Immutable X: Pioneer in the field of NFT two-layer solutions

On May 10, Immutable X, an NFT layer-2 expansion solution, said that since it was selected by GameStop as a layer-2 protocol market partnership, Immutable X is integrating its global order book into the GameStop NFT market, as well as integrating Immutable X on Immutable X. Existing and future projects bring to GameStop, including Gods Unchained, Guild of Guardians, Ember Sword, Playco, TikTok, Planet Quest, ESL Gaming, GreenPark Sports, Illuvium, and more.

Earlier this year, GameStop announced that it would build its first non-fungible token (NFT) marketplace on Ethereum. As a preferred platform partner, Immutable X has been selected to integrate its Ethereum Layer 2 protocol marketplace and work closely with the team at GameStop to bring the next generation of gaming NFT projects to GameStop customers, creating a platform of engagement and liquidity for all players. important opportunity.

The integration of Immutable X’s global order book into the GameStop NFT market is highly anticipated. The future cooperation between the two has also attracted much attention.

GameStop and Immutable X

GameStop, a company that benefited from the popular WallStreetBets movement in early 2021, is determined to pivot to the digital space after learning from past mistakes. Part of this strategy includes forays into blockchain, NFTs and Web 3.0. After months of hiring, GameStop officially announced their plans to create an NFT marketplace on Jan. 7, sending its shares up nearly 20%.

GameStop could change that by turning digital games into NFTs and allowing users to resell and trade them on exchanges. This will create a new multi-billion dollar industry in the secondary digital game market that can help game publishers and players make more money. Publishers can earn royalties from every game sold on the secondary market, resulting in sales they otherwise wouldn’t have, and players can make money by selling games they don’t want to play anymore. The market expects GameStop’s market to move in this direction, becoming an unprecedented and unique use of NFTs that can drive them to new levels of adoption and potentially make GameStop a Web 3.0 gaming giant.

Immutable X was developed by Immutable, it is the first layer 2 scaling solution for NFTs on Ethereum, through ZK Rollup technology, the project builds a layer 2 blockchain network on top of the Ethereum mainnet with instant Transaction confirmation, high transaction throughput, and zero gas fees without compromising the security of Ethereum. According to the official website of Immutable X, Immutable X can process up to more than 9,000 transactions per second.

It can be said that GameStop’s vision is to empower players and bring the next generation of NFT games and digital ownership to its community. Immutable X is a layer 2 scaling solution for non-fungible tokens (NFTs) on Ethereum, featuring some of the largest NFT games in the world, as well as a global order book that will be used to maximize Immutable X customers Liquidity, which can unlock millions of existing NFTs for users. The development of the two brings more possibilities to the NFT market, so it is highly anticipated.

The need for Immutable X

Before further understanding the necessity of Immutable X, it is necessary to first understand Immutable. Immutable was founded by brothers Robbie Ferguson and James Ferguson in June 2018 and is headquartered in Sydney, Australia, focusing on developing blockchain games that allow players to truly own game assets. As early as September 2019, the project’s $15 million Series A financing was led by Naspers Ventures, an investment company under Tencent’s largest shareholder, Naspers.

Immutable co-founder Alex said gamers spent more than $110 billion on in-game items last year. Despite the cost, users have nothing – they can’t sell them to other players, they can’t take them to third-party marketplaces, and all assets can be seized at will by game developers. If you spend $100 on an in-game item, we believe you should be able to resell it when you’re done (just like you can sell any physical asset you bought). NFTs are an excellent solution to this problem as they allow digital assets to be scarce and tradable without requiring a third party (eg game studio) to be the middleman/ledger/source of truth for every transaction.

At present, most NFT transactions take place on the Ethereum mainnet, and gas fees remain high, and users need to pay a few dollars to tens of dollars for each transaction. At the same time, due to the low TPS of the Ethereum main network, it often takes at least tens of seconds for user transactions to be confirmed. These problems form a big obstacle for most ordinary users to purchase and trade NFT, which restricts the further expansion and popularization of NFT in the public. Therefore, Immutable developed Immutable X for this pain point.

Immutable and StarkWare collaborated to create Immutable X, combining StarkWare’s world-class knowledge of Layer 2 scaling with Immutable’s deep understanding of the NFT space.

The project consists of the following main components:

ZK-Rollup L2 Scaling: Generate a “proof of validity” by batching a large number of transactions, then verify the proof on Ethereum. Immutable X’s rollup allows for over 9,000 non-fungible token transfers, transactions and minting per second, reaching and exceeding the scale required by mainstream NFT projects.

API Abstraction Layer: On Immutable X, every interaction is abstracted as a REST API call. New entrants to the space, such as established game and content companies, can launch better projects faster without interacting directly with smart contracts.

Default Marketplace: Immutable X Marketplace is the default marketplace for NFT transactions on the Immutable X protocol.

Compared with other general smart contract platforms, Immutable X is mainly aimed at NFT scenarios, which are used to solve various core challenges faced by games, game markets and game players when creating and trading NFT assets. Many technical solutions and features have been implemented for these scenarios. optimization.

For example, it allows users to filter out the NFT assets they want to buy by inputting features; chain game developers can mint NFTs in Validium mode, and NFT trading platforms can run in zkRollup mode; provide a permissionless gateway for NFT developers , integrating basic NFT-related functional modules, allowing them to build a mainstream NFT game, dapp or marketplace, etc. in days instead of months.

Token situation

Immutable X issued the token IMX, which aims to accelerate the growth of Immutable X by rewarding network activities on Immutable X, such as trading, liquidity provision, and building applications.

IMX is the project’s native token, and current use cases include:

Fee Payment: 20% of Immutable X protocol fees must be paid in IMX tokens. Users can pay directly in IMX, otherwise Immutable X will automatically exchange the purchase currency (such as ETH) for IMX payment in the open market.

Staking: IMX tokens received as part of the fee capture mechanism will be sent to the staking reward pool and rewarded proportionally to eligible stakers.

Governance: Token holders will be able to vote on token-related proposals through decentralized governance. Proposals can include topics such as how to allocate token reserves, funding for developers, daily rewards, and changes in token supply.

As of January 10, 2022, the maximum and total token supply of IMX is 2,000,000,000 and 2,000,000,000 respectively. The circulating supply is 188,160,768 (~9.41% of the maximum token supply).

future goals

At present, Immutable X is working hard to attract more projects to issue NFTs or develop chain games on the network. Working closely with the team at GameStop mentioned above, Immutable X can bring next-generation gaming NFT projects to GameStop customers, creating significant opportunities for participation and liquidity for all players.

Immutable X officially pointed out that our plan is for Immutable X to support more than 200 million transactions per day, while consuming less than 30% of the capacity of Ethereum. Our goal is to make it feasible to build games, applications and exchanges on Ethereum. Our goal is to make the minting and trading of Ethereum NFTs easier than trading traditional digital assets.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/immutable-x-pioneer-in-the-field-of-nft-two-layer-solutions/
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