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Immutable X (IMX) provides the DeFi market with a second-layer solution for NFTs (non-fungible tokens). The goal of the project is to simplify NFT adoption to the point that its on par or easier than using regular cryptocurrencies. Notably, Immutable is the development team behind the popular NFTs Gods Unchained and Guild of Guardians.
Immutable X (IMX) was co-founded by Robbie Ferguson and Uri Kolodny. The network has already reached some notable milestones as the network has completed over $50 million in trading volume since its launch. The innovative team behind the project consists of over 100 members from varying tech backgrounds. Their combined experience has helped Immutable to provide a unique set of features and services to the market.
What Problems Does Immutable X (IMX) Attempt to Fix?
There are a couple of key pain points that Immutable seeks to alleviate in the market. For one, the platform was set up to help reduce investor onboarding and confusion. As such, the protocol features an easy-to-navigate interface that enables anyone to take advantage of its services.
Immutable also helps to combat developer restrictions. The network introduces a flexible structure that allows anyone to develop customized decentralized marketplaces, blockchain-based games, and much more. Notably, the system enables you to set key factors such as your trading fees. You can also mint NFTs with ease thanks to features like bulk minting.
Immutable provides a host of developer tools to simplify programming and Dapp creation. Notably, the network uses the same programming language as Ethereum, Solidity. Solidity is well-known amongst Dapp developers. the decision to utilize this language was smart because it enables developers to migrate their applications to immutable without any recoding.
The system also introduces an advanced API that enables third-party applications to leverage Immutable's features. It also improves performance and flexibility for these Dapps. In this way, more developers can participate in the Immutable ecosystem.
Lack of Sustainability
Early cryptocurrencies like Bitcoin require huge amounts of energy to operate. Their network utilizes the Proof-of-Work (PoW) consensus mechanism which requires all network nodes to complete energy-heavy computations. Immutable provides a more sustainable alternative to these networks.
The protocol has made a commitment to help create a green decentralized ecosystem. Specifically, the developers have pledged to offset any carbon footprint with certified climate-conscious partners, Trace and Cool Effect. The final goal of the project is to become the first 100% carbon neutral NFT chain.
Benefits of Immutable X (IMX)
There are multiple benefits that Immutable X introduces to the market. For one, the protocol improves security. It’s an open-source project that has been vetted by the Ethereum community. The structure of the network makes it well-suited for use by new users seeking to issue NFTs. Best of all, there are zero gas fees for minting or launching a play-to-earn ecosystem.
When it comes to gaming, a network needs to be high-performance and responsive. Immutable introduces a new level of scalability to the play-to-earn sector. The protocol can handle up to 9,000 transactions per second. Additionally, the network support near-instant trades for games, applications, marketplaces.
Another major benefit of Immutable is its non-custodial layout. Non-custodial protocols are more secure than custodial networks because users never have to relinquish ownership of their assets. If a non-custodial exchange gets hacked, users' funds are safely stored in their wallets. As such, DEXs very rarely have any hacks. Additionally, you can easily verify your withdrawals anonymously using the network's zero-knowledge proofs.
Immutable is ideal for NFT gaming due to its low fee structure. There are zero gas fees for minting NFTs on this network. There is a small fee on sales and NFT trades. Specifically, Immutable X takes 2% and re-circulates the fees throughout the network. According to company documentation, 2% of these fees get traded into IMX and deposited into the staking reward pool.
Those seeking to build on Immutable will find everything they need is easily available via the developer tools. The network provides a plethora of resources and you can even get advice from the community. The goal of this support is to entice new developers to create on the Immutable ecosystem to further improve the user experience.
Immutable X was built from the ground up to be interoperable with the entire Ethereum ecosystem. This designation means that Immutable users can trade their digital assets on popular DEXs like Uniswap and SushiSwap. Additionally, it makes it easier for users to find compatible wallets and Dapps.
How Does Immutable X (IMX) Work
Immutable leverages an easy-to-use dashboard to simplify the NFT creation process. The interface enables you to formulate, issue, and distribute ERC-721 and ERC-20 tokens. The Immutable X Volition model is used when minting, buying, selling, and transferring assets. During the configuration of your NFT, you can decide whether assets are held as a Validium ZK-proof or a ZK-Rollup.
Anyone can stake their IMX tokens to secure passive rewards. Staking helps to secure the network and is a great way for new users to achieve consistent returns. All Immutable stakers receive a portion of network fees which get automatically distributed to your wallet.
The IMX token operates as the main utility token for the Immutable X network. This token is used to pay for the execution of smart contracts and the minting of assets. It can also be traded on popular exchanges and sent like a normal cryptocurrency globally. You can also stake this versatile digital asset.
How to Buy Immutable X (IMX)
Immutable X is available on the following exchanges:
Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Kraken – Founded in 2011, Kraken is one of the most trusted names in the industry with over 9,000,000 users, and over $207 billion in quarterly trading volume.
The Kraken exchange offers trading access to over 190 countries including Australia, Canada, Europe, and is a top exchange for USA residents. (Excluding New York & Washington state).
Uphold Disclaimer: Assets available on Uphold are subject to region. All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.
Immutable X (IMX)
Immutable X (IMX) is right on time with its NFT protocol. The NFT market is on fire at the moment and play-to-earn gaming platforms like Immutable are leading the charge. You can expect to hear more from this development team as they continue to expand their features, services, and games.
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