Immutable X (IMX) is the native utility Ethereum-based token of the Immutable X platform, which is a layer-2 scaling solution for NFTs (Non-Fungible Tokens).
About the platform
Immutable X platform is designed to facilitate fast and gas-free trading of NFTs on the Ethereum network.
It uses ZK-Rollups, a type of Layer-2 solution, to aggregate multiple transactions into a single proof. This significantly reduces the load on the Ethereum mainnet, making it more scalable for NFT transactions.
With Immutable X, users can trade NFTs on the platform without paying gas fees. The gas fees are paid in IMX tokens and are subsidized by the platform’s ecosystem.
By using ZK-Rollups, Immutable X achieves faster transaction times compared to traditional Ethereum transactions. Users can experience near-instant settlement times for NFT trades.
While Immutable X operates as a Layer-2 solution, it still leverages the security of the Ethereum mainnet through the use of Zero-Knowledge proofs. This ensures the integrity of NFT transactions.
Moreover, NFTs minted on Immutable X are still ERC-721 compliant, which means they remain compatible with other Ethereum-based platforms and wallets.