Immutable X (IMX) is a layer-2 scaling solution for Ethereum focused on non-fungible tokens (NFTs), aiming to address the limitations associated with Ethereum's scalability, such as high gas fees and low transaction throughput, in the context of NFT creation, trading, and management.
Launched in 2021 by Immutable, an Australian blockchain company, Immutable X leverages zero-knowledge rollup technology to enable instant trades, massive scalability, and carbon-neutral NFT transactions, without compromising the security of the underlying Ethereum network.
The native utility token of the Immutable X platform is IMX, which is used to incentivize network participation, pay for transaction fees, although many transactions on Immutable X are gas-free for users, and participate in the governance of the protocol. IMX token holders can influence the development and direction of Immutable X, including decisions on feature updates, platform fees, and the distribution of rewards within the ecosystem.
Immutable X's use of zero-knowledge proofs allows it to bundle thousands of off-chain transactions into a single on-chain transaction, drastically reducing the burden on the Ethereum mainnet, enabling lower gas fees and high-speed transactions.
The platform has partnerships with gaming companies and NFT projects seeking to benefit from Ethereum's security without its scalability issues. By using StarkWare's StarkEx scalability engine, Immutable X can significantly reduce its carbon footprint, appealing to both creators and consumers who are environmentally conscious.
Immutable X's vision extends beyond simply scaling NFT transactions. It aims to create a comprehensive ecosystem for NFTs on Ethereum, where developers can build rich, interactive experiences without worrying about network congestion or environmental impact. This includes support for meta-transactions, where users can interact with dApps and marketplaces without holding ETH, further lowering barriers to entry for new users.
