Why Immutable X Is Going To Explode In 2023

Last Updated December 29th 2022

5 Min Read

Immutable X was created as a Layer-2 scaling solution for NFT collections on Ethereum and is quickly making a name for itself in the space.

The past year has seen an NFT bull-run, with collections such as Bored Ape Yacht Club and Crypto Punks registering record-breaking sales. Brands, games, and music artists have also been launching their own NFT collections left and right. However, this was primarily confined to the Ethereum blockchain, which has long-standing issues with high gas fees, making it increasingly difficult for traders to transact on the blockchain. If NFT enthusiasts wanted to get into a desirable project, they had to indulge in so-called “gas wars,” paying double what was required.

Immutable X (IMX) is a Layer-2 scaling solution on Ethereum for NFTs, offering a solution to the problem of high gas fees. Immutable X boasts of a zero-gas fee layer-2 solution. The protocol is powered by its utility token, the IMX, which is an ERC-20 token that has three core use cases, fees, staking, and governance. IMX had reached its all-time high just six months ago but is currently trading around the $1.10 mark. Let’s find out why experts and analysts believe IMX will explode in 2023.

Key Takeaways

Immutable X can facilitate up to 9000 transactions per second while also leveraging Ethereum’s security and network.
The protocol integrates four core components, namely StarkEx ZK Rollup technology, Immutable X Link, Immutable X Marketplace, and APIs and SDKs.
StarkEx is the result of a partnership between Immutable and StarkWare.
Immutable was previously known as Fuel Games and was founded by James Ferguson, Robbie Ferguson, and Alex Connolly.

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Why Immutable X (IMX) Could Explode In 2023

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So what is Immutable X? The protocol has positioned itself as the first Layer-2 scaling solution for NFTs on Ethereum and addresses long-standing Ethereum issues of scalability, slow developer experience, illiquidity, and high gas fees. Immutable X uses STARK zk-rollups, allowing users to benefit from instant trading and massive scalability, with zero gas fees for minting and trading NFTs. Apart from the technology powering Immutable X, several prominent NFT projects are making their way to the protocol. Considering all these factors, experts have theorized that Immutable X will explode in 2023.

#1 The Technology Behind Immutable X

Immutable X is a Layer-2 open-source protocol that offers significantly higher scalability than Ethereum. The blockchain can address issues such as low scalability, high gas fees, and slow developer experience due to the use of STARK zk-rollups, allowing users to benefit from massive scalability with zero gas fees for minting and trading NFTs. Using STARK zk-rollups, users can create vast amounts of assets such as ERC-20 and ERC-721 tokens. The system has also won the protocol plaudits. The game director of Gods Unchained, Chris Clay, states that Immutable X allows the game to implement a new meta-system previously deemed impossible.

#2 Growth In The Immutable X Ecosystem

Immutable X has seen a growth in the number of projects and users in its ecosystem. Popular NFT projects like The Doge Pound, Gods Unchained, Book Games, Guild of Guardians, and Moody Krows were launched on the IMX marketplace, along with several trending TikTok NFTs. It has also partnered with projects and organizations like Rarible, Gamestop, Stardust, Illuvium, and so on. The addition of the new collections and projects indicates that Immutable X is going to explode in 2023.

#3 The Immutable X Marketplace

The Immutable X marketplace consists of several platforms and exchanges created on Ethereum, allowing the interoperability of the exchanges and marketplaces in one place. This means platforms can host, run transactions, and interact without any alternative form of link-up. The marketplace offers users several incentives, such as:

Users can develop their own trading platforms and unique marketplaces through Immutable X.
Users can earn royalties when their assets are sold on the secondary market.
Applications can be scalable and customized to tailor to specific user demands.

#5 Play-To-Earn

Immutable X rewards its users and promoters through Play-to-Earn. All early participants on the platform are eligible to participate and could earn 600,000 IMX. Immutable X has divided its Play-to-Earn element into two segments. The first segment is open only to early participants and holders of the Gods Unchained NFTs. The second element is the Alpha Rewards, which is open to all participants, provided they have completed the following tasks:

Participants must have played the Gods Unchained game at least once.
Participants must hold 1 Gods Unchained token in their Immutable X wallets.
Participants must connect their wallets with the Immutable X platform.

Check Out: Could Immutable X (IMX) Be A Millionaire-Maker Coin

Why Immutable X Is Going To Explode In 2023 - The Bottomline

While NFTs have surged to unimaginable heights, critics have pointed to Ethereum’s scalability problems and a slowdown in adoption. Immutable X is probably the best Layer-2 alternative to Ethereum’s high gas fees, especially when it comes to NFTs. Another point that works in its favour is that it has come up with a solution that does not compete with Ethereum. This ultimately ensures that users can benefit from all the security and advantages offered by the Ethereum main chain. This synergy with Ethereum, and the growth of its marketplace and ecosystem, could be why Immutable X is going to explode in 2023.