Immutable X (IMX): The Best Layer 2 for Web3 Gaming Development
Immutable X (IMX) is a layer-2 scaling solution built on the Ethereum blockchain to address gas fees and transaction speed issues for NFTs.
Developed using StarkWare's Rollup technology, Immutable X boasts a transaction processing capacity of up to 9,000 transactions per second (TPS) and zero gas fees.
Layer-2 solutions operate on top of layer-1 (Ethereum), inheriting its common attributes. Ethereum's layer-2 solutions typically address issues such as reducing gas fees and enhancing transaction speed and scalability compared to layer-1.
$IMX is an ERC-20 utility token and the governance token of the Immutable X project. It is used for transaction fees, incentivizing users and developers on the platform. Token holders can earn rewards through staking and platform governance.
Introduction to Immutable X
Immutable, originally known as Fuel Games, was founded in 2018 in Surry Hills, New South Wales, Australia, by James Ferguson, Robbie Ferguson, and Alex Connolly.
Through collaboration with StarkWare, Immutable X provides blockchain infrastructure for transferring ownership of NFTs in the video game industry. It enables users to create and trade ERC-721 and ERC-20 tokens with zero gas fees, without compromising the security of their assets.
How Immutable X Works
Immutable X utilizes a blockchain scaling solution called Zero-Knowledge Rollup (ZK-Rollup).
Instead of placing every transaction's data on the blockchain, ZK-Rollup aggregates hundreds of transactions into a single off-chain transaction. It then provides a validity proof.
These proofs are sent to a smart contract on Layer 1 for verification. The smart contract holds the assets and only releases them once a valid proof is provided.
One of the main advantages of ZK-Rollup is faster block verification due to less data. Moreover, transitioning transactions from layer-2 to layer-1 is facilitated by validity proofs generated and approved by ZK-Rollup.
Key Features of Immutable X
Immutable X employs ZK Rollup, a blockchain scaling technology, to provide NFT users with a seamless experience on Layer 2, alongside the following features:
Security: Inherits layer-1 Ethereum's security.
Scalability: Collaboration with Starkware enhances privacy and overall network scalability.
Transaction Speed: Processes up to 9,000 TPS.
Liquidity and Orderbook: Offers a shared orderbook to improve liquidity.
Immutable X Mint: Enables large-scale asset creation and distribution with zero gas fees.
SDKs Platform: Provides SDKs tailored for the platform and programming languages, facilitating easy integration with Immutable X.
Immutable X Marketplace: A marketplace for buying, selling, and trading NFTs.
Compliance and Support: Ensures legal compliance and copyright protection for NFT products.
API Abstraction Layer: Simplifies NFT project design for developers by scaling its method on an API following REST design principles.
Why Immutable X is Special for Web3 Gaming
As the first layer-2 solution for NFTs on Ethereum, Immutable X focuses on NFTs and play-to-earn blockchain games, offering rapid scalability and reduced gas fees.
NFT transactions or minting on Immutable X are 100% carbon-neutral. For instance, minting 8 million NFTs for Gods Unchained on Ethereum would consume about 490 million kWh. In contrast, due to ZK-Rollup data compression for minting, Immutable X only consumes 1,030 kWh for the same amount of NFTs, a reduction in energy usage by over 475,000 times.
Unlike competing projects against Ethereum, Immutable X leverages Ethereum's features to provide attractive and beneficial features for NFT traders.
Funding Rounds of the Project
In September 2019, Immutable X raised $15,000,000 in Series A funding from Naspers Ventures and Galaxy Digital EOS VC Fund.
In September 2021, Immutable X raised $77,500,000 in Series B funding from BITKRAFT Ventures, King River Capital, AirTree Ventures, Prosus Ventures, Galaxy Interactive, Fabric Ventures, FTX, Reinventure, Apex Capital, and VaynerFund.
In March 2022, Immutable X raised $200,000,000 in Series C funding, valuing the company at $2.5 billion, from Temasek, Mirae Asset, ParaFi Capital, and Tencent Holdings.
Total funding raised by Immutable X to date: $292,500,000.
Team & Investors
Team:
Immutable X's development team includes prominent figures, including Forbes 30 Under 30:
James Ferguson: Co-Founder and CEO, listed in Forbes 30 Under 30, with experience in billion-dollar eCommerce companies.
Robbie Ferguson: Co-Founder and President, also listed in Forbes 30 Under 30, with experience in Australia's largest crypto exchange platform.
Alex Connolly: CTO, involved in Ethereum since 2017, ventured into NFTs from 2019 onwards.
Investors:
Notable investors in Immutable X include Coinbase, Galaxy Digital, and others.
IMX Token
IMX plays a pivotal role in the Ethereum NFT ecosystem's development:
Governance Token: IMX allows community members to vote on project activities.
Transaction Fees: 20% of fees are paid in IMX for each transaction on Immutable X.
Staking: All IMX transaction fees go to a rewards pool; the more staked, the more IMX earned.
Basic Information:
Token Name: Immutable X.
Symbol: IMX.
Blockchain: Ethereum.
Token Standard: ERC20.
Contract: 0xf57e7e7c23978c3caec3c3548e3d615c346e79ff
Token Type: Utility.
Total Supply: 200,000,000 IMX.
Circulating Supply: 235,284,001.00 IMX.
Allocation:
Ecosystem Development: 51.74% - marketing, rewards, developer sponsorships, liquidity.
Project Development: 25% - Immutable X development.
Private Sale: 14.26% - allocated to investors (organizations and individuals).
Public Sale: 5% - public token sale.
Foundation Reserve: 4% - allocated to initiatives related to ecosystem growth and providing liquidity for both centralized and decentralized exchanges.
IMX tokens can be purchased on major exchanges such as Binance, Bybit, or MEXC.
NFT Games on Immutable X
Several game projects are being built or are in testing stages on Immutable X. Some notable ones include:
Illuvium: A 3D play-to-earn game set in a fantasy open world.
Gods Unchained: An NFT trading card game on the Ethereum platform, initially announced in 2018.
Guild of Guardians: A mobile role-playing game that allows players to turn their gaming passion into assets.
Ember Sword: A free-to-play multiplayer online role-playing game (MMORPG) set in a vast fictional universe.
PlanetQuest: A fictional exploration and survival game across the universe.
Cross The Ages: A collectible card game similar to Pokemon TCG.
Deviants' Factions: An NFT card game originally built on Terra but later migrated to Immutable X after Terra's collapse in May 2022.
Undead Blocks: A first-person shooter (FPS) game.
WAGMI: A Tower Defense game combined with a Sci-Fi element.
...
Gods Unchained and Illuvium are currently significant projects on Immutable X, both having undergone substantial development to prepare for their official launches, enabling widespread participation in play-to-earn opportunities.
An interesting development is the partnership between gaming website Kongregate and Immutable X. Kongregate, with thousands of Web2 games, is expanding into Web3, a significant step to popularize blockchain gaming and attract new players to cryptocurrencies.
GameStop has partnered with Immutable X to build their own NFT marketplace with a $100 million development fund. However, questions remain whether a large organization like GameStop aims to develop its own NFT marketplace or build on Immutable X.
To participate in buying and selling NFTs on the Immutable X marketplace, simply connect your MetaMask wallet and select the Ethereum network to start using it.
