For the reason that launch of the primary NFTs, they’ve step by step gained recognition not solely amongst crypto traders but in addition amongst artists, celebrities, and other people from all walks of life.
However recognition introduced some challenges. Scalability and transaction prices shortly turned main complications, particularly on Ethereum, the go-to community for NFTs. The Layer 2 mannequin modified the sport by addressing these ache factors, making transactions seamless and environment friendly.
This is similar mannequin that powers Immutable X, a number one blockchain platform for GameFi initiatives and NFT collections. Let’s take a deeper have a look at how this venture works.
Desk of Contents
What’s Immutable X and the way does it work?
Immutable X is a Layer 2 answer designed to repair Ethereum’s largest NFT downside: excessive gasoline charges. By including an additional layer to course of transactions extra effectively, Immutable X makes NFT buying and selling and growth quicker, cheaper, and extra accessible for everybody.
The venture began in 2018, based by James and Robbie Ferguson together with Alex Connolly, working along with StarkWare.
So, how does Immutable X work? It harnesses ZK-STARK know-how to batch transactions effectively whereas protecting all knowledge utterly non-public. This helps scale back blockchain congestion, increase safety, and course of as much as 9,000 transactions per second — all whereas protecting gasoline charges low.
What’s Immutable X cryptocurrency?
Immutable X (IMX) is the utility token of the Immutable X platform, core to the way it works and its general ecosystem.
As an ERC-20 utility and governance token with a complete provide of two billion, IMX serves loads of functions throughout the community. It’s used to pay for transaction charges, ensuring all the pieces runs easy and effectively on the platform. IMX can also be key in staking, letting token holders assist maintain the community protected and get rewards.
Moreover, the token allows governance, giving customers the flexibility to vote on platform choices, and acts as an incentive for customers to have interaction with the platform.
What’s Immutable X used for?
Let’s go into extra element on the use instances of the Immutable X cryptocurrency:
- 20% of community charges are paid in Immutable X (IMX), however customers don’t want to carry the token themselves. The community routinely converts a part of the cost into IMX to cowl the required price.
- All of the IMX collected from charges is shipped right into a staking rewards pool. If you happen to’re actively staking your tokens, you’ll obtain day by day rewards. To qualify, you have to have voted on a governance proposal or made a commerce throughout the final 30 days and maintain your IMX tokens both on L1 or L2.
- IMX cryptocurrency holders get a say in how the platform evolves. You may vote on choices like adjusting the token provide, distributing reserves, or funding builders. To solid a vote, you simply want to carry a sure variety of IMX tokens — what that quantity is, although, is as much as the neighborhood.
Immutable X worth historical past and future developments
The IMX token was launched in early November 2021, and just some weeks later, it hit an all-time excessive of $9.50 on November 25. After reaching its ATH, token’s worth began to drop steadily, ultimately falling again to the place it began. As of February 2025, the token is priced at about $0.79, which implies its worth has barely modified because it was first launched, exhibiting zero progress.
The way forward for IMX will rely upon just a few key elements: how broadly Immutable X’s layer-2 answer is adopted, the expansion of the NFT and gaming markets, and the general temper within the cryptocurrency world. If its platform turns into extra standard as a go-to choice for quicker and cheaper transactions within the NFT area, it might see progress.
