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Immutable (IMX)

Immutable is a platform designed specifically for game developers who aim to create scalable Web3 games with high performance and low cost, while maintaining the trusted security of Ethereum. The company wants to change the perception of gaming altogether. But what does this essentially mean, and how is Immutable doing this? Well, follow along in this article as we delve deeper into the inner workings of Immutable.

Immutable Page

What is Immutable (IMX)?

Immutable is a company that aims ‘to bring digital ownership to every player’. This is done through its two main arms: the Immutable Platform and Immutable Games.

The Immutable Platform serves as the preferred developer platform for building and scaling web3 games, while Immutable Games develops and publishes web3 gaming titles. More on this later.

Immutable facilitates blockchain gaming through two main components:

  1. Immutable ZK EVM: A ZK rollup that is compatible with the Ethereum Virtual Machine (EVM) and is powered by Polygon. It allows for the creation and management of blockchain games.
  2. Immutable X (powered by StarkWare): Another ZK rollup but powered by StarkWare. It also supports the development of blockchain games and offers similar benefits as the Immutable ZK EVM, but is secured by Ethereum, which is where all the liquidity and safest applications reside.

 

This means that anyone can create applications using familiar languages like Solidity and existing Ethereum development frameworks.

Team Behind Immutable

The team behind Immutable includes co-founder and CEO James Ferguson, along with Alex Connolly and Robbie Ferguson, and others that are predominantly based in Sydney, Australia.

The company employs over 240 people, and this large workforce supports the ongoing development and expansion of Immutable throughout the digital space. With support from top tech investors including BITKRAFT Ventures, King River Capital, AirTree, Temasek, Coinbase, the road to success could be clear.

Besides these backers, many partnerships were formed with various industry leaders, including gaming developers and investors such as Merit Circle.

This review of Immutable (IMX) was created for informational purposes. This article is not intended for promotion.

General info about Immutable (IMX)

Immutable Gaming Studio

With the Immutable Gaming Studio that operates separately from the chains, the in-house gaming studio develops and publishes its own Web3 games, all of course built using the capabilities of Immutable technology. A proof of concept, as they call it.

Some games from the studio include:

  • Ember Sword: A free-to-play MMORPG game on the Ethereum blockchain with a player-driven economy and tradeable NFT assets.
  • Guild of Guardians: A mobile RPG game on Immutable X where players build teams of NFT heroes and participate in multiplayer dungeons.
  • Cool Cats: A collection of 9,999 unique, randomly generated NFT cats.
  • Pixelmon: An open-world RPG game inspired by Pokemon, where players collect, train, and battle Pixelmon creatures as NFTs.
  • Illuvium: An Ethereum-based open-world RPG game in which players capture and battle Illuvial creatures as NFTs.
  • Gods Unchained: A free-to-play tactical card game on the Ethereum blockchain, allowing players to earn, trade, and sell their NFT cards.

 

Some of these games became hugely popular during the last market cycle and continue to have active player bases today. Feel free to check them out and start playing if they interest you.

Immutable Games

Immutable and NFTs

One vertical Immutable focuses on is NFTs. The platform emphasizes that building NFT projects can be done with ease, and most importantly with zero gas fees. Via a user-friendly API, they allow developers to create and manage NFTs efficiently.

Some NFTs within the Immutable ecosystem seemed to disappear, although many thought they were rugged pulls, this was simply not the case. These NFTs can be found on numerous other platforms where trading has continued.

Earning Rewards

From staking IMX tokens to playing engaging games, there are multiple opportunities to earn and claim daily gems on Immutable.

To start using IMX on the Immutable zkEVM platform, you need to connect your wallet. Once connected, you can participate in various activities that allow you to earn IMX and other rewards.

To claim your daily gems on Immutable, simply connect your wallet. The number of gems you can claim depends on the amount of $IMX you hold:

  • Holding 0 $IMX: Earn 1 gem.
  • Holding 20 $IMX: Earn 3 gems.
  • Holding 100 $IMX: Earn 9 gems.
  • Holding 1,000 $IMX: Earn 16 gems.

