What makes Immutable X, a project that combines both L2 and NFT concepts, worth attention? This article will discuss the necessity of Immutable X for the NFT industry, the underlying technical principles, and the ecosystem surrounding it.

The Necessity of Immutable X for the NFT Industry

NFTs first gained significant traction in the blockchain space in 2017 with the release of CryptoKitties, which established the ERC721 standard for NFTs. CryptoKitties highlighted the need for Ethereum scalability to support a higher volume of decentralized applications (DApps). In 2018, blockchain games like Gods Unchained further encouraged the industry to explore NFT applications for in-game items.

NFTs allow users to genuinely own digital assets and enable easy trading of unique assets. However, as blockchain usage has surged, gas fees, often exceeding hundreds of dollars, have hindered NFT trading, especially for lower-priced NFTs, thus limiting NFT liquidity. To address this, the team behind CryptoKitties launched Flow, a blockchain dedicated to NFTs, while the team behind Gods Unchained built Immutable X, an L2 solution for NFTs on Ethereum.

Features and Technical Principles of Immutable X

According to its white paper, Immutable X enhances user and developer experience with the security of Ethereum’s L1:

• Low Cost: Zero gas fees, with options to set transaction fees.

• Security: A decentralized sidechain without custodial risks, allowing users to retain their private keys.

• Efficiency: High scalability with over 9,000 TPS (transactions per second).

These benefits are achieved through seven key features of Immutable X:

1. ZK-Rollup scalability: Ensures Ethereum-level security while enabling fast, low-cost minting, transfer, and trading of NFTs.

2. API abstraction layer: Makes interactions on Immutable X as simple as calling an API.

3. NFT wallet: Allows users to experience NFTs within the Ethereum network without switching networks.

4. Platform SDKs: Currently, developers can easily integrate Immutable X’s APIs and wallets, with future support planned for various programming languages and development platforms like Android, iOS, Unity, and Unreal.

5. Shared liquidity and order book: Promotes more trading platforms on Immutable X.

6. Compliance support: Including copyright and AML/KYC, which facilitates the entry of larger companies into the NFT space.

7. Default trading platform and transaction history browser: Ensures users have a reliable place to trade.

Overall, the ZK-Rollup engine developed in partnership with StarkWare is the project’s core. By locking assets in on-chain smart contracts, users can “store” assets on the L2 layer, allowing transactions to occur on L2. These transactions are grouped by an “operator,” and their validity is proven by generating a proof. Once published on-chain, this proof is verified by an on-chain smart contract that updates the state. Moreover, Immutable X uses STARK proofs instead of the more common SNARK proofs, favoring higher security at the expense of higher on-chain publishing costs. This is due to the complex cryptography involved in SNARKs, which increases the risk of implementation errors.

Ecosystem Projects on Immutable X

According to Immutable X, hundreds of prominent partners are planning deployments on the platform, with most coming from gaming, collectibles, trading platforms, and DeFi. Currently, officially announced partnerships include the following:

Platform Projects

• OpenSea

OpenSea is the largest decentralized NFT marketplace, featuring assets such as artwork, music, ENS domains, virtual worlds, cards, and collectibles. Founded at the end of 2017, OpenSea had only a seven-person team through 2020 and only 37 employees by 2021. Despite this, OpenSea achieved remarkable milestones, with its transaction volume in August 2021 reaching $3.057 billion, surpassing the total volume of the previous four years combined. According to Ultrasound Money, OpenSea has burned approximately 36,000 ETH since Ethereum’s EIP-1559 upgrade, representing about 12% of total ETH burned and ranking first in burn contributions. Due to high gas fees that reduce the feasibility of low-value NFT trades, OpenSea has added support for Polygon and Klaytn and plans to support NFTs on Immutable X in the future.

• PolkaFantasy

PolkaFantasy is a Japanese ACG (Anime, Comics, Games)-themed cross-chain NFT marketplace and metaverse, representing Japanese culture in the crypto space. As a cross-chain marketplace, PolkaFantasy plans to integrate with Ethereum, Polygon, BSC, Solana, Polkadot, Cardano, and Immutable X. Its products include a marketplace and an NFT wallet, with token $XP set for an IDO on UniSwap on September 10, 2021.

• Token Troves

Token Troves is an NFT marketplace supporting Immutable X, Polygon, and Ethereum. Currently, it offers NFT collections primarily from Immutable X’s gaming ecosystem, such as Ember Sword Land, Gods Unchained Cards, and Guild of Guardians. Other collections include Parallel and Kolectiv.

• Kinguin

Kinguin, an online digital game trading platform, has over 10 million registered users and more than 50,000 tradeable items. After years of observing the NFT industry, Kinguin’s CEO believes that evolving into an NFT platform is a natural progression for digital platforms. Kinguin plans to create a platform where users and partners can create and trade unique NFT collectibles, with Immutable X enabling a lower-cost, secure NFT marketplace.

• Wilder World

Wilder World is a fully immersive 3D NFT-powered platform that aims to build a decentralized version of a Marvel studio by bringing together top artists to collaborate on stories, characters, landscapes, and environments. While not yet launched, Wilder World has attracted over 250 crypto artists and collectors. In May 2021, Wilder World partnered with Immutable X to facilitate faster and cheaper transactions for immersive 3D NFTs. Its $WILD token is used for governance.

• Mintable

Mintable is a platform where users can mint and trade Ethereum NFTs. While minting NFTs on Mintable is gas-free, purchasing NFTs or voting with $MINT tokens incurs gas costs. The project aims to lower these transaction costs through Immutable X, achieving lower fees without compromising security.

Summary of Key Features for These Platform Projects:

2. Collectibles

RTFKT is an NFT virtual fashion brand that combines gaming engines, NFTs, blockchain authentication, and augmented reality (AR) to create unique virtual sneaker products. Interestingly, some types of shoes have both NFT and physical versions, allowing users to wear RTFKT sneakers both in the real world and in the virtual metaverse. Currently, the floor price of RTFKT on OpenSea is as high as 8.5 ETH.

Ecomi offers two products: the digital collectibles trading platform Veve and a hardware wallet. Most collectibles on Veve feature popular IPs from the “traditional collectibles market,” such as characters from Marvel. Veve’s functionalities include a store (primary market), a secondary trading market, augmented reality, and social media integration. The platform’s token, $ECOMI, is primarily used for transactions within the platform.

GreenPark is a virtual sports world where fans can manage teams (in NFT form) and compete with other players to earn points that can be reinvested in their teams. Epics GG is a trading card collectibles website themed around esports, where users can collect, buy, trade, or showcase NFT trading cards of their favorite esports teams, players, and influencers.

Momentous is a social NFT minting platform on Ethereum, powered by Immutable X. The project is currently in its early stages, and the product is not yet launched.

3. Games

Immutable X has partnered with game publisher Animoca, whose mobile gaming platform GAMEE is also an Immutable X ecosystem partner. GAMEE is developing an NFT system to be used with its platform, and the $GAMEE token will be used for purchasing and upgrading NFTs. Besides Animoca, Immutable X has also collaborated with Lucid