Immutable X: A Layer 2 Scaling Solution for NFTs

What is Immutable X?

Immutable X is a company based on blockchain technology that strives to provide layer-2 Ethereum scaling solutions for NFTs. This imx layer 2 solution comprises two platforms: Immutable X and Immutable Games Studio. Robbie Ferguson, James Ferguson, and Alex Connoly laid the foundation of this company in 2018. The project has the backing of several investors like Coinbase, BITKRAFT, Airtree, and King River Capital, to name a few.

The Imx Layer 2 is called so because it is built on the pre-existing Ethereum blockchain and derives its security from it.

What is the Aim of Immutable?

The company works towards providing asset ownership in the digital world utilizing NFTs. By providing the direct ownership of assets to the web3 world, the company intends to solve the problems posed by layer 1 Ethereum-based solutions, on one hand, and provide a strong NFT ecosystem in web3, on the other.

The Technology Behind It

Being a layer 2 scaling solution, Immutable X is built on a technology called zero-knowledge rollups. This zk technology helps it solve the scalability issues which are the hallmark of traditional layer 1 solutions. By leveraging this scalability, it has been able to increase the transaction speed to a good 9000 TPS.

All About $IMX Token

The network provides an IMX token which is an ERC-20 utility and governance token and helps the NFT ecosystem to work smoothly. It is the native token with a total supply of 2 billion. Like other web-based ecosystems, this token is used to pay the transaction fee and also acts as an incentive to its users and developers. A user can earn it by buying and selling NFTs while developers can do so by creating applications.

What Can you Do with $IMX?

It is used to pay protocol fees: 20% of the total fee for any transaction needs to be done in IMX. If a trader does not have enough tokens to do so, the protocol purchases it from the open market for him/her.
Staking: The fee collected is sent to the staking pool and it is from where the users can earn their rewards. Staking works in a 14-day cycle. Stakers receive a % from the pool and this percentage depends on the amount that s/he staked.
The Token is also used as a governance token for voting on various proposals, The company publishes several protocols for its future and participants can vote using IMX.
Used as rewards to developers, traders, and members of the community. Developers get grants, the community gets staking rewards while traders get trading rewards.

Immutable Staking Rewards — Staking Rewards

Supply of $IMX Tokens

Out of the 2 billion total supply, a majority (51%) is used ecosystem in terms of grants and rewards that we mentioned above. 25% is dedicated towards protocol development while 19% is kept aside for private and public sales. The remaining 4% is kept as a reserve. Digital Worlds NFTs is the issuer of IMX.

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Where to Buy $IMX Tokens?

The token is available on Binance, KuCoin, Coinbase, Huobi, ZT, Bybit, BingX, Dcoin, XT.com, Bitrue, Bitget, MEXC, Uniswap, Latoken, Kraken, and other exchanges.

How to Stake IMX?

Navigate to the Staking Rewards page and click Connect Wallet.
Click Get $IMX to deposit funds for staking.
Select the amount of tokens to be staked and then click Stake.
To qualify for getting staking rewards, you need to first stake the token and then trade NFTs at least once per cycle on a marketplace that uses Order Book. At the end of each cycle, you receive rewards in your wallet.
Tokens can be unstaked at the end of each cycle.

How to Buy IMX Tokens on Binance?

Log in to Binance.
Click Trades at the bottom of the page.
Select Spot and then search IMX token.
Select the trading pair (with USDT, BUSD, BTC, or BNB).
Select the type of order you want to place. It can be Limit Order or a Market Order.
Enter the amount you want to buy.
Click Buy IMX.
You get the tokens in your spot wallet.

Why Immutable X?

