In the last NFT bull run, we saw a plethora of play-to-earn and NFT-based games hit the market, many of which were suffering from the same problem. They built out their infrastructure, designed everything to a T, and established a community, but with the rising prices of transaction fees, making all aspects of the game 'on-chain' became nearly impossible, ESPECIALLY for Ethereum collections. Ethereum is a 'layer 1', meaning it's a base layer protocol, and using optimizing protocols built on top of it, known as 'layer 2' solutions, a lot of these inherent problems around transaction speed and costs can finally be mitigated once and for all.
With this in mind, given our thesis that crypto gaming will be the logical next step for the gaming industry at large, we wanted to work with industry leaders looking to solve this problem directly. With our next integration, we think we found that exact partner, and are thrilled to announce our launch with Immutable X on October 24th! Immutable X is a layer 2 scaling solution for Ethereum specifically focused on gaming, offering the Ethereum development community and user base the ability to launch the applications they've created with significantly faster transactions and ZERO gas, killing two birds with one stone.
So, Why Immutable X?
Ethereum is the leading smart contract platform by a long shot, but its current infrastructure is not currently scalable enough to handle the throughput necessary for mainstream games. For a game to be fully on-chain, meaning each interaction is recorded on the blockchain and is therefore immutable, transactions need to be almost instantaneous and very cheap, two aspects the Ethereum mainnet is not able to offer.
Immutable X works by implementing Zero Knowledge Rollup (ZK-Rollup) technology, which works differently from 'conventional' blockchain transactions. Instead of individually adding transactions to the blockchain, ZK-Rollups batch multiple transactions and processes them off-chain before their on-chain verification, saving processing power and costs associated with using the Ethereum blockchain. The transaction data is then posted on the Ethereum blockchain for final confirmation. This saves gamers time, money, and energy wasted using other blockchains, but does not sacrifice the decentralized consensus of the Ethereum network. No longer will gamers have to worry about $1, $10, or even $100+ transaction fee costs, and they can still own, use, and monetize their gaming assets.
The Immutable X Ecosystem
Many of the projects available on NFTrade are games or gaming-focused, and considering Immutable X is the gaming-based scaling solution for Ethereum games, it is a perfect fit for us. You've probably heard of some of the top games in the Immutable X ecosystem, like Gods Unchained and Illuvium, but this is just the tip of the iceberg. There are a variety of flagship games across various genres that have already launched or are preparing to launch on Immutable X, and they will all be available for buying and selling on NFTrade! One such example is Immortal, a chess-based game with a twist. Not only is it backed by some of the biggest names in chess, but it presents new challenges for established and novice players alike, all while letting gamers own all aspects of their gameplay and in-game assets.
The IMX Token
The IMX token is the native cryptocurrency of the Immutable X ecosystem, providing utility and governance for the network and its participants. Users can earn IMX tokens by contributing to the platform and trading NFTs through Immutable's NFT trading rewards. IMX is used to pay fees, incentivize users, and vote on governance proposals and can be used within liquidity pools or for staking. The IMX token allows for decentralization and community governance to take place within the ecosystem.
The Immutable X Rewards Program
Not only is Immutable X building an incredible ecosystem, but they also want to incentivize early network usage, so NFT traders can now get rewarded in their native $IMX tokens for trading on the layer 2 protocol. You will need to ensure you have a registered wallet connected to an NFT marketplace (like NFTrade) and buy or sell NFTs equating to at least $10 or more on eligible collections. The more daily volume, the higher the rewards! This program will be available to all NFT traders that trade with Immutable X NFTs on NFTrade - find out more info here.
More to Come
There are a ton of reasons to be excited about the possibilities that Immutable X unlocks for gamers of all types, and we are excited to be a part of this journey to provide the marketplace infrastructure needed to help this growing ecosystem thrive!