Today, we will tell you what Immutable X is to understand the significance of IMX in NFTs. So, let’s get started:
Since the release of the very first NFTs, the NFTs have gradually gained popularity, not just among crypto-investors but also with stars, musicians,s, and individuals from all kinds of backgrounds.
However, popularity also brought some issues. Transaction costs and scaling were significant issues, particularly on Ethereum, the most popular platform for NFTs. Ethereum’s Layer 2 model changed the game by addressing these problems, making transactions easy and efficient.
The same technology powers Immutable X, a leading blockchain platform used by GameFi projects and NFT collections. Let’s examine this project’s operations in more detail.
What is Immutable? How do you use it?
Immutable X is a Layer 2 solution that addresses Ethereum’s most significant NFT issue: the high gas charges. By adding an additional layer that can process transactions more efficiently, Immutable X makes NFT development and trading more efficient, affordable, and accessible to everyone.
The project was launched in 2018 and was created by James and Robbie Ferguson, along with Alex Connolly, who worked with StarkWare.
How does Immutable X work? It utilizes ZK-STARK technology to efficiently batch transactions while keeping the data private. This reduces blockchain congestion and increases security. It can handle up to 10,000 transactions per second while keeping fuel costs minimal.
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What exactly is Immutable cryptocurrency?
Immutable X is the utility token for Immutable X, the platform’s core operation, and the entire ecosystem.
As an ERC-20 utility and governance token with an overall supply of two billion tokens, IMX serves many different functions on the network. It pays transaction fees to ensure that everything runs smoothly within the system. IMX is also a key component in staking, as it lets holders of tokens help ensure the network’s security and earn benefits.
In addition, the token allows governance by offering users the opportunity to participate in decisions made by the platform. It also serves as a motivator for users to participate in the platform.
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Let’s look into more details about the applications of the cryptocurrency Immutable X:
- 20% of network charges are paid in Immutable X (IMX). However, users do not need to keep the token in their own hands. The network converts a portion of the payment to IMX to pay the cost.
- All IMX earned through fees is deposited to a rewards pool for staking. If you are actively staking your tokens, you’ll be rewarded daily. To qualify, you must have voted on a governance idea or completed a trade in the past 30 days. Also, you must keep your IMX tokens on the L1 or.
- IMX holders have input into how the platform develops. They can participate in decisions such as adjusting the supply of tokens, distributing reserves, or providing funding to developers. To vote, you have to own a certain amount of IMX tokens. What the exact number is that is entirely up to the community.
Price history of Immutable X and forecast trends
Its IMX token was introduced in early November 2021, and a couple of weeks later, on 25 November, it surpassed the record maximum of $9.50. When it reached its ATH, the token’s price began to decline steadily, dropping until it was back where it started. At the time of writing, February 2025, the token’s price is around $0.79, which means that the value of the token has remained constant since its launch and has shown no growth.
What the future holds for IMX will be determined by the following facts: how extensively Immutable X’s layer-2 technology is used, the development in the NFT and gaming market, and the general mood of the cryptocurrency world. If the platform becomes sought-after as a choice for quicker and more affordable transactions in the NFT space, it is likely to witness growth.
FAQs
How many ImmutableX are there?
Immutable X currently has 2 billion IMX tokens in circulation. Most of them are used to expand the ecosystem, while the rest are reserved to fund the founding team, fundraising, strategic partnerships, and marketing initiatives.
What is it that makes Immutable X unique?
Immutable X stands out because it addresses Ethereum’s most significant issues: slow speeds and expensive charges. It employs a Layer 2 solution that incorporates ZK-STARK technology, which makes transactions much more efficient and cost-effective by allowing thousands of transactions every second. This helps to make NFT trading smoother and more manageable.
Is Immutable X safe?
Immutable X can indeed be trusted as secure. With ZK-STARK technology, it efficiently groups transactions, which helps to keep information safe and minimizes the congestion in blockchains. It keeps the process swift and safe. Furthermore, being built on Ethereum ensures that it has the additional security offered by Ethereum’s network, which makes it a reliable platform for GameFi and NFTs.