Immutable X provides trading and minting of the NFTs at nearly zero gas fee. The trade confirmation is almost instantaneous.
The NFTs built on it are easily available on marketplaces.
Being a layer 2 Ethereum solution, it solves the scalability issues of a layer 1 platform.
The cost of trading and creating the ERC 721 and ERC 20 tokens is low while keeping the transactions secure.
Being based on zk rollups, it allows batching of multiple transactions at a time and these transactions are then rolled up in a single proof (which is commonly called zk-STARK proof). Using zk-STARK paves the way for a verification method that is used to prove something without actually knowing anything about that something. This increases the security and efficiency of a project.
Post batching of multiple transactions, a smart contract on blockchain verifies it. This smart contract is easy to verify because it does not contain full information about the transactions, This makes the computation quick and requires fewer resources for memory storage.
Another plus point of building a project is that it is carbon-free. This lower energy consumption is due to the use of zk technology which lowers the amount of data to be minted.
It uses REST APIs that allow users to make a call to these APIS for creating and transferring NFTs and that too without the intervention of smart contracts. The SDK used for it is easy to integrate with these APIs as well as with the users’ wallets.This allows developers to build games in a short span.
It supports a global order book that is supported by multiple third-party marketplaces. This way, orders created on one marketplace can be filled on another marketplace. This solves the liquidity issues for the NFTs.
Another common feature that Immutable X users can take leverage of its support for other desktop Ethereum wallets. So, there is no need to use different blockchain networks to buy different types of NFTs.

Projects Built on Immutable X

Imx layer 2 has been host to several top fantasy and adventure games. A few famous games that have launched on Immutable X include Gods Unchained, Deviants’ Faction, Planet Quest, Guilds of Guardians, Final Salvation, Ember Sword, Oxya Origin, and Delyslum. Let us see a few of these in detail:

Guilds of Guardians

It is a multiplayer action game with fantasy as the theme. The players need to create teams of Guardians and earn rewards. The heroes in the game go through dungeons and collect resources. With these resources, users can craft new items and these items can be traded for real money.

Watch a video on Guilds of Guardians here:

A YouTube Video on Guilds of Guardians

Gods Unchained

This extremely popular play-to-earn art and fantasy game. It involves card games and players must beat their opponents by building card decks that can be used for various combats. This free-to-play game offers players to buy and trade their cards without paying any gas fee. These cards are the NFTs that are on the Ethereum blockchain.

While players can earn real money with these, they can also buy the game’s native token called $GODS, which is an ERC-20 token. Different tournaments and events are also part of the game. Due to its extreme popularity, Gods Unchained has been the longest-running project in the history of NFT gaming.

Gods Unchained cards are available on the immutable website The site offers millions of assets in this game’s collection and are priced from very low to quite high. You can filter these cards on the basis of different criteria that this collection provides.

Gods Unchained is now planning to launch a mobile version (both Apple and Android) of its game by the end of 2023. It could be another milestone for this imx layer 2 based game which is already stands among the top web3 games as far as trading volume of virtual assets is concerned.

WAGMI Games

Based on the mantra of “We Are All Gonna Make It”, the game based on imx layer 2, is set in the year 3022 when aliens have invaded Earth and they have come to steal NiFe (Nickel and Iron alloys present within the core of the earth). To counter, human beings have created a “WAGMI Defense”. The players need to defeat aliens to claim their towers. You can choose to play either an alien or a human being.

The entire drama plays out like a live-action and involves creating strategies to defeat your opponent. You can build strategies to set traps for your enemies. To match it to the real-life drama, every character has been built with a back story and had a difficult past that they overcame and have now come to defend their towers at all costs, thus aligning with what WAGMI stands for.

Deviants’ Factions

This is a play-to-earn NFT trading card game. The game is known for its immersive experience and fictional undertones. The goal is to destroy the enemy’s headquarters using an NFT deck. The use of spell-binding works of art is the hallmark of the game and involves 8-card NFT decks.

Watch another nice video on Immutable X here.

Disclaimer

This article is for informational purposes only and is NOT a financial advice. We do not promote, in any form, any NFTs, crypto games, wallets, cryptocurrencies or tokens mentioned herein. The content of this article is based on the information available up to the knowledge. You should be aware that investing in any NFT, or wallet or cryptocurrency or blockchain project or crypto game is subject to market risk and you MUST do your own due diligence (DYOR) before you put any money in any of these NFTs, wallets, coins, or tokens.