What is Immutable (IMX)?
Immutable is a web3 gaming and solutions company that created the popular Immutable zkEVM and Immutable X zero-knowledge (ZK) scaling solutions for Ethereum that simplify building and running blockchain games and trading NFTs.
The platform is focused on bringing digital ownership to players by making it easy to build Web3 games for mainstream adoption. Immutable is funded and backed by prominent crypto VC funds and transformational tech investors like Bitkraft Ventures, King River Capital, AirTree, Temasek, Coinbase, and more1.
The platform empowers gaming studios and developers with a powerful suite of products, delivering clear solutions that amplify their capabilities and transform how they create, launch, and distribute games. Immutable’s pre-built solutions are designed for ease of use, enabling developers to launch their games faster without compromising security or the gaming experience.
Key Takeaways
- Immutable is a web3 solution company that creates layer-2 Ethereum scaling solutions designed to improve blockchain gaming.
- The Immutable (IMX) ERC-20 token is used to operate on the Immutable layer-2 chains.
- Immutable X is a specialized layer-2 scaling solution tailored for non-fungible tokens (NFTs).
- Immutability zkEVM is a zk-rollup solution that offers Ethereum Virtual Machine (EVM) compatibility.
- The Immutable (IMX) token has rallied by 300% in 2023.
What Is The History Of Immutable X (IMX)?
The journey of Immutable began in 2018 when James Ferguson, Robbie Ferguson, and Alex Connolly embarked on a mission to revolutionize the world of non-fungible tokens (NFTs)2. Their vision was to address the scalability limitations of the Ethereum blockchain, which often resulted in high transaction fees and congested networks.
In 2019, the trio founded Immutable Pty Ltd, an Australian-based technology company dedicated to unlocking the potential of NFTs. Their first major breakthrough came in 2020 when they partnered with StarkWare, a leader in zero-knowledge (ZK) rollup technology. This partnership paved the way for the development of Immutable X3, a revolutionary layer-2 scaling solution that utilizes ZK rollups to significantly enhance the scalability and efficiency of Ethereum-based NFTs.
Immutable X made its grand debut in 2021, unveiling its capabilities to the world. With its ability to process up to 9,000 transactions per second (TPS) and negligible gas fees, Immutable X quickly gained traction among developers and users. It became the preferred platform for numerous NFT projects, including Gods Unchained, Guild of Guardians, and Illuvium, leading to a surge in adoption and recognition4.
In the same year, Immutable X introduced its native token, IMX, to the ecosystem. IMX serves as a utility token for transaction fees, staking rewards, and governance.
How Does Immutable (IMX) Work? How Does It Improve Web3 Gaming On Ethereum?
Immutable is a complete end-to-end development platform that offers a suite of solutions for building and scaling Web3 games on Ethereum, with industry-leading security and frictionless developer and gaming experiences.
Immutable uses zero-knowledge Rollups (ZK-rollups) to achieve layer-2 scalability, which fuses an array of hundreds of transactions off-chain and sends them to Ethereum as a single transaction, allowing faster validation of transactions and ensuring gas fees are kept to a minimum.
Immutable announced its second scaling solution, Immutable zkEVM5, for games alongside the existing Immutable X in March 2023. This new EVM-compatible ZK-rollup is powered by Polygon technology with full Immutable platform support to help make Web3 games faster, straightforward to develop, and less risky from development to launch.
Here are some of the ways that the partnership between Immutable and Polygon, along with the creation of Immutable zkEVM, solves problems for Web3 game development:
- One-stop gaming solution: Immutable’s platform with zkEVM tech offers Ethereum Virtual Machine (EVM) compatibility, low cost, massive scale, and Ethereum security while providing direct integration into Immutable’s full-stack gaming platform. This provides developers with a suite of solutions needed to succeed.
- Reduced development costs: For existing games, the opportunity to migrate existing smart contracts to the Immutable zkEVM environment is provided via Immutable’s smart contract templates.
- Seamless interoperability: With Immutable zkEVM, game developers can create games that are seamlessly interoperable with other games or platforms in the Ethereum ecosystem, enabling broader access and economies of scale.
- Secure gaming environment: Immutable’s quality control measures are designed to protect gaming studios and users from malicious activity and poorly designed contracts or validators and conserve the chain’s bandwidth for gaming-specific activities.
In summary, Immutable offers a complete end-to-end development platform for building and scaling Web3 games on Ethereum, with industry-leading security and frictionless developer and gaming experiences.
What is the difference between Immutable zkEVM and Immutable X?
Immutable X and Immutable zkEVM are both layer-2 scaling solutions developed by Immutable, a leading technology company in the NFT space. While both solutions aim to address the scalability limitations of the Ethereum blockchain, they differ in their approach and intended use cases. Let’s delve into the key distinctions between these two technologies.
Key Features of Immutable zkEVM
Immutability zkEVM is a cutting-edge zk-rollup solution that offers full Ethereum Virtual Machine (EVM) compatibility. This means that developers can build any type of Ethereum-based application, including decentralized finance (DeFi) platforms, NFT marketplaces, and web3 games, directly on Immutable zkEVM. Its compatibility with the EVM ensures that developers can leverage the existing Ethereum ecosystem while enjoying the scalability and cost benefits of layer-2 solutions.