For NFT’s

The reward tiers are structured based on the USD value of the NFTs traded:

  • $0 – $10: No points collected.
  • $10 – $1,000: Earn 1 point for each $1 over $10, with a minimum of 0.00055 IMX per point.
  • $1,000 – $1,680: Collect 990 points, plus 36 points for each $1 over $1,000.
  • $1,680 – $2,800: Gain 25,470 points, plus 15 points for each $1 over $1,680.
  • $2,800 – $4,000: Acquire 42,270 points, plus 5 points for each $1 over $2,800.
  • $4,000 – $5,000: Secure 48,270 points, plus 1 point for each $1 over $4,000.
  • Trading over $5,000 per wallet: No additional points earned beyond this threshold.

 

Immutable Marketplace

The Immutable Marketplace is a dedicated platform for buying, selling, and trading NFTs that operates on Immutable technology. The marketplace features a user-friendly interface that appeals to experienced gamers and NFT collectors.

Immutable Passport

With their Immutable Passport, they want to simplify user onboarding through passwordless sign-on and automated wallet creation. This is designed to be as frictionless as possible for the gamer’s experience so they can start playing without too many setup procedures.

The Immutable Passport is a non-custodial wallet and authentication feature that facilitates instant wallet onboarding, on-ramping, bridging, swapping, and interacting and facilitating financial interactions within games. It eliminates the need for traditional crypto wallet setups.

Immutable Guardians

What is Immutable Checkout?

Next is the Immutable Checkout function, which offers an all-in-one transaction infrastructure tailored for games and marketplaces. This payment solution, managed by Immutable, handles the entire checkout process – from adding funds to the direct purchase and swapping of assets.

It is similar to Stripe but specially designed to integrate crypto and traditional payment systems within games. This means anyone using Immutable Checkout can:

  • Support primary sales directly within games.
  • Enable direct NFT purchase with fiat currency.
  • Facilitate L2 to L2 asset transfers.

 

Immutable Checkout

Immutable Orderbook

They also have an Immutable Orderbook designed to maximize the distribution and demand for digital assets. So marketplaces, studios, and creators can share NFT orders across marketplaces, thus increasing both revenue and liquidity.

Treasury of Immutable

Immutable has a vast, expanding treasury. Upon investigating the financial details, Immutable’s treasury is noted to be around $447 million according to Token Terminal. This includes a development treasury of approximately $532 million composed of $500 million of their own IMX token, $18 million of the Gods token, and $8 million of the Gog token.

Additionally, Immutable has a locked treasury for the Immutable Foundation which includes $500 million in IMX tokens, $53 million of the Gods token, and $30 million of the Gog token.

They also maintain a Foundation treasury with $858 million in IMX tokens, $33 million in Gods tokens, and $20 million in Gog tokens.

 

Immutable has strategically employed their own IMX tokens as a form of payment for developers, hereby creating a system where these tokens are used within the ecosystem to fund game development. This is good for the long-term sustainability of the project.

Immutable Rest

Use case of Immutable (IMX)

IMX Token

The IMX token serves as the backbone of the Immutable ecosystem. It is utilized for governance and allows IMX holders to participate in voting on proposals that could influence the future of the Immutable protocol.

As mentioned earlier, the token also plays a crucial role in incentivizing developers and creators to build and engage within the Immutable ecosystem.

IMX serves multiple utilities within the ecosystem:

  • Transaction Fees: IMX can be used to pay for transaction fees.
  • Staking: Users can stake their IMX tokens to qualify for various rewards.
  • Governance: Holding IMX tokens grants users governance rights.
  • Gas: It functions as a gas token, used for processing transactions on Immutable zkEVM.

 

The IMX token has evolved through various phases, particularly through its integration into games like Guild of Guardians and Gods Unchained. These games have not only utilized the token but have also contributed to its visibility and utility within the broader crypto gaming ecosystem.

