Immutable X (IMX) is a layer 2 scaling solution for NFTs (non-fungible tokens) on Ethereum, offering fast and gas-free transactions for trading and minting NFTs.
Immutable X (IMX) is not a traditional cryptocurrency like Bitcoin or Ethereum that is directly traded against USD. Instead, Immutable X is a layer-2 scaling solution built on Ethereum that focuses on enabling scalable and efficient trading of non-fungible tokens (NFTs). Immutable X aims to address the scalability issues of the Ethereum blockchain by providing fast and gas-free transactions for NFTs while maintaining the security and decentralization of Ethereum.
The platform achieves this through its use of zero-knowledge rollups, a layer-2 scaling solution that aggregates multiple transactions off-chain and settles them on-chain in a single batch. This approach significantly reduces transaction costs and speeds up transaction times for NFT trading, making it more accessible to a broader audience. Immutable X also ensures that NFTs remain interoperable with the Ethereum ecosystem, allowing developers to integrate their existing Ethereum-based NFTs seamlessly onto the Immutable X platform.
Immutable X is supported by its native token, IMX, which serves as the utility token for the platform. IMX tokens are used for paying transaction fees, staking to secure the network, and participating in governance decisions. As the demand for NFTs continues to grow, Immutable X provides a scalable and efficient infrastructure that empowers creators, collectors, and developers to participate in the burgeoning NFT market on Ethereum with reduced friction and enhanced usability.