What is Immutable? The Future of Web3 Games

Immutable X is a layer-2 scaling network built on Ethereum, the leading blockchain for decentralized applications (dApps). This article delves into Immutable’s dual role as a blockchain developer and game publisher, highlighting its major projects and significant funding milestones. Learn how Immutable X leverages advanced technology to offer fast, cost-effective transactions, and explore its widespread adoption by NFT marketplaces and game developers. Additionally, find out about Immutable’s partnership with Polygon to create the new zkEVM scaling network. Dive in to understand the full scope and impact of Immutable X in the Web3 gaming ecosystem.

Key Takeaways

• Immutable X Leverages Ethereum Security: Combines Ethereum’s security with fast, cost-effective transactions using layer-2 scaling technology.

• Wide Adoption and Strategic Partnerships: Widely adopted by NFT marketplaces and game developers, with significant backing and collaborations.

• Innovative Technology for Web3 Gaming: Uses advanced technology like ZK rollups and partners with Polygon to enhance its gaming platform.

What is Immutable X?

Immutable is the main Web3 firm behind the Immutable X protocol. The company is part blockchain developer and part game publisher, as Immutable developed the NFT card-battling game Gods Unchained and is publishing the action role-playing game Guild of Guardians. By January 2024, Immutable has raised nearly $280 million in funding from 32 investors, including Tencent, GameStop Digital Ventures, King River Capital, and the now-defunct Alameda Research.

Immutable X is a gaming-focused protocol that’s built on top of the Ethereum mainnet’s security but with the speed and lower transaction costs of a layer-2 scaling network. Essentially, it provides extra benefits on top of the Ethereum mainnet. The network allows users to make transactions with zero gas fees. This is partly possible due to Immutable X’s use of StarkWare’s ZK rollup technology which bundles transactions and supports over 9,000 NFT transactions per second.

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How Immutable X Works

Immutable X is compatible with all Ethereum wallets, including MetaMask and Coinbase Wallet. Users can also use an Immutable Passport for transactions on the network. The Immutable Passport is designed to be an easy-to-use crypto wallet for gamers, providing a unified identity across different games. The protocol operates on top of the Ethereum mainnet, utilizing its decentralization and security to finalize transactions. However, thanks to ZK rollups, Immutable X ensures that transactions on its layer-2 network remain fast and cost-effective. Immutable has developed multiple REST APIs, which adhere to specific architectural standards. These REST APIs enable transactions to be completed via an API call, making the process quicker than interacting directly with a protocol through a smart contract.

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Who Uses Immutable X?

Many NFT marketplaces and game developers have chosen Immutable X for their products and services. In June 2022, Immutable Ventures created a $500 million fund to invest in Web3 gaming projects on Immutable X and provide grant-based funding to various developers.

NFT marketplaces such as Rarible, Mintable, NFTrade, TokenTrove, OKX, and Kinguin use Immutable X. GameStop, a well-known brick-and-mortar video game retailer, also launched its NFT marketplace on Immutable X in 2022. However, GameStop has since discontinued its crypto wallet and plans to shut down its marketplace in February 2024.

Web3 games like IMVU, Guild of Guardians, Habbo, Cross the Ages, Undead Blocks, Ember Sword, Planet Quest, Gods Unchained, WAGMI Defense, and Tiny Colony are building their elements on Immutable X. As Web3 gaming continues to grow, Immutable X competes with other blockchains like Polygon, Avalanche, Arbitrum Nova, Sui, and Solana to provide a fast and seamless gaming experience.

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What is Immutable zkEVM?

Immutable is expanding beyond just Immutable X as its Ethereum gaming platform grows. In March 2023, the firm announced a partnership with Polygon to develop a new Immutable zkEVM scaling network. This network will combine Polygon’s zkEVM technology with Immutable’s gaming platform.

Several games, including MetalCore, Shardbound, and Elemental Knights, have announced plans to use the Immutable zkEVM. According to an Immutable blog post, the zkEVM network offers native compatibility with Ethereum Virtual Machine (EVM) smart contracts, potentially simplifying the process for developers to migrate from other EVM chains and use various third-party tools.

As Immutable continues to grow, its IMX token has become the most valuable gaming token. Currently, Immutable X is trading at $1.64 per IMX/USD, with a current market cap of $2,456,365,320, and a 24-hour trading volume is $55,019,611.

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Conclusion

Immutable X is revolutionizing the Web3 gaming space with its layer-2 scaling network on Ethereum. By combining the security of Ethereum with fast, cost-effective transactions, Immutable X is attracting numerous NFT marketplaces and game developers. Significant investments and partnerships, like the one with Polygon for the zkEVM scaling network, highlight its growing influence. As the IMX token rises in value, Immutable X continues to enhance its platform, promising an exciting future for decentralized gaming.

FAQ

What is Immutable?

Immutable is a prominent Web3 firm known for developing blockchain technologies and publishing games within the decentralized gaming space. It is the creator of Immutable X, a layer-2 scaling network built on Ethereum.

What is Immutable X and how does it work?

Immutable X is a layer-2 scaling network built on Ethereum, designed to improve transaction speed and reduce costs compared to the Ethereum mainnet. It leverages ZK rollup technology to bundle transactions, enabling fast and fee-less transactions for users.

What is Immutable zkEVM and how does it relate to Immutable X?

Immutable zkEVM is a scaling network developed in partnership with Polygon, integrating zkEVM technology with Immutable’s gaming platform. This collaboration aims to enhance scalability and compatibility with Ethereum Virtual Machine (EVM) smart contracts, simplifying development processes for game developers.