Immutable X is a scalable Layer 2 network built on Ethereum, the leading blockchain for decentralized applications (dApps). In this article, we’ll explore Immutable’s dual role as a blockchain developer and game publisher, highlighting its key projects and important funding milestones. Learn how Immutable X uses cutting-edge technology to enable fast and cost-effective transactions, and explore its widespread adoption among NFT marketplaces and game developers. Plus, learn about Immutable’s partnership with Polygon to create a new zkEVM scaling network. Dive in to understand the full scope and impact of Immutable X on the Web3 gaming ecosystem.
What is Immutable X?
Immutable is the main Web3 firm behind the Immutable X protocol. The company is part blockchain developer and part game publisher, as Immutable developed the NFT card game Gods Unchained and publishes the action RPG Guild of Guardians. As of January 2024, Immutable has raised nearly $280 million in funding from 32 investors, including Tencent, GameStop Digital Ventures, King River Capital, and the now-defunct Alameda Research.
Immutable X is a gaming-focused protocol built on the security of the Ethereum mainnet, but with the speed and lower transaction costs of a layer 2 scaling network. Essentially, it provides additional benefits on top of the Ethereum mainnet. The network allows users to make transactions with zero gas fees. This is partly possible because Immutable X uses StarkWare’s ZK rollup technology, which batches transactions and supports over 9,000 NFT transactions per second.
How Immutable X works
Immutable X is compatible with all Ethereum wallets, including MetaMask and Coinbase Wallet. Users can also use Immutable Passport for transactions on the network. Immutable Passport is designed as an easy-to-use crypto wallet for gamers, providing a single identity across different games. The protocol runs on top of the main Ethereum network, leveraging its decentralization and security to complete transactions. However, thanks to ZK rollups, Immutable X ensures that transactions on the Layer 2 network remain fast and economical. Immutable has developed several REST APIs that comply with certain architectural standards. These REST APIs allow transactions to be executed via API calls, making the process faster than interacting directly with the protocol via a smart contract.
Who uses Immutable X?
Many NFT marketplaces and game developers have chosen Immutable X for their products and services. In June 2022, Immutable Ventures created a $500 million fund to invest in Web3 gaming projects on Immutable X and provide grant funding to various developers.
NFT marketplaces such as Rarible, Mintable, NFTrade, TokenTrove, OKX, and Kinguin use Immutable X. GameStop, a well-known video game retailer, also launched its NFT marketplace on Immutable X in 2022.
Web3 games such as IMVU, Guild of Guardians, Habbo, Cross the Ages, Undead Blocks, Ember Sword, Planet Quest, Gods Unchained, WAGMI Defense, and Tiny Colony are building their elements on Immutable X.
What is Immutable zkEVM?
Immutable is expanding beyond Immutable X as its Ethereum gaming platform grows. In March 2023, the firm announced a partnership with Polygon to develop a new scalable network called Immutable zkEVM. This network will combine Polygon’s zkEVM technology with Immutable’s gaming platform.
Several games, including MetalCore, Shardbound, and Elemental Knights, have announced plans to use Immutable zkEVM. According to a post on the Immutable blog, the zkEVM network offers built-in compatibility with Ethereum Virtual Machine (EVM) smart contracts, potentially simplifying the process for developers to migrate from other EVM chains and use various third-party tools.
As Immutable continues to grow, its IMX token has become the most valuable gaming token. Immutable X is currently trading at $1.64 per IMX/USD, with a current market capitalization of $2,456,365,320 and a 24-hour trading volume of $55,019,611.
Conclusion
Immutable X is revolutionizing the Web3 gaming space with its Layer 2 scaling network on Ethereum. Combining the security of Ethereum with fast and economical transactions, Immutable X is attracting numerous NFT marketplaces and game developers. Significant investments and partnerships, such as with Polygon for a scalable zkEVM network, underscore its growing influence. As the IMX token rises in value, Immutable X continues to refine its platform, promising an exciting future for decentralized gaming.
