demand, news cycles, and macro trends in both the cryptocurrency and traditional financial sectors. At the end of each staking cycle, all eligible users may opt to re-stake their coins https://cryptolisting.org/ to compound their rewards. As you can see, over 50% of the supply is actively deployed into the project’s ecosystem for daily user rewards, developer grants, liquidity, and marketing purposes. Launched in November 2021, IMX is used across the entire ImmutableX protocol for fees, staking, and governance. Instead, they can explore the game’s landscape and economy and engage in a cashless combat system to level up their capabilities.
Immutable and StarkWare have formed a partnership to integrate the StarkEx scalability engine into the Web3 gaming and NFT space, leveraging blockchain technology to enhance the Ethereum ecosystem. StarkWare is a company that specializes in scaling blockchain applications through innovative Layer 2 solutions. It uses zero-knowledge proof systems, specifically STARKs (Scalable Transparent ARguments of Knowledge), to enhance the scalability and security of transactions on blockchains. The IMX token currently trades at $2.58 with a circulating supply of 235.3 million IMX for an Immutable X market cap of $516 million.
Reduced energy consumption results in the purchase of fewer carbon credits, freeing up more resources for ImmutableX to invest back into ecological sustainability. Many of the promised scalability features around sharding and throughput increases are expected to arrive by the end of 2023. To buy Immutable X (IMX), you can use cryptocurrency exchanges where IMX is listed. Popular exchanges often include IMX due to its growing relevance in the NFT and gaming sectors. While Ethereum L1 can only comfortably handle roughly 15 transactions per second, Immutable X throughput capabilities are over 600 times more efficient than the Ethereum mainnet. Immutable X is built for games that prioritize high performance and low cost over advanced Web3 game mechanics, while still maintaining the underlying security of Ethereum.
Blockchain Council’s AI certifications stand as a gateway for professionals to contribute meaningfully to this evolving landscape, harnessing the combined potential of AI and blockchain. The platform’s commitment to security is further underscored by its regular security audits conducted by leading firms such as Trail of Bits and CertiK. Immutable X actively encourages community participation in security through a bug bounty program that has paid out over $1 million in rewards. As a member of the Blockchain Association and the Blockchain Game Alliance, Immutable X maintains active involvement in industry organizations focused on security.
This allows Immutable X to significantly reduce gas charges and offer high TPS. Instead of adding all the transaction data to the Blockchain, ZKRollup consolidates hundreds of transactions into a single zero-knowledge proof called the zkSTARK proof. At the heart of Immutable X is the scaling technology called ZeroKnowledge Rollup direct and indirect bills (ZKRollup). It is a Layer2 protocol for validating transactions on the Ethereum Blockchain. Immutable X was founded in 2018 by James and Robbie Ferguson, along with Alex Connolly. James Ferguson is known as a Forbes 30 Under 30 entrepreneur, having previously led a software development team at a billion-dollar eCommerce company.
While ImmutableX does not charge any transaction fees (gas fees) for the minting and trading of NFTs, a 2% protocol fee is applied to every transaction created and settled through the protocol’s shared global orderbook. From there, 20% of the protocol fee is converted to IMX and sent to the staking rewards pool. Immutable X benefits from being one of the first layer-two solutions that utilize zk-rollups and focus exclusively on NFTs.
These innovations should bolster the Web3 gaming and NFT markets by facilitating smooth, scalable transactions within the Ethereum ecosystem. At its core, Immutable X is built on the Ethereum Blockchain, utilizing the Layer-2 scaling solution called zk-Rollups. This technology enables faster and cheaper transactions compared to traditional Ethereum NFT marketplaces, making it more accessible to a broader audience. Ethereum, while being the most decentralized and secure blockchain, faces challenges in terms of transaction speed and cost.
