What is Immutable X Layer 2 NFT service and how has IMX token fared?

April 27, 2022 07:05 PM AEST | By Ankit Sethi
Follow us on Google News:


  • Rate hike anxieties and the Ukraine war have triggered a bearish phase in variable assets
  • One NFT gaming token, WonderHero, has gained of late, and Immutable X was gaining traction
  • Immutable X supports NFTs, and its native token, IMX, has lost considerably this year

From the stock market’s biggest stocks Apple and Alphabet to the cryptoverse’s biggest assets Bitcoin and Ethereum, a bearish trend had gripped most of the variable return assets at the time of writing.

According to CoinMarketCap, while BTC and ETH had both lost over 5 per cent in the past 24 hours, an asset, WonderHero or WND, had jumped over 3,000 per cent in the same timeframe.

WND token is into gaming, non-fungible tokens (NFTs), and a marketplace for digital assets. Another crypto asset that trended as of writing was Immutable X.

Let’s know what Immutable X NFT services are.

What is the Immutable X Layer 2 solution?

According to its official website, the project is into Layer 2 blockchain support, particularly for NFTs. Immutable X claims to support the minting and trading of these digital assets on its Ethereum-based Layer 2 network.

The highlight seems to be the “zero gas fee” promise for P2P NFT trades. It is stated that the users can have their private keys stored with themselves to thwart any custodial risks. What may pique the interest of some is the project’s claim that all NFTs on its network are “carbon-neutral”.

Immutable X network can help mint both ERC-721 (NFT standard) and ERC-20 (native tokens standard) assets.

The project also states that it is unlike other “centralized” side chains, in that Immutable X is unaffected by any so-called 51% attack. Instant trades of minted assets and use in gaming and marketplaces are the other features highlighted.

Also read: 3 reasons why cryptos could be crashing

What is Immutable X (IMX) token?

Though IMX token was gaining traction at the time of writing, it had not translated into any rise in the value of the token.

With a market cap of nearly US$400 million, IMX token is one of the top 150 assets, and the circulating supply is nearly 235 million tokens.

The price of IMX token was nearly US$1.7 as of writing. On a year-to-date (YTD) basis, the token had lost substantially, more than even BTC and ETH.

The price of IMX was nearly US$5 at the start of the year, which has continuously slid over the past nearly four months.

Also read: What are Alchemix crypto loans and how has ALCX token fared?

Notably, IMX token even touched nearly US$9.5 in November 2021. Considering the volatility of this asset, the price prediction of IMX token cannot be accurately done.

Immutable X crypto price in 2022

Data provided by CoinMarketCap.com

Bottom line

As Bitcoin and Ether mirrored the bearish trend in stocks like Apple and Tesla, a gaming and NFT coin, WonderHero, was rising at the time of writing. Immutable X claims to support NFTs, something which underlies multi-billion-dollar cryptocurrencies like Decentraland and Axie Infinity.

That said, IMX coin has lost immensely over the past few months, with per token price now under US$2. How it fares in the remaining months of this year is a wait-and-watch scenario.

Also read: What are Raiden Network’s off-chain solutions? How has RDN token fared?

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Incorporated (Kalkine Media), Business Number: 720744275BC0001 and is available for personal and non-commercial use only. The advice given by Kalkine Media through its Content is general information only and it does not take into account the user’s personal investment objectives, financial situation and specific needs. Users should make their own enquiries about any investment and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media is not registered as an investment adviser in Canada under either the provincial or territorial Securities Acts. Some of the Content on this website may be sponsored/non-sponsored, as applicable, however, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used in the Content unless stated otherwise. The images/music that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Top TSX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK