What is ImmutableX? Project Overview.
By Artem Khomenko 1878 21 Nov 2022
ImmutableX is a Layer 2 built on top of the Ethereum blockchain, designed to support the next generation of web3 games
First of all, ImmutableX solves the issue of high gas fees on the Ethereum blockchain. Gaming and NFT projects move their functionality to Layer 2, which makes network usage more convenient and cheaper. ImmutableX offers zero gas fee for most activities, including buying, minting or transferring NFTs, deploying contract, and so on.
Many blockchain games such as Gods Unchained, Guild of Guardians, Delysium and Planet Quest choose to use this particular Layer 2. Inventory, in-game items, characters, and other NFTs can be purchased on the official ImmutableX Marketplace.
The platform is very loyal to blockchain developers and startups who want to launch their games on ImmutableX. The website offers supporting funding and a complete toolkit to deploy Web3 projects. The platform gives the possibility to launch a game, set up a marketplace, find developers for the team, or win a grant for funding from a general fund of $500 million.
The IMX token is the native utility token of the Immutable X protocol, which users can earn by conducting pro-network activities, and which can be used to pay fees at Layer 2, to perform staking and to manage the platform as part of the DAO.
The public launch of ImmutableX took place on the Coinlist accelerator in 2021. Users could purchase a token for $500 value at a price of $0.15 or $0.25, depending on the option.
The IMX token was listed on all major exchanges three months following the sale, on November 5, 2021. Investors were able to multiply their investment by 20 times thanks to the $5 listing price.
Another interesting aspect is that the IMX tokenomics is almost entirely focused on further community support and development. 51% of the coins are allocated for grant programs, 25% go to the ImmutableX development fund, 20% were sold as part of several sales, another 4% are reserved.
IMX is trading at $0.42, the project capitalization is $283 million (according to Coingecko). You can buy tokens at exchanges like WhiteBit, MEXC, BYBIT, KuCoin, OKX, and others. Last year, ImmutableX and game developer GameStop collaborated strategically to launch a $100 million support fund.
ImmutableX is a fantastic platform for individuals who want to explore NFT and Play-to-Earn from the inside while avoiding high transaction fees.