Deep Dive into Immutable X: Solutions, Team, Token, and Gaming Ecosystem
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Deep Dive into Immutable X: Solutions, Team, Token, and Gaming Ecosystem
Immutable X is a scaling solution designed with Layer 2 technology, built on the Ethereum blockchain.
Navigating Web3 tides with focused insightsAuthor: Kadeem Clarke
Translation: TechFlow
Despite the popularity of NFTs, the NFT industry has had to confront numerous challenges, chief among them scalability issues and high gas fees resulting from the rapid rise in NFT adoption.
Immutable X is a scaling solution built on Ethereum blockchain using Layer 2 technology. This solution also offers instant transaction confirmations and extremely low gas fees.
What is Immutable X?
Immutable, the developer behind the blockchain-based game "Gods Unchained," created Immutable X as a next-generation protocol providing a scalable Layer 2 solution for the NFT industry.
Immutable X’s Layer 2 zero-knowledge rollup solution provides users with instant transaction confirmations and massive scalability in a non-custodial manner. It supports speeds of up to 9,000 transactions per second and charges no gas fees. Immutable X focuses on the emerging GameFi sector.
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Beyond gas-free minting, it aims to attract mainstream gamers through customized wallet experiences integrating credit card payments.
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For developers, Immutable X provides professional and simple APIs and SDKs to enable faster launch of new games.
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Additionally, it features a global order book that instantly distributes NFTs across every marketplace within the blockchain network.
Immutable X: Team and Investors
James Ferguson, an entrepreneur featured on Forbes 30 Under 30, leads the Immutable X team.
Prior to founding Immutable X, he oversaw software development teams at a billion-dollar e-commerce company.
Immutable X is backed by several prominent cryptocurrency venture capital funds, including Coinbase, Naspers, Nirvana Capital, Apex Capital Partners, Continue Capital, and Galaxy Digital.
Immutable X's Token - $IMX
The native currency of the Immutable X ecosystem is the ERC20 token called IMX, with a total supply of two billion. Users can earn IMX by developing applications and trading NFTs to help grow the ecosystem.
The token can be used to reward users and pay transaction fees. Users can stake their assets in liquidity pools to receive generous staking rewards. Token holders can also vote on decisions affecting community development. Voting power increases with the number of tokens held.
The team incentivizes traders, creators, and marketplaces to participate in three core functions of the IMX token:
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Fees: IMX pays 20% of the blockchain protocol fees. This can be done directly or via automatic token swaps, meaning users can interact with the platform without holding IMX.
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Staking: Users who hold IMX on L1 or L2, participated in recent governance votes, and either own an Immutable X NFT or recently completed a transaction are classified as stakers.
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Governance: IMX holders can vote on governance proposals, including how to allocate token reserves, developer grants, whether to activate daily rewards, and changes to token supply.
Immutable X Ecosystem
Games included in the Immutable X ecosystem include:
Gods Unchained
Over 450,000 players have registered for Gods Unchained, a strategy card game developed by the former game director of the popular Magic: The Gathering card game. Its fantasy setting and requirement for players to combine various strategies in deck-building give it unique appeal. The GODS token powers Gods Unchained.
Guild of Guardians
In the action role-playing game Guild of Guardians (GOG), players assemble a group of heroes to conquer dungeon missions and win prizes. Over 300,000 players have joined the game, and more than $24 million worth of NFTs have been sold. Additionally, it collaborates with top gaming companies such as Ubisoft and The Sandbox. Guild of Guardians is expected to launch in 2023.
Illuvium
Illuvium (ILV), an open-world RPG adventure game, combines play-to-earn mechanics with traditional components to create a AAA-quality title. Set in a fantastical world where Illuvials play a key role, Illuvium is one of the most promising projects in the ecosystem, merging action gameplay with classic RPG collection elements.
Planet Quest
Planet Quest is a sci-fi exploration game where players must search for a unique element called Quantum. Obtained by completing adventures and challenges, Quantum can be used to trade for and purchase in-game assets. Planet Quest features both cooperative and competitive gameplay modes.
Undead Blocks
Wagyu Games developed Undead Blocks, a high-quality multiplayer first-person shooter game. Players level up their characters and earn in-game assets by selecting various weapon NFTs and defeating zombies. The game will be playable on Mac, PC, and mobile devices.
Immutable X games raised over $900 million in Web3 funding in 2022.
According to a report by Delphi Digital, Immutable X games received the largest share of Web3 funding in 2022. Games built on Immutable X and multi-chain games based on Immutable X raised approximately $300 million and over $600 million respectively.
With these investments, Immutable X surpassed Solana and Polygon to become the best-funded Layer 2 Web3 gaming ecosystem in 2022. During that year, the number of games on Immutable X grew from five to over 100.
Immutable X Marketplace
Users can trade their NFTs on the Immutable X Marketplace, which operates on the Immutable X protocol. It ensures both developers and users have access to a marketplace, making it easier for new content creators to get started. Developers who cannot build their own marketplace platforms can use the Immutable X Marketplace.
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Like most other Layer 1 marketplaces, it allows users to view information such as past transactions and their transaction history.
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The integrated shared liquidity system and global order book allow third-party marketplace developers to avoid concerns about fluctuating trading volumes on their platforms.
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All orders placed on one marketplace are fulfilled on others, slowing down optimal price discovery for digital assets while enabling effective and efficient bootstrapping.
What Makes Immutable X Unique?
As previously mentioned, Immutable X is one of the first Layer 2 solutions to utilize zk-rollups exclusively for NFTs. Zk-rollups are becoming increasingly critical as a scaling solution.
API Abstraction Layer Greatly Democratizes Immutable X
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It enables users to connect wallets without switching networks.
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REST API is used to simplify interactions with the blockchain. Through API calls, users can create and trade NFTs without directly handling smart contracts.
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Developers creating NFT products such as P2E games can integrate ImmutableX’s SDK, API, and wallet.
Immutable X’s Global Order Book
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This allows users to trade NFTs across any ecosystem that uses its tools to provide third-party NFT marketplaces.
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This means orders placed on one marketplace can be quickly fulfilled on another, increasing the volume and liquidity of NFTs.
Immutable X Supports All Ethereum Wallets
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This allows traders to buy and sell NFTs across multiple NFT-compatible wallets without transferring assets between networks.
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To enhance the NFT-specific wallet experience, the protocol provides an intermediate layer called "Links." Users can enjoy secure transactions and NFT minting without any security risks.
Scaling Solution
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High scalability enables fast and cost-effective processing of large transaction volumes.
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Immutable X provides NFT users with a faster and more affordable solution.
Conclusion
Immutable X defines its own market. As Ethereum scaling solutions emerge, the rapidly growing GameFi market in the blockchain industry is expected to gain even greater attention. Technologically, Immutable X holds a strong position by leveraging StarkWare.
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