Key Features of Immutable X
On the other hand, Immutable X is a specialized layer-2 scaling solution tailored for non-fungible tokens (NFTs). It was initially designed to address the high transaction fees and congestion issues faced by NFT marketplaces and gaming applications. Immutable X utilizes an efficient zk-rollup mechanism to bundle thousands of transactions into a single batch, dramatically reducing transaction costs while maintaining Ethereum’s security.
| Feature | Immutable zkEVM | Immutable X |
|---|---|---|
| EVM Compatibility | Full EVM compatibility | Not compatible with custom EVM-based applications |
| Use Cases | DeFi platforms, NFT marketplaces, web3 games | NFT marketplaces and collections. |
| Scalability | Massive scalability (up to 9,000 TPS) | High scalability (up to 3,000 TPS) |
| Transaction Fees | Ultra-low transaction fees | Significantly reduced transaction fees |
| Security | Leverages Ethereum’s security | Leverages Ethereum’s security |
In conclusion, Immutable zkEVM and Immutable X are powerful layer-2 scaling solutions that can significantly enhance the performance and accessibility of Ethereum-based applications. Immutable zkEVM offers full EVM compatibility and is ideal for complex projects, while Immutable X is specialized for NFTs and provides high transaction throughput.
What is the Immutable (IMX) marketplace, and how does it work?
Immutable has its own marketplace, which is the default home for trading NFTs on the protocol. The Immutable Marketplace supports Ethereum wallets without the need to switch networks, which makes it convenient for users.
In November 2022, Immutable partnered with GameStop to integrate its global orderbook into the GameStop NFT marketplace. This partnership brought current and upcoming projects on Immutable to GameStop, including Gods Unchained, Guild of Guardians, Ember Sword, Playco, GreenPark Sports, Illuvium, and many others6.
Overall, IMX and the Immutable Marketplace are integral components of the ecosystem, providing a seamless and cost-effective way for users to buy, sell, and trade NFTs while facilitating partnerships with other leading NFT marketplaces.
What are the tokenomics of Immutable (IMX) token?
Immutable is a decentralized platform that uses IMX as its native utility token. IMX is an ERC-20 token with a total token supply of 2 billion, and it is used to balance incentives among traders, creators, and markets on the platform. The token is also used for three core purposes: fees, staking, and governance. According to CoinGecko, 1.2 billion IMX tokens are already in circulation, and its market capitalization of $2.2 billion places it in the top 40 cryptos by market cap7.
How has IMX traded in 2023, and what are the IMX price predictions?
IMX has had an exceptional 2023, rising to over $1.7 from around $0.5. The price surge has seen the token’s market capitalization spike from $300 million to well over $2 billion and elevated its position to one of the highest among the layer-2 scaling solutions.
After such an immense rally, some analysts expect there to be a pullback for IMX, but others believe that more gains are possible, especially when considering that it’s still trading around 80% below its all-time high of $9.5.
Coincodex8 has issued a bullish forecast. They expect IMX to keep rallying into 2024 and potentially move above $3 before the end of the year. In the long run, they believe a new all-time high is possible, but not before 2028.
Changelly9 is also optimistic about the future of IMX, albeit a little less bullish than Coincodex. They have a $2 price target for 2024 and $3 for 2025 and expect a potential new all-time high sometime in 2029 or 2030.
Remember that crypto prices are extremely volatile and you should always do your own research before risking your capital.
Final Thoughts on Immutable (IMX)
Immutable set out to change the face of web3 gaming by making it easier for developers to build and deploy games. The two scaling solutions created by Immutable have become industry-leading software tools over the past few years. Lower fees, streamlined dev tools, solid security, and integrated NFT trading have made Immutable a leading web3 gaming solution for developers. As a result, the IMX token has seen its market capitalization experience extended periods of impressive growth.
Frequently Asked Questions
Where can you buy immutable (IMX)?
Immutable (IMX) is a large-cap crypto, and as a result, it can be traded on most major exchanges, including Binance and Kraken.
What Is Immutable?
Immutable is a Web3 gaming and solutions company that creates innovative solutions for building and running blockchain games. The company’s technology powers multiple popular NFT games, including Gods Unchained, Guild of Guardians, and Illuvium. Immutable’s solutions aim to make it easier for developers to build and launch Web3 games while also providing a more enjoyable experience for gamers.
What is the utility of Immutable’s layer-2 scaling solutions?
Immutable’s solutions offer several key benefits to developers and gamers, including:
• Scalability: Immutable’s technology can handle a high volume of transactions, which can help to reduce congestion and improve game performance.
• Cost-effectiveness: Immutable’s fees are significantly lower than those of traditional blockchain networks, which can help to make games more affordable for players.
• Seamless integration: Immutable’s solutions can be easily integrated into existing games, which can help developers quickly launch their games on the blockchain.
• Enhanced gaming experiences: Immutable’s solutions can enable new and innovative gaming experiences that are not possible on traditional blockchain networks.
WRITTEN
Peter Barker
Peter is an experienced crypto content writer and a DeFi enthusiast with more than 3+ years of experience in the space. Previously a journalist and news editor at a leading European news sourcing agency.
