Immutable X is the first layer 2 scaling solution for NFT on Ethereum, the world’s most used blockchain in the NFT sector. It is valued as a unique and valuable platform.
In addition to allowing customer partners to develop markets, applications, games, etc. with instant transaction confirmation, it also provides many great features for users.
Immutable X is also scalable with the ability to process up to 9,000 transactions per second with no gas fees, but also without compromising user custody.
Immutable X Solves Ethereum’s Difficult Problems
Non-fungible tokens (NFTs) are a new type of digital asset. NFTs include many forms of assets, from digital trading cards, to virtual artwork and real estate or gaming items.
NFT games have also exploded recently. Game developers are exploring NFT as a new way to deliver novel possibilities to gamers. Markets are mushrooming where players and collectors can buy and trade in-game items.
According to a report from technology tracking firm L’Atelier BNP Paribas and nonfungible.com, investments in NFTs are up 300% in 2020 and are gaining popularity with some demographics that have not yet accessed a technical asset. number.
NFT creators and resellers make millions of dollars in profits. Artist Beeple has set a “huge” digital art record after selling a work for $69.3 million and becoming one of the wealthiest artists.
While the Ethereum blockchain remains the most popular place to issue and trade NFTs, it still poses a lot of problems. Several NFT issuances clogged the system and gas fees exploded as the network “warmed up”.
These issues may not affect someone who is buying $1 million worth of NFTs, but Ethereum is more than just a platform for luxury art.
What is Immutable X?
While slower transaction speeds and rising gas prices are obstacles for Ethereum, Immutable X can solve these problems without forcing users to leave the world’s largest smart contract platform.
In addition, Immutable X also attracts companies working in the gaming, DeFi, collectibles and marketplace as a trusted blockchain supplier and technology partner.
With Immutable X, cost and capacity no longer depend on the state of the Ethereum ecosystem. As a result, capacity is expanded and the fee structure is based on the revenue earned by the customer – not the gas fee on the network.
In particular, developers focus on creating something that works with Ethereum instead of competing with it. Indeed, there is nothing wrong with claiming that Immutable X is a layer 2 solution.
As a result, it still has well-developed security, ecosystem connectivity, and overall community engagement on the Ethereum network.
In addition, the Immutable X platform is also carbon neutral.
According to Vitalik Buterin, co-founder of Ethereum:
“The Ethereum ecosystem has the potential to become a platform for rollups, serving as a scaling strategy for the near and medium term.”
Immutable X is taking this design as its ideal and creating the next generation layer 2 solution for NFT.
James Ferguson (Co-Founder): James previously led the software development team at a billion dollar e-commerce company. He holds a Bachelor of Laws and a Bachelor of Commerce (Finance) from the University of Sydney. He taught himself to code through an online course at MIT (Massachusetts Institute of Technology) and moved to Silicon Valley in 2014. Together with his brother Robbie, they’ve built many businesses in the past, including both an e-commerce platform that uses machine learning to optimize conversion rates, as well as lending funds and crypto arbitrage. After coming to Ethereum in 2015, they couldn’t stop and have since built the world’s first multiplayer blockchain game, the first blockchain collectible card game, and the first ZK-rollup for the NFT.
Robbie Ferguson (Co-Founder): Robbie previously built an automated capital gains tax collection platform at KPMG, which is licensed to be Australia’s largest cryptocurrency exchange. So passionate about Ethereum, he dropped out of Law/Computer Science at the University of Sydney in 2015 to found Immutable. He was awarded a Thiel Fellowship in 2020. Robbie believes future generations will spend most of their time in virtual reality and wants to make sure the digital world they live in makes economic sense. our present world.
Alex Connolly (CTO): Property in the game is the passion associated with Alex’s life. At the age of 9, he knew how to write scripts to collect price data from the famous exchange Runescape. At the age of 13, he was a top contributor to the world’s largest item pricing website TF2 and also operated as a semi-professional. At the age of 17, he graduated from high school and was the highest-ranked joint student in Australia after achieving a perfect score in the International Baccalaureate exam. Alex joined the Ethereum open source ecosystem in 2017, building a blockchain agnostic programming language for smart contract virtual machines. He joined Immutable after dropping out of an Associate Degree in Law/Computer Science at the University of Sydney. In April 2019, Alex popularized the most scalable system for generating NFTs designed then, using it to generate millions of Gods Unchained tokens with no network impact on Ethereum, usually called “batch casting”. He is now making all of these tasks normal through Immutable X.
