What Is Immutable X — Ethereum’s First Layer 2 For Games And NFTs
The cost of making non-fungible tokens (NFTs) on the Ethereum platform is still one of the main reasons these assets haven’t become more popular. Because Ethereum 2.0 isn’t ready to merge with the mainnet for a few quarters, this isn’t very good news. Users must pay greater gas rates in order for their transactions to be verified promptly. It is also typical for minting transactions to fail, resulting in substantial losses. Layer 2 is the quickest way to solve this right now and that is what Immutable X is working on right now.
What is Immutable X?
Immutable X is an Ethereum-based layer-2 scaling solution for non-fungible tokens (NFTs). Its goal is to make Ethereum more scalable and user-friendly. Immutable X was the first Ethereum layer 2 protocol dedicated to NFTs, with no costs, and quick trading.
Immutable X provides users with fast trade confirmation, massive scalability (9,000 transactions per second), and no gas costs while preserving user ownership.
About Immutable X
Immutable X is an Ethereum layer-2 scaling solution for NFTs. For minting and trading NFTs, it provides near-zero gas expenses and rapid transaction confirmation. Users may simply develop and trade NFTs without jeopardizing their assets’ security.
To achieve scalability, Immutable X employs a Zero-Knowledge Rollup engine. It is capable of processing up to 9,000 transactions per second. Immutable X’s shared global NFT order book may help NFTs expand their liquidity and trading volume. NFTs may be purchased and traded on any Immutable X marketplace.
What is IMX Token?
IMX Token is a utility and governance token based on the ERC-20 standard. It’s used to pay transaction fees and incentivize Immutable X users and developers. Staking and participating in the platform’s governance might offer token holders incentives.
The token, which has a supply of 2 billion, gives platform users the ability to vote on Immutable X’s future direction. However, it’s worth noting that the platform is not a decentralized autonomous organization, or DAO, which means that, in the end, the team will have to make the final decision regarding Immutable X’s destiny.
Furthermore, its token is not issued by Immutable X but by a separate Token Foundation, implying that the team would not be able to participate in the token distribution. The platform is planning to launch a staking reward pool soon, allowing users to earn extra money by staking their IMX tokens.
How to buy IMX on Binance?
You can buy Immutable X (IMX) on Major cryptocurrency exchanges like Binance, Kucoin, Coinbase, MEXC Global and Huobi Global. For the purpose of this content, we’ll be illustrating with Binance
- Log in to your Binance account and click [Trade]. Select either the classic or advanced trading mode to start.
- Search “IMX” to see the available trading pairs. We will use IMX/BUSD as an example.
- Go to the [Spot] box and enter the amount of IMX you want to buy. In this example, we will use a Market order. Click [Buy IMX] to confirm, and the purchased IMX will be credited to your Spot Wallet.
How Does it work?
Immutable X utilizes a ZK Rollup, which takes thousands of off-chain deals, generates evidence that these trades were all genuine (asset owners signed the trades), and then publishes that proof on-chain, where it is confirmed by a smart contract.
The on-chain user assets are retained in the smart contract during this process and can only be released if a valid proof containing the assets has been published in a batch.
Why Anyone Should Use Immutable X
There are various benefits to using Immutable X for their Transactions and Projects. Here are some of the main reasons why you should use Immutable X:
Scalability
Technically, achieving scalability on the blockchain means either sacrificing overall security or abandoning decentralization.
That’s why Immutable X and StarkWare partnered to enable enormous batching of transactions off-chain, with users signing for the transaction, and then putting them on-chain in a single proof that basically compresses those trades into a single transaction at a set gas cost, which Immutable X pays.
This implies that as a user of Immutable X, you will not be charged any gas costs for trading NFTs, and as a developer, you will not be charged any gas fees.
Liquidity
What exactly does blockchain liquidity imply? This means that you may always purchase and sell any asset on the blockchain at a reasonable price. That is precisely what Immutable X enables you to achieve. Immutable has increased liquidity even further by permitting the establishment of virtual fungible marketplaces based on any subset of the token’s properties.
For instance, if you have a Rare Quick Quail VeeFriends NFT, you can search for it using single phrases such as Rare, Quail, or just VeeFriends NFT. You can also list your assets in all markets at the same time depending on all of those specific characteristics.
By listing your assets in all of these exchanges at the same time, you can get the best pricing and the most liquidity. If you’re a buyer, you may now acquire exactly what you want at the best price and with the most liquidity.
Security
When users join this protocol, they are not obliged to do anything; it is quite simple, and you may use your existing digital wallet. This means that your existing wallet generates the private key required to run this protocol. As a result, you can utilize famous wallets like MetaMask or any other solution you like.
On-chain validity-based proof
Using validity-based evidence implies that users’ assets cannot be exchanged without their permission; in other words, their virtual objects can never be taken away from them; this is the same security precaution that Ethereum mainnet employs for its platform.
Immutable X for Developers
What Immutable X has constructed for NFT developers is a super simple way to create digital assets. Immutable X is practically completely tradeable by APIs. As a developer, you can simply say that you want to mint (x) amount of assets, with (y) scarcity, making the development process very user-friendly.
