What is Immutable X?
Immutable X (IMX)
Over the past few years, the Ethereum network has been growing exponentially. It has been attracting an increasing number of users to the ecosystem due to its capability to host DeFi and NFT projects. However, at this moment the Ethereum blockchain can only handle 13 transactions per second. This has become quite an issue as Ethereum has been onboarding millions of new users. Due to this increase of users, the network is becoming congested, slowing down the transaction throughput.
Due to the limiting throughput, users have been increasing their gas fees to get their transactions processed first. In certain instances, this has caused the gas fee to be higher than the actual traded or minted NFT. This decreases Ethereum’s user experience, as its users simply can’t or won’t pay the higher fees. The founders of the card trading game Gods Unchained experienced the same issue with regards to the increased transaction fees. Therefore they created Immutable X.
Immutable X is a Layer 2 scaling solution built on top of Ethereum that aims to have fast, gas-free peer-to-peer transactions to improve the user experience of NFT trading.
Immutable X technology
The solution Immutable X has created is built using StarkWare’s StarkEx engine. This allows decreasing the costs associated with NFT minting, trading, and transfers as well as scaling up the throughput through the zk-STARK based technology offered.
ZK Proof
This solution uses Zero-Knowledge (ZK) proofs and Zero-Knowledge rollups. Zero-Knowledge Proof is a system that involves a prover and a verifier. This allows for approving transactions, without providing the details inside the transaction. By implementing ZK Proofs, the security of the transaction is being maintained.
ZK Roll-ups
To process the transaction in an efficient manner, Immutable X makes use of ZK-Rollups. A ZK-Rollup allows for transactions to be processed outside the Ethereum chain (off-chain) in the Layer 2 of Immutable. Here the assets can be transferred gas-free, before eventually rolling the asset back into the Layer 1 Ethereum. The heavy cost of processing is thus alleviated from the Ethereum chain, reducing the load on the network.
Immutable X use-case
The main application of Immutable X is bringing accessibility and scalability to Ethereum NFT marketplaces, while also maintaining its decentralization and security. Users of Immutable X will be able to have fast, gas-free, peer-to-peer transactions. This also means users will be able to mint their own NFT tokens without gas fees.
With these features, Immutable X is the first NFT exchange to offer gas-free minting and trading. The Layer 2 solution can scale up to 9.000 transactions per second, which will make the project vital for the NFT marketplaces. Immutable X will operate within the rapidly growing segments of Gaming, DeFi Collectibles, and Marketplaces. NFTs will be its core element.
Gods Unchained
Gods Unchained, the project of which the idea for Immutable X originated, is the first to onboard its technology. Gods Unchained is a blockchain game based upon NFT trading cards. As the project is owned by the same company, Immutable, it allows for seamless integration in the first trial phases of the project. The project has now successfully adopted the technology. Since moving to Immutable X’s marketplace, transfers of NFTs are now secure, fast, and cheap, improving the user experience.
The Immutable X ecosystem
The ecosystem of Immutable X is rapidly expanding as its solution is becoming available for adoption. Due to its solution for affordable NFT trading, its partners are mainly active in the segments of Collectibles, Gaming, Marketplaces, and DeFi. One of Immutable X’s partners is OpenSea. With a current valuation of close to 10 Billion US Dollars, it is the largest NFT marketplace. OpenSea is a peer-to-peer marketplace where people can offer and trade their NFTs.
Another organization that joined the Ecosystem is Guild of Guardians, a highly anticipated blockchain-based game. Guild of Guardians is a multiplayer role-playing game built on Ethereum in which its players can earn via playing the game and trading NFTs. Through their scaling solution, Immutable X can offer Guild of Guardians a solution to bring down the costs of trading for its users. Due to its application, many NFT projects can benefit from Immutable’s solution. Further growth of its ecosystem can be expected.
Immutable X News
VeVe embraces Immutable
The rapid growth of NFTs has also gained the attention of big corporations. One of the many interested is Walt Disney. On November 12th, Disney and digital collectibles app VeVe have launched an NFT collection featuring iconic franchises such as Disney, Marvel, Star Wars, and Pixar. The NFTs were announced in the lead-up to Disney+ Day. Ever since, there have been several successful sales of Disney NFTs, such as the sold-out Simpsons collection of 18,666 collectibles. VeVe’s platform is supported by the technology of Immutable X.
Immutable aids with TikTok NFT collection
Social media platform TikTok, with over 1 billion active daily users, has also entered the NFT scene. Earlier last month, the platform had its first creator-led NFT auction. During this auction, the community could purchase NFTs from well-known creators such as Lil Nas X, Gary Vaynerchuk, Bella Poarch, and many more. TikTok wants to provide the artists and the community a unique experience to grow the creator economy. A portion of the released NFTs will be powered through the Immutable X platform.
Immutable X Price Prediction
IMX is a fairly new token, so it doesn’t have much data to go off of. However, it still has enough to extract valuable information about its current trend. Ever since its inception, the token, backed by strong fundamentals, has kept in an uptrend.
Price movement has kept above the 21-day (blue line) and 50-day (orange line) Exponential Moving Average (EMA), occasionally testing its support on the 21 EMA. It currently bounced off of the 50-day EMA support level. This accompanied by the stochastic RSI giving bullish signals, the continuous cycle in volume, and the RSI showing that it remains in an uptrend, tells us that the upwards trend will continue in the near future.
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