Immutable Ecosystem

Staking IMX

Immutable offers a comprehensive staking and rewards system designed to engage and reward active participants within its ecosystem.

To begin staking on Immutable, follow these steps:

  1. Connect your wallet: Ensure your wallet is connected to the Immutable platform.
  2. Access the staking feature: Navigate to the staking section where you can actively stake or unstake your IMX tokens.
  3. Enter the amount to stake: You can manually enter the amount of $IMX you wish to stake or select ‘Max’ to stake all available tokens in your wallet.

 

Immutable Token Allocation

IMX Token Allocation

The IMX token allocation is strategically designed to support the ecosystem’s growth and sustainability:

  • Ecosystem Development (51.72%): This portion, amounting to 1,034,461,000 tokens, supports various initiatives like user daily rewards through staking, developer grants, liquidity provision, and marketing efforts.
  • Project Development (25%): A total of 500,000,000 tokens are reserved for crucial projects like Immutable Passport, Immutable Mainnet, and Immutable Testnet.
  • Private Sale (13.86%): This includes both institutional and individual investors, comprising 277,139,000 tokens.
  • Foundation Reserve (4%): This segment, totaling 80,000,000 tokens, is set aside for liquidity reserves to maintain token health.
  • Public Sale (5.42%): Amounting to 108,400,000 tokens, this part supports the public sale and further distribution to a broader audience.

 

Immutable Token Alloc

IMX Token Unlocks

Token unlocks are scheduled in the following way:

  • Ecosystem Development: The unlock schedule is spread over four years with reducing rates—40% in the first year, followed by 30%, 20%, and 10% in subsequent years. Unlocks occur every 28 days, with a total of 52 periods, ending on 31 October 2025.
  • Project Development: After a one-year cliff, tokens are unlocked over four years with 28-day intervals and 52 unlock periods, concluding on 31 October 2025.
  • Public Sale: Post a one-year cliff, tokens are unlocked over 2.5 years with 28-day intervals across 32 periods, ending on 19 April 2024.
  • Private Sale: This segment has two tranches, one unlocking over three months and the other over six months, with the final unlock on 28 January 2022.
  • Foundation: These tokens were unlocked immediately at the Token Generation Event (TGE) on 05 November 2021.

 

These unlocks are expected to provide the necessary resources for Immutable to expand its ecosystem, potentially increasing adoption in the crypto gaming sector.

Where to buy and sell Immutable (IMX)?

What do we think about Immutable (IMX)?

As mentioned earlier, the challenge for Immutable lies in altering the perception of gamers to view themselves not just as players but as active spenders and participants in the ecosystem.

As we reflect on the significant milestones in IMX’s history, it’s clear that Immutable is positioning itself as a key player in the crypto gaming market. Although it is not claiming the title of the absolute leader in space, their strategic moves and deep embeddedness suggest a promising direction.

We saw that successful gaming giants like Blizzard and Activision have shown that multibillion-dollar enterprises can be built in the gaming sector. But these companies often don’t accrue significant long-term value, a trend Immutable aims to buck by embracing the Web3 gaming niche.

One thing to watch out for is their long-term financial strategy that involves earning from transaction fees generated by the games within its ecosystem. But with their development of the zkEVM, which is tailored to offer gas-free transactions for gamers, this could conflict with generating revenue from gas fees.

Over the long term, the platform plans to diversify its approach by supporting a multitude of games rather than putting all its eggs in one basket – a strategy that has the biggest chance of success, as they have 400 games in development. This gives the platform multiple opportunities to find breakout hits.

Immutable Logo

Immutable (IMX) conclusion

Immutable is an ambitious platform aiming to transform gaming by bringing true digital asset ownership to players. With a talented team, strategic partners, and a treasury of over $400 million fueling its goal, Immutable seeks to make blockchain gaming mainstream. By providing developers easy-to-use infrastructure to build high-performance web3 games on Ethereum, and publishing its own titles, Immutable is working to achieve this vision.

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