Experience zero gas fees, instant trades, and carbon-neutral NFTs for marketplaces, games, and applications without compromise. Build your NFT business in hours with our APIs.
Immutable X Mint
Immutable X provides users with the power to create and distribute NFTs on a massive scale, and whether they mint a single or bulk item, the platform can perform all minting procedures for free.
Furthermore, NFTs minted on Immutable X are instantly accessible for trading on the open market while still keeping the security afforded by Ethereum.
Immutable X Link
The Immutable X link connects the user’s Immutable X key on the L2 exchange to their private key on Ethereum’s main blockchain.
It performs the same duties as the Ethereum wallet manager, as well as the same authentication and authorisation operations inside the exchange. They will subsequently be transmitted to the main blockchain after everything has been validated.
How to Buy NFT on Immutable x
this is going to be a quick one on how you can buy NFTs on immutable x so let’s dive in.
- Visit the official website immutable.com
- click on the marketplace tab then you’ll,
- connect to your meta mask wallet
- after the wallet is connected it’ll prompt you to sign a transaction’
- Next you can now see different NFTs on the Immutable X marketplace.
- Select your NFT and click Buy
Top NFT Collections On Immutable X
Because of Immutable X’s huge scalability, companies like Gamestop and Warner Brothers are planning to develop a store on IMX and issue trading cards based on DC Comics on the sidechain using the Hro app.
DappRadar has revealed that three of the top five active apps working with Immutable X are actually blockchain games.. Immutable X is one of the top five NFT collections, so let’s take a closer look at this potential sidechain.
1. Book Games
With a 30-day trading volume of $39,933,913 and 17.21k total transactions, this collection is the most popular on Immutable X. This NFT collection was created by Gary Vaynerchuk and ties to his Amazon bestseller, ‘Twelve and a Half.’ As a result of the book’s popularity, a pool of 125k NFTs has been set aside for individuals who purchased Twelve and a Half during the 24-hour pre-sale window in August 2021. In strategy games, these NFTs are bought and sold.
2. Hro
Hro is a platform that includes digital and physical cards, combining blockchain technology and in-store presence. We have partnered with Warner Bros. to bring Officially Licensed Hybrid NFT Trading Cards, beginning with DC’s ‘Unlock the Multiverse’ & ‘The Batman’, to the market.
Each physical Hro Hybrid NFT Trading Card will be equipped with a unique QR code that unlocks its digital “twin” on the Hro platform. Once connected, the Hro platform gives buyers access to a 24/7 global marketplace to buy, sell, and trade their way to a complete collection. The platform provides a 360°-fan engagement platform and community, where users can also build a collection of DC art, explore DC content, compete on leaderboards and in challenges, and unlock unique rewards and experiences.
3. Gods Unchained
With almost 20k new users joining in the last month, this blockchain game is on a massive upward trajectory in a booming market. A 30-day trading volume of $2.33 million shows us that NFTs are being traded in high numbers and this play-to-earn game is paying off for some savvy traders. As the current King of NFT games on IMX, Gods Unchained is a unique, free-to-play card trading game. Collect rare cards, build your deck and sell/trade your cards with other players.
4. Guild of Guardians Heroes
Guild of Guardians is a mobile RPG where players can turn their gaming passion into assets. It will be a multiplayer, fantasy, action RPG where players build their dream team of ‘Guardians’ and compete in a guild to earn epic, tradeable rewards.
5. PlanetQuest
PlanetQuest Collectibles is a collectible series of NFTs within the PlanetQuest Universe, a multiplayer exploration and survival game that allows players to own entire planets, discover rare artifacts and even vote on a decentralized storyline, join us on this journey and claim your first limited edition collectible
6. Highrise
The mobile metaverse on Immutable X! If you’re a Highrise citizen, you can create your own rooms, style your own avatars, and host experiences amongst other virtual reality-style experiences. There are currently 13 million users across 50 countries, making this game a pioneer in mobile metaverse gaming.
7. Moody Krows
Join the Krowmunity! 10,000 Moody Krow NFTs, which were the first PFP (profile picture) collectible on the Immutable X platform. Whether you think they’re merely a speculative crypto asset or a genuine investment, profile pictures are a hot commodity at present and Moody Krow has a range of imaginative PFP NFTs to choose from
8. TikTok Top Moments
Inspired by the creativity and innovation of the TikTok creator community, TikTok is exploring the world of NFTs as a new creator empowerment tool. NFTs are a new way for creators to be recognized and rewarded for their content and for fans to own culturally-significant moments on TikTok.
The creation that happens on TikTok helps drive culture and start trends that impact society. TikTok will bring something unique and groundbreaking to the NFT landscape by curating some of these cultural milestones and pairing them with prominent NFT artists.
Final Words
Using layer-2 scaling technology, Immutable X is able to bridge Ethereum’s NFT trading gaps. NFT enterprises, including play-to-earn games and markets, may thrive on this platform, which is open to anyone.
