The high cost of minting non-fungible tokens (NFTs) on Ethereum remains one of the major roadblocks preventing these assets from reaching mainstream use. Unfortunately, Ethereum 2.0 is still a few quarters away from merging with the mainnet. As of now, the immediate solution is layer-2, and that’s what Immutable X (IMX) is building.
Immutable X has created a platform that can enable NFTs to flourish on ETH and make it accessible to more creators.
What Is Immutable X?
Immutable X (IMX) is the first layer 2 protocol in Ethereum that focuses on NFTs and features zero fees, instant trading, and a secure platform.
It is also an open-source protocol that provides users with an opportunity to create and develop their decentralized applications, including marketplaces and games. In addition, Immutable X boasts 600x more TPS or transaction per second than any other Ethereum-based NFT marketplaces, which means that both users and gamers wouldn’t experience any interference within the platform.
Immutable X Exchange
Immutable X (IMX) Exchange is the platform’s very own marketplace, even though it was named as an “exchange.”
It is a peer-to-peer platform that offers zero gas fees and 9,000 TPS speed, which is essential for gamers as every second counts, literally, in their gameplays because little delays or interference can cause major negative outcomes in their quests and game standings.
The Exchange is valuable, not only for gamers but also for artists and traders as well, as it allows them to execute non-custodial trades. The beauty of these features is that it provides users with more power because it retains users’ ownership of their NFTs’ private keys.
Moreover, the marketplace supports ERC-721 and ERC-1155, giving users an expanded choice and flexibility in managing their NFT assets.
Scalability and Security
While scalability has always been technologically possible with blockchains, one major problem it creates is decreasing decentralization, therefore, compromising security. To deal with this problem, Immutable X (IMX) and Starkware, a software that uses zero-knowledge with cryptographic proofs, have collaborated to increase the blockchain’s privacy and scalability.
The Immutable X platform can seamlessly execute high-quantity batching of trades off-chain with users signing for the speedy process and all these transactions will then be put on-chain in a single proof that “squeezes” those trades into one transaction at a fixed gas cost. Gas fees exist, but Immutable X pays for these fees, making the process virtually free for users.
IMX Token
IMX is Immutable X’s native utility token, an ERC-20 token specifically created to help increase the platform’s growth by providing rewards such as trading transactions and protocol adoption. These incentives are reserved for community members who are helping Immutable X become a scalable NFT ecosystem for Ethereum.
The token, which has 2 billion supplies, provides platform users with the power to vote on the future path of Immutable X. But one important thing to highlight here is that the platform is not a decentralized autonomous organization, or DAO, which means that in the end, the final decision about Immutable X’s direction will still depend on the team.
Also, its token is not issued by Immutable X itself but by an independent Token Foundation, which means that the team would not have the privilege to acquire part of the token distribution. The platform will soon release a staking reward pool, which would allow users to have an additional income stream by staking their IMX tokens.
NFT Collections on Immutable X
Moody Krows
Moody Krows is a collection of 10,000 images of randomly generated eye-candy crows that features creative outfits and aesthetic elements that describe their personality. It is also the first PFP collectible in Immutable X (IMX), which means that it allows buyers to use their regular MetaMask and ETH with zero gas fees.
It will soon launch its “Krowmunity Wallet” which is designed to reinvest sales back into its platform to ensure longevity and continued benefits for every community member.
The collection also has what it calls “Moody Pebbles,” which are rare collectibles with varying rarities and can be acquired by purchasing a Moody Krow NFT crow. The crows will then have to scavenge these pebbles inside their own metaverse, but NFT owners can passively get a pebble through drops.
Landloot
Landloot is the first-ever project Launchpad on Immutable X (IMX), and all members will have the opportunity to vote for the projects they like to be launched on the platform, and in its mechanism, 1 NFT is equal to 1 vote. Aside from voting, members can also use their NFTs to help their favorite projects in other ways, which, in turn, would provide them with exciting rewards.
AstroBros
AstroBros is a collection of 10,000 space-themed muscled characters, and each possesses a unique combination of poses, backgrounds, accessories, and items, making each of them truly valuable.
Just like the previously mentioned NFT collections, AstroBros also takes advantage of Immutable X’s capability to offer zero gas fees, and with this perk, collectors would certainly be encouraged to purchase more characters.
One of the long-term plans of AstroBros is to increase its NFTs’ use cases, marketplaces where the muscled space-farers can be resold, and networks where it could operate.
Bottom Line
Immutable X (IMX) has opened a floodgate of new opportunities by allowing NFT creators to mint their creations for free, which became possible through the smart use of various technologies, and of course, the team behind it who has always believed in the power of digital assets.
