The Ethereum Layer-2 network built for speed, scale and gamers
Immutable X is one of the leading Layer-2 solutions on top of Ethereum, dedicated to making Web3 game development easier, while onboarding millions of gamers. Innovations like Immutable Passport and an open market for NFTs have already pushed Immutable to the forefront.
What is Immutable X?
Immutable X is a Layer-2 scaling solution built on top of the Ethereum blockchain. It was designed and created to offer near-instant confirmation and near-zero gas fees for NFT trading and minting.
James Ferguson, Robbie Ferguson and Alex Connolly launched Immutable in Australia in 2018. Immutable is the company behind the Immutable X network.
It was originally created to lower the costs associated with trading NFTs for Gods Unchained (a game by Immutable). But the larger goal was to create a gaming-specific blockchain that could host gaming platforms, while keeping down costs and speeding up transaction times.
What is the token for Immutable?
Immutable X uses the IMX token for transaction fees and governance. The token exists on both Immutable X and Ethereum.
What wallet do you need for Immutable X?
Users can log in to Immutable-powered dapps using MetaMask, because IMX uses a wallet that directly links to an Ethereum wallet. However, IMX uses its own interface to deal with transactions, even though this still connects to MetaMask as well.
Having MetaMask or another Web3 wallet installed, is a requirement. These wallets need to have the ImmutableX Link SDK integrated in order to connect their Ethereum wallets to an IMX equivalent.
What games are on Immutable X?
As a blockchain built for NFT trading and gaming, most dapps on Immutable X come under the umbrella of Games and Collectibles. We’ve already mentioned Gods Unchained, but there are plenty more platforms on Immutable that are definitely worth checking out:
- Guild of Guardians – mobile RPG with a focus on player ownership.
- HRO – a platform that bridges the gap between real and fantasy with physical and digital trading cards.
- Illuvium – upcoming collectible NFT RPG game and auto-battler.
- Highrise – mobile virtual world with 1.5 million monthly active users.
- Cross the Ages – a fantasy trading card game
How does Immutable X work?
The IMX network is based around a technology called Zero-Knowledge Rollup (ZK-Rollup). This means that transactions are not automatically added to the blockchain when they’re confirmed.
Instead, they’re batched on the Immutable X network and then moved as a single secure unit of information onto the blockchain. This is why it’s called a Layer-2, because it’s built on Ethereum, which is a Layer-1.
By collecting and confirming transactions off-chain, and then moving it all on-chain in one go, Immutable X is able to process 9,000 transactions per second while keeping gas fees near to zero. This method also makes minting and trading NFTs on Immutable X 100% carbon-neutral. Immutable offsets the small amount of energy that is used with carbon credits.
What are the benefits of Immutable X?
- Costs and Speeds – it’s the only gas-free minting platform and transaction times are instant. Because Immutable X was created with gamers in mind, it makes every effort to cater for that demographic.
- Easy to use – the Immutable X Web3 wallet has integrated credit card payments, so that people who aren’t comfortable using blockchain technology will still be able to access the ecosystem. Immutable says that it has ‘simple APIs and SDKs [that] allow you to build and launch faster’. This means it’s great for developers who need a host for their creations.
- Worldwide NFT trading – for anyone who wants to trade in NFTs, people who list their items on the Immutable X network get instant access to the entire global order book. This means that if someone lists an NFT on one Immutable X marketplace, it gets automatically added to every marketplace that deals in Immutable X items.
- Benefits of Ethereum – Immutable X users also benefit from the Ethereum blockchain’s security. While transactions and fees are processed at the Layer 2 level on Immutable X, all of the information is ultimately confirmed on Ethereum. The solution also supports all desktop Ethereum wallets without users needing to switch to a different network.
What is the IMX token?
Immutable X (IMX) is an ERC-20 utility token and it acts as the grease that keeps the Immutable X cogs turning. Users need it for trading on the network, to provide liquidity and to build applications.
How is IMX used in NFT trading?
Immutable takes a 2% fee on all secondary trades carried out on the network. 20% of this must be paid in IMX. This payment can be made directly with IMX tokens or Immutable will swap the purchase currency (e.g. ETH) into IMX on the open market.
How to stake IMX and earn more tokens?
IMX token holders can earn interest on their holdings if they are also active within the NFT trading ecosystem. Through IMX Staking users earn approximately 4% APR on their staked IMX, only if they have bought or sold at least 1 NFT through the Immutable Marketplace. This is how you get started:
- Make sure you have IMX tokens on Immutable X
- Go to IMX Staking
- Select how much IMX you want to stake, and then stake it.
- Then make sure you do at least one NFT trade during the 14-day cycle
- The IMX Staking page will tell you when you are eligible to earn IMX rewards
Collected fees for all transactions are distributed to IMX stakers, in proportion to the amount of tokens they have contributed to the aggregated pool.
Is IMX also used for governance?
IMX token holders can vote on proposals put forth by the community. Votes can be on topics such as reserve token allocation, developer grants or changing token supply. More IMX tokens give holders more voting power.
What is Immutable Passport?
Immutable Passport is a solution that gives users to smooth interface using email, when dealing with login information for Web3 services.
What is the Immutable X Marketplace?
As a blockchain built for trading gaming NFTs, Immutable X has its own marketplace where users can buy and sell their in-game assets. It is home to all items that have been listed for sale on the network. So if your secondary marketplace of choice features Immutable X NFTs, you will see everything already listed on the official marketplace.
As we’ve already mentioned, NFTs are free to mint on Immutable X. And Immutable only takes 2% as a sell-on fee. This makes the blockchain perfect for anyone looking for low costs when they’re launching their next collection.
You can see the trading data from Immutable X marketplace here on DappRadar.