Immutable X: Features
The value of Immutable X lies in being a direct solution to the key cost, capacity, and scalability problems faced by the Ethereum community over the past few years.
The company has developed three core elements, including the Immutable X protocol, using StarkWare’s ZK rollup technology. As a result, the platform operates with extremely fast transaction speeds, yet maintains Ethereum’s excellent level of security.
The Immutable X (IMX) token is an ERC-20 utility token that allows holders to stake, administer, and pay transaction fees. It can also be traded like any other ERC-20 token, perhaps appealing to some users.
In addition, Immutable X Marketplace is the first NFT exchange to offer gas-free NFT minting/trading, enabling artists who cannot afford to pay excessive fees.
Here are some other features of Immutable X:
Rewards will be added over time and opportunities for rewards include trading NFTs, depositing NFTs, holding NFTs or building on Immutable X.
IMX has a $20 million supply, created, published, and distributed by Immutable X partner Digital Worlds NFTS.
- 51.5% for incentives, like user rewards and developer funding.
- 25% for project development.
- (up to) 17% for early buyers.
- 6.5% fee for Digital Worlds.
The ZK-rollup structure is a key feature of Immutable X, widely seen as the leading technique for scaling public blockchains.
It allows to execute thousands of transactions at once using cryptographic proof. Launched in 2020, ZK-rollup has the same underlying security as blockchain.
Immutable X is the first ZK-rollup used to scale NFT transactions.
Controlled by API
Permissionless API integration helps developers without blockchain knowledge to integrate their products without in-depth experience.
It creates a better user interface and process experience for developers as well as marketplace creators. The globally accepted API approach allows to focus on a common language and structure for development.
The API is the industry standard for driving ecosystem development and collaborating with people who want to participate in the development of their own platform.
All user actions use only REST APIs, creating a simple integrated experience that ignores blockchain configurations, new libraries, new languages, or smart contracts.
Chris Clay, Game Director at Gods Unchained, commented:
“Immutable X allows us to implement new, more comprehensive systems in the game that were not possible before.”
Market interoperability and customization
Immutable X is an ecosystem that hosts several different platforms and exchanges, built on top of Ethereum.
Users do not have to change the platform they are using to discover or purchase new content. Therefore, this helps attract users for any platform that builds on the Immutable X protocol.
Developers can create, own their UX and even build an improved version of a 3rd party exchange to create a better user experience while enjoying lower costs and high capacity. than Immutable X.
With Immutable X, apps can add functionality through a third party, then use it to create their own platform while fully owning the entire front-end experience including marketplace, sales , airdrop, UX and liquidity of NFT.
The application can choose the type of fees and royalties to collect. Another rather unique bonus is that they will also receive perpetual royalties on the secondary market for the properties they create.
Immutable grows into an influencer platform
Immutable, formerly Fuel Games, founded in 2018 by brothers James Ferguson and Robbie Ferguson, is based in Australia. Their main product, Immutable X, addresses some of the pressing concerns the team sees in the NFT space.
Its goal is to improve scalability in the Ethereum ecosystem, capacity, and reduce costs.
The company also launched Gods Unchained, one of the most successful blockchain card games by Chris Clay, the former director of Magic the Gathering Arena.
The Australia-based company targets developers who partner with Immutable to use their own platform-building protocol on Immutable X to promote Immutable X. At the same time, crypto investors , traditional investors, ETH & NFT community members are also interested in token development.
Immutable X is well-funded and ready to bring more initiatives
Immutable X successfully completed a seed fundraising round raising $2.4 million in 2018 and a Series A round of $15 million in 2019.
The platform has investors and advisors like Naspers, Galaxy Digital, Coinbase, Apex Capital, and Nirvana Capital.
Immutable X is preparing for a public sale on the Coinlist platform at 00h00 on September 9.
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