Immutable X is a layer 2 scaling solution for non-fungible tokens (NFTs) and web3 games on Ethereum. With IMX, you can mint and trade NFTs securely in a carbon-neutral way without any gas fees. IMX is the name and ticker symbol of Immutable X's native ERC-20 token.
Ethereum, the most popular blockchain for minting NFTs, is not scalable in its current form. It can only process 5 to 15 transactions per second and has high gas fees during network congestion. Immutable X positions itself to solve these issues and makes NFT purchases on Ethereum as simple as traditional e-commerce shopping without compromising security.
Developed by Starkware, IMX's ZK-rollup technology, STARK proof, combines hundreds of NFT transactions off-chain and generates a cryptographic proof-of-validity that ensures the validity of transactions. In addition, IMX has wrapped this ZK-rollup scaling solution in a set of powerful REST APIs, allowing developers to build their NFT applications easily.
Traders can use Link, an intermediary layer between Ethereum wallets and Immutable X, to connect any Ethereum wallet with Immutable X. Once connected, NFTs can be traded on Immutable X's marketplace. On the same note, their roadmap also includes rolling out an integration with Opensea for NFT trading.
IMX, the native cryptocurrency of the Immutable X platform, is used to pay protocol fees, earn staking rewards and participate in the protocol's governance.
IMX price and tokenomics
IMX has a total supply of 2 billion tokens. 51.74% of IMX tokens are allocated for ecosystem development, including user rewards, developer grants, liquidity provision and marketing. The second biggest share, 25%, is reserved for project development.
Private and public sales account for 14.26% and 5% of tokens, respectively. The remaining 4% is reserved for the foundation and used for ecosystem-related activities such as providing liquidity to exchanges. Tokens allocated to private and public sales and foundation reserves have varying cliff vesting periods and unlocks.
About the founders
Immutable X was created by Immutable, the company behind popular NFT projects like Gods Unchained and Guild of Guardians, in partnership with StarkWare.
Immutable was founded by two entrepreneur brothers, James Ferguson and Robbie Ferguson, who were part of the Forbes 30 Under 30. The company has over 100 team members from blockchain, FAANG, finance, fintech and management consulting.
Immutable has raised $77.4 million from big-name investors like Coinbase Ventures, Nirvana Capital and Galaxy Digital, among others. In addition, social media giant Tiktok also partnered with Immutable X to launch their first creator-led NFT collection.