Summary:
- What is The Immutable X Platform and how does it work?
- Advantages of the Immutable X exchange.
- Immutable X’s present and future price positions.
The Immutable X Platform
As the first layer-two scaling option for NFTs on Ethereum, Immutable X places itself in this space. Immutable X claims that its blockchain overcomes Ethereum's drawbacks, including its low scalability, subpar user experience, lack of liquidity, and delayed development experience. Instead, users get to experience $0 gas costs for minting and trading NFTs, instant trading, and vast scalability without compromising asset or user security. Immutable X uses STARK zk-rollups, a technology that Vitalik Buterin believes Ethereum is "all-in" on, to do that.
Users will be able to produce and distribute assets like ERC-20 and ERC-721 tokens on a vast scale as a result of this technology. Immutable X enables Gods Unchained to deploy a novel meta-system that was previously impractical, according to Chris Clay, the game director of the project that is currently based on it. In this way, Immutable X hopes to give users and developers alike a top-notch experience.
One advantage of Immutable X is that it is one of the first layer-two systems to use zk-rollups and to concentrate just on NFTs. The project is at the forefront of advancement in the Ethereum ecosystem as zk-rollups gain popularity as a scaling option. If Immutable X can accomplish its projected transaction speed of more than 9,000 tps, it stands a decent possibility of becoming the standard "NFT blockchain" in the future.
The API abstraction layer is a key element in delivering on this promise. Every NFT-related interaction, including minting, trading, and transferring, is now a straightforward API call on Immutable X because of REST APIs. The company believes that this will play a significant role in luring new competitors like well-known gaming and content providers to the market.
Users won't need to switch networks while linking their wallets, as well. Additionally, the protocol offers a middle layer known as the "Link," which enables an NFT-specific wallet experience and permits Immutable X to support a third-party marketplace environment without running the risk of security breaches.
Immutable X enables protocol liquidity through its shared global order book, allowing NFT marketplaces to be constructed without a backend. As a result, the native marketplace of the protocol can coexist with third-party marketplace solutions. With this option, the protocol also hopes to minimize entry barriers for smaller developers and content creators.
Advantages of the Immutable X Platform
ZK-Rollup Scaling Engine, Immutable X, which focuses only on NFT projects, is one of the first platforms to leverage ZK-rollup technology. This platform mixes exchanges particular to NFTs with proof logic. Rollups give users a good experience and a lot of scalability while yet maintaining a high level of security.
API Abstraction Layer, The API abstraction layer, which wraps around the scaling engine and enables interaction with smart contracts on the part of developers, is another element of Immutable X. This feature facilitates faster project launches, assisting new entrants in establishing themselves.
Layer Two Scaling Solution, Every developer that uses Immutable X benefits from lightning-fast speeds, almost-zero gas costs, and the security that Ethereum offers as a Layer 2 scaling solution.
NFT-Enabled Wallets, Immutable X doesn't demand consumers to switch between different NFT marketplaces because it supports all Ethereum wallet types. Additionally, it offers an intermediary layer type called IMX Link that enables users to take use of a wallet experience that is solely focused on NFT projects. Immutable X also supports third-party NFT marketplaces without posing any security problems.
Platform SDKs
Shared Liquidity and Order Book
Zero Gas Fees
Staking
Decentralized Governance
Present and future prices of The Immutable X network (IMX)
Over the past few months, the global markets have been facing strong investor risk-off sentiment in the wake of the geopolitical tensions, Covid-19 lockdowns in China and supply chain issues. The cryptocurrency market has followed the trends of the greater market during these times, therefore the price of most cryptocurrencies have been falling, IMX does fall under this category.
According to some analysts, the future price of The Immutable X network (IMX) could reach up to $3.60 by 2025 and could see a price of more than $23.56 by 2030. However, it is important to remember that this future price prediction is based solely on data and does not take into account factors such as investor sentiment and the ever changing market conditions, both of which make it difficult to make accurate future price predictions.
IMX Price Chart
Sources: finance.yahoo.com, coinmarketcap.com, learn.bybit.com, technewsleader.com
