This combination of financial backing, revolutionary technology, know-how, and entering the NFT market at a time when NFT trading was seeing a spike of 21,000%, meant that the Immutable X token price saw a rapid surge. Following the Immutable X air drop and the release of the IMX token onto the market in late 2021, the price shot up to $5.13, while 20 days later, on the 26th of November 2021, IMX reached its all-time high of $9.50. VeVe on IMX is not the only NFT platform partnership with Immutable X to bring more NFTs to Ethereum. Others include Moody Crows on Immutable X, Mutant Apes, Christmas Punks NFTs and more — all of which can be found on the Immutable X marketplace.
Immutable X’s Roadmap
In 2022, IMX has seen quite a different pattern, although its token price has remained above its initial launch value. Following its all-time high in late November 2021, IMX succumbed to the effects of the 2022 bear market, with threats of taxation and regulation on crypto assets driving its value down to lows of $1.11 at the beginning of March. Having said that, however, the Immutable X price saw some steady growth throughout the remainder of March, increasing from $1.11 to $2.58 in 21 days.
Global Immutable Prices
- After the transaction is stacked, the proof is sent to the Blockchain and validated by the smart contract.
- This funding, along with Immutable’s cutting-edge technology and a strong roster of top Web3 games, has proven critical in attracting top gaming partners from around the globe.
- This is important for security and decentralization, but it means that each transaction can take some time to be confirmed.
- From there, 20% of the protocol fee is converted to $IMX and transferred to the staking rewards pool.
Going digital is the future of asset trading and with Immutable X one can keep themselves way ahead in this regard. The entire Immutable X trading channel is fueled by its native NFT ticketed as IMX. Immutable, in partnership with Kind River Capital and Polygon Labs, has launched https://cryptolisting.org/ a $100 million fund dedicated to investing in blockchain games, Inevitable Games Fund. ImmutableX token holders can vote on all token-related proposals, including allocating token reserves, voting on developer grants, activating daily rewards, and changes in token supply.
Discussion on the Evolving Role of AI in Blockchain and NFT Spaces
Using the 20% protocol fee allocation, $IMX is distributed to qualified stakers after each 14-day staking cycle. At the end of each staking cycle, users may opt to re-stake their coins to compound their tokens. In Web3 games specifically, utility tokens are often used to purchase in-game assets and access game features. Some utility tokens, like $IMX, may also serve as governance tokens, allowing holders to vote on key decisions surrounding the game or protocol’s future. With a mission of powering the next generation of Web3 games, Immutable offers easy-to-implement back-end Web3 infrastructure, cost-effective for both gaming studios and gamers alike. With a full roster of simple APIs and SDKs, development teams can spend less time engineering and more time building games that players want to play.
Historically, the Ethereum network has experienced scalability issues like low transaction throughput, long transaction times, and expensive gas fees. While these constraints are unfavorable for all users, they are particularly troublesome for Web3 games that rely on millions of microtransactions to deliver a seamless user experience. ZK-rollups are a specific type of L2 solution that bundle (or “roll up”) hundreds of off-chain transactions into a single transaction.
As the volume of transactions increase on layer 1, so too does the demand for validators. In response, users often offer higher fees to incentivize validators to prioritize processing their transactions. Immutable X is aimed at enabling developers to build fast, scalable and secure applications for NFTs and blockchain games.
It employs ZK-rollup technology, which aggregates multiple transactions off-chain and then submits a single proof to Ethereum for validation. This method significantly reduces gas fees and increases transaction throughput while benefiting from Ethereum’s security. ZkSync aims to support the Ethereum ecosystem’s growth by providing a scalable, low-cost platform for transactions. Immutable positions itself as the first layer-two scaling solution for NFTs on Ethereum. According to Immutable, its blockchain does away with Ethereum’s limitations like low scalability, a poor user experience, illiquidity, and a slow developer experience. Instead, users benefit from instant trading and massive scalability while enjoying zero gas fees for minting and trading NFTs without compromising user or asset security.
At the time of writing, the $IMX price is 42 cents per token, with a total market cap of nearly $300 million and a circulating supply of around 680 million tokens. They operate “on top” of the main Blockchain (in this case, Ethereum) and help process transactions more swiftly and cost-effectively. Immutable X achieves this by utilizing zk-Rollup technology, a form of zero-knowledge cryptography that bundles multiple transactions what is an allowance for doubtful accounts into a single batch, drastically reducing gas fees and increasing transaction throughput. Previously operating on the GoChain blockchain as a G020 token, VeVe’s native OMI token migrated to Ethereum’s ERC-20 token on January 27, 2022. This happened thanks to Immutable X’s ability to offer the platform an improved interface, 0 gas fees, and increased scalability, speed, and security on the Ethereum blockchain.
Immutable X is a layer-2 scaling solution for Ethereum with a particular focus on non-fungible tokens (NFTs). With a team specializing in NFT creation and management, Immutable X looks to facilitate the building and managing of NFT applications, NFT marketplaces, and blockchain games on Ethereum. It does this by providing a scalable solution which enables fast transaction speeds and no gas fees for NFTs, as well as the back-end technology to allow simple and fast NFT minting and management on the Immutable X marketplace. This means that NFTs not currently on Ethereum can be reminted quickly and cheaply onto the blockchain through Immutable X.
