$IMX — Remember The Ticker
Layer 2 solutions are the antidote to the blockchain trilemma; get ready for scalability on Ethereum.
IMX stands for Immutable X, which if you understand NFT’s and the meaning of the word immutable, makes a lot of sense.
It was founded in 2018 by James Ferguson(Forbes 30 under 30), Robbie Ferguson and Alex Connoly, with a very simple premise:
“Zero gas fees, instant scalability for games, applications, marketplaces, without compromise”
Zero gas fees you say?
How is that possible?
Well IMX is an Ethereum Layer 2 (L2) solution that utilises a variety of methods to scale the network at minimal cost.
Layer 2 you say?
L2 solutions are built on top of the original blockchain (Ethereum in this case) and help scale the original network. They assist scaling by reducing costs and increasing throughout speeds. In IMX’s case, the utlisation of L2 technology reduces friction and increases the usability of Ethereum for users/creators:
- Users can buy, trade & mint NFT’s with zero gas fees.
- Creators such as NFT photographers can release collections without insurmountable entry barriers.
- Developers can launch dApps and games through a minimal cost structure which allows for rapid iteration.
To regulate the ecosystem and provide support to users/developers, IMX has a native token — $IMX, which is available on Binance, FTX & other exchanges.
$IMX is currently at $2.63, up from $1.09 (07/03/2022), and down from $5.20 (20/12/2022)
The notable crash of the token is aligned with current market conditions (small bear cycle) as other top crypto tokens such as Ethereum & Bitcoin have witnessed crashes of >40% in the last few months. The subsequent revival of the token >50% is due to multiple funding & partnership announcements:
- (March, 2022) $200m in round C funding secured, through Tencent and Temasek, to reach a $2.5 billion valuation.
- (February, 2022) Announcement of partnership with GameStop to launch their NFT platform
- (February 2022) Announced 200+ new hires in 2022 to fuel growth and expansion
- (January, 2022) Binance listing
There’s been plenty of good news coming from the IMX team recently, but their dedication to quality partnerships isn’t anything new:
Below the radar, IMX have partnered with Gary Vee. You’ve undoubtedly seen Gary Vee on TikTok, Instagram, Facebook, Twitter or any other social platform — the man is absolutely killing the game. What went rather unnoticed was his partnership with IMX to launch his BookGames project. This is a highly interactive and somewhat mysterious project in which BookGames holders can use their tokens for a variety of utilities: burn them for real items, burn them for VeeCon tickets or hold them for the possibility of minting a VeeFriends series 2 NFT. With the extraordinary success of VeeFriends Series 1, Series 2 is bound to be a smash.
As we’ve discovered, IMX has vast reserves of investment capital, massive partnerships announced & a proven track record, but what sets them apart from competitors?
- Zero Gas Fees | In comparison to sizeable gas fees on OpenSea & other platforms
- Carbon Neutral | A growing movement focussing on the sustainability of NFT’s enhances IMX’s reputation
- 9000 Transactions Per Second (TPS) | In comparison to ETH’s 15 TPS & BTC’s 7 TPS
What does the future look like for IMX?
IMX is undeniably linked to the NFT market which continues to grow (Q1 of 2022 saw the highest transaction volume on OpenSea ever).
Thus, as more users and creators begin to adopt the technology, IMX’s potential market share grows too.
All indicators point to success as they continue to announce high-quality partnerships, rounds of funding worth hundreds of millions, and the utilisation of novel technology.
Only time will tell if IMX sees continued success.
But I’m bullish.