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Highlights
- Immutable X (IMX) is a Layer-2 scaling solution for the non-fungible tokens (NFT) on Ethereum blockchain.
- IMX protocol aims to target the issues related to the low scalability, illiquidity etc., which the Ethereum blockchain faces, and allows the users to benefit from instant trading at zero gas fees for minting and trading NFTs
Immutable X (IMX) is a Layer-2 scaling solution for the non-fungible tokens (NFT) on Ethereum blockchain. IMX protocol aims to target the issues related to the low scalability, illiquidity etc., which the Ethereum blockchain faces, and allows the users to benefit from instant trading at zero gas fees for minting and trading NFTs.
Founded by James Ferguson, IMX is built with the STARK zk-rollups, a technology which allows the users to not only create, but also distribute assets such as ERC-20 and ERC-721. The Immutable X has gained major traction of late with several NFT-based games opting to build their respective projects on its platform. Not just games, but NFT fashion too has taken a special liking to the token, and it aims to create a world-class experience for both users and developers.
Why to choose IMX?
IMX due to the zk-rollups technology is already ahead of the race in the Ethereum ecosystem. Many experts believe that the protocol could well be the future platform on which the NFTs operate. Due to its unique API system, every NFT-related activity such as trading, minting, transacting becomes a seamless process.
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This gives the freedom to the users to not switch networks while connecting with the wallets. Due to the shared global order book, various NFT marketplaces can be built on the IMX protocol along with other third-party marketplaces. Besides, with majority of cryptos being questioned about their carbon footprint, the IMX protocol claims that all the NFTs that are traded on the platform would be carbon neutral and is effectively certified by climate conscious partners Trace and Cool Effect.
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Is IMX token worth it?
IMX token is ranked 96 on CoinMarketCap and at the time of drafting it was trading at US$5.12 with a trading volume of US $$75,634,557 during a day. IMX was up by 15% with volume gains of over 20%. IMX had a live market cap of US$962,860,462 with 188,160,768 IMX coins circulating in the market.
Market experts believe that despite IMX has the right tokenomics to gain significant grounds in the future. With the explosion of NFTs and cryptos concentrating on how to make it more carbon neutral, the IMX token could well be the token to watch out for in the near future.
The rally has been promising, but many market participants are shy of committing into it for now. If the rally continues to be strong, the token may see more participation.
