Blockchain startup Immutable X has exploded onto the scene in recent weeks. As a layer 2 scaling solution for the second-largest blockchain network, Ethereum, Immutable X requires low computing power and enables transactions to be made almost instantaneously.
Hot off the heels of a booming market in 2021, NFT (non-fungible token) sales are still trading at all-time highs on the NFT marketplace Opensea. Now the NFT-focused Immutable X, offering scalability in abundance, is set to capitalize.
Why is there so much hype surrounding Immutable X? Quite simply, they’re thriving amid a bearish market, with huge financial backing and floods of new projects planning to launch on the layer 2 sidechain.
Immutable X offers zero gas fees for minting and trading NFTs and the same water-tight security as the layer 1 blockchain giant Ethereum. Other benefits for Immutable X include being 100% carbon neutral and setting your own trading fees. Of course, decentralized asset ownership is a given on this sidechain, much like its big brother Ethereum.
This month, Immutable X was propelled into the stratosphere with a $2 million fundraising round and a gigantic $2.5 billion valuation. The sky is truly the limit for Immutable X – an Australian startup formerly known as Fuel Games.
Financial backing from the likes of Hong Kong-based blockchain game developer ‘Animoca Brands and Korean billionaire Park Hyeon-joo’s ‘Mirae Asse’ make Immutable X one of the hottest prospects in crypto today.
Despite a general downtrend in the cryptocurrency market, the IMX price recently rallied, and based on the still-modest price today, Immutable X looks to be a savvy investment with rumors of more major projects knocking on their doors.
Much of the funding acquired by Immutable X will be funneled towards Web3, the metaverse, and the expansion of their own gaming studios.
CEO and co-founder James Ferguson said: “Immutable is locked in on developing a leading, ambitious, and dependable Web3 ecosystem for a new era of creators that desire scalable results in the world’s fastest-growing industry.”
Immutable X Projects
The massive scalability offered by Immutable X is attracting big names, such as Gamestop, who plan to build a marketplace on IMX and Warner Brothers’ DC Comics trading cards, which will be minted on the sidechain via the Hro app.
A recent look at market tracker DappRadar showed that three of the top 5 current projects working with Immutable X are indeed blockchain games. Two of the top 5 are thriving NFT collections so let’s take a look at these current high-flyers on the promising sidechain – Immutable X.
With almost 20k new users joining in the last month, this blockchain game is on a massive upward trajectory in a booming market. A 30-day trading volume of $2.33 million shows us that NFTs are being traded in high numbers and this play-to-earn game is paying off for some savvy traders. As the current King of NFT games on IMX, Gods Unchained is a unique, free-to-play card trading game. Collect rare cards, build your deck and sell/trade your cards with other players.
With a 30-day trading volume of a whopping $19.13million, this collection tops the pops on Immutable X in terms of money exchanging hands, with 17.21k total transactions. Created by Gary Vaynerchuk, this NFT collection links to his Amazon best-selling book, ‘Twelve and a Half’. The Book Games NFTs, leveraging the success of the book, is a collection of about 125k NFTs claimed randomly by eligible participants, those who bought Twelve and a Half during the 24 hrs pre-sale window in August 2021. These NFTs are traded and burned in games of strategy.
Guild of Guardians
The Guild of Guardians is a new play-to-earn, blockchain game that is yet to be released. They are currently in the first stage, where players start collecting their founding heroes’ NFTs. DappRadar shows that the early numbers are quite significant, with the last 30 days generating $361.34k trading volume. In this free-to-play, mobile RPG game, which has captured significant interest, players can build a dream team of ‘Guardians’ and compete in a guild to earn rewards, which can then be traded or sold.
The mobile metaverse on Immutable X! If you’re a Highrise citizen, you can create your own rooms, style your own avatars, and host experiences amongst other virtual reality-style experiences. There are currently 13 million users across 50 countries, making this game a pioneer in mobile metaverse gaming. Trading volume in the last 30 days was at $41.16k over 224 transactions, indicating that a small number of users are trading big sums of money in the immersive pocket world.
Join the Krowmunity! 10,000 Moody Krow NFTs, which were the first PFP (profile picture) collectible on the Immutable X platform. Whether you think they’re merely a speculative crypto asset or a genuine investment, profile pictures are a hot commodity at present and Moody Krow has a range of imaginative PFP NFTs to choose from. The collection has attracted steady interest, with 85 transactions generating $9.4k trading volume in the last 30 days.
Watch this space…
The burgeoning blockchain startup Immutable X is here to stay and its future is looking very bright. As they expand their team and gaming studios, we’re likely to see big things from this big new player in the Ethereum ecosystem.
If you’re looking to invest your time in some blockchain/metaverse gaming, buy/sell/trade NFTs or go all-in on some investments, there will be plenty for you to peruse on the Immutable X network as the year progresses.