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 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:
This means that anyone can create applications using familiar languages like Solidity and existing Ethereum development frameworks.
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.
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:
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.
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.
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:
The reward tiers are structured based on the USD value of the NFTs traded:
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.
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.
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:
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.
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.
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:
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 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:
The IMX token allocation is strategically designed to support the ecosystem’s growth and sustainability:
Token unlocks are scheduled in the following way:
These unlocks are expected to provide the necessary resources for Immutable to expand its ecosystem, potentially increasing adoption in the crypto gaming sector.
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 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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