How Does Immutable (IMX) Work for NFTs?

Key Takeaways

  • Immutable offers a platform of tools, such as a marketplace, secure wallet, and developer SDKs, enabling a community of creators, collectors, and gamers in the NFT space.
  • Immutable provides a faster, cheaper, and more secure way to buy, sell, and trade NFTs through Immutable X (scaling solution) and zkEVM (no gas fees for Web3 games). They even reward users with IMX tokens for participating in the ecosystem.

What is Immutable?

Immutable (IMX) is a layer-two scaling solution built on Ethereum that tackles the limitations of slow transactions and high gas costs associated with NFTs (Non-Fungible Tokens).

Immutable aims to transform NFT trading by providing instant and near-zero fees for minting and trading NFTs. They achieve this through the use of STARK zk-rollups technology, which allows for the creation and distribution of large volumes of NFTs without being limited by Ethereum’s limitations.

IMX, the native token, fuels the network. It serves three purposes: paying fees, staking, and even participating in governance by voting on how the Immutable network operates.

What is the IMX Token?

Think of the IMX token as the engine that keeps the Immutable platform running. It’s a type of cryptocurrency (ERC-20 token) used for three key functions:

  1. Governance: IMX holders vote on proposals that shape the platform’s future, like upgrades and changes.
  2. Rewards and Incentives: The more you use Immutable, the more you’re rewarded. Users earn IMX tokens for activities like trading and creating NFTs, which encourage active participation.
  3. Fees: Developers using the platform pay a small fee in IMX tokens (which can be convertible to ETH if needed).

Overall, IMX tokens reward users and developers, promote a healthy community, and fuel the growth of the Immutable ecosystem.

Benefits of IMX

  • Faster and Cheaper: Unlike Ethereum’s slow and expensive transactions, IMX offers instant trading and near-zero gas fees for minting and trading NFTs.
  • Scalability Solution: IMX handles large volumes of NFT transactions, overcoming Ethereum’s limitations.
  • Security Stays First: IMX prioritizes user and asset security despite the speed and cost benefits. 

The Immutable Ecosystem

The Immutable ecosystem is your platform for smooth NFT experiences. Immutable X speeds up transactions, zkEVM eliminates gas fees for Web3 games, the marketplace lets you buy, sell, and trade NFTs easily, and SDKs help developers build NFT applications. It’s a win-win for creators, collectors, and gamers.

The ecosystem offers several other features to enhance the user experience:

  • Immutable Passport: This non-custodial wallet simplifies user onboarding by eliminating passwords and automatically creating wallets. It’s like a secure and convenient digital passport for the NFT world.
  • Immutable Orderbook: This feature connects NFT orders across different marketplaces, increasing the reach and demand for your digital assets.
  • Immutable Checkout: Streamlines the checkout process for games and marketplaces, increasing user satisfaction and conversion rates. It is an efficient way to pay for NFT purchases.

Innovation and Growth

The Immutable ecosystem features partnerships with leading NFT projects and marketplaces, making it an accessible platform. It simplifies NFT creation and trading and enables innovation by providing developers with the tools they need to build the future of digital assets.

Examples of dApps built on Immutable:

  • Illuvium
  • Gods Unchained
  • Guilds of Guardians
  • Immortal Game

With its all-in-one platform and engaged community, the immutable ecosystem enables a more efficient and exciting NFT experience.

How to Buy Immutable (IMX) with Crypto.com

  1. Download the Crypto.com App and create an account.
  2. Complete verification to unlock full access to buying and trading.
  3. Fund your account with either fiat currency (like USD) or other cryptocurrencies.
  4. Proceed to the “Buy” section and search for IMX tokens.
  5. Please select the amount of IMX you want and review the transaction details.
  6. Confirm the transaction and wait for your IMX to arrive. 
  7. You can track your IMX holdings within the Crypto.com app, your secure wallet. 

Crypto.com offers a secure and user-friendly platform for buying and trading IMX. Their seamless interface, advanced features, and competitive fees smooth your IMX trading experience. 

Final Thoughts

By addressing the limitations of traditional NFT transactions on Ethereum, Immutable facilitates a smoother and more efficient NFT experience. Its tools support creators, collectors, and gamers, building an engaged community within the NFT space. This combination of innovative technology and a community positions Immutable as a key player in the future of digital assets.

Via: 2Usethebitcoin.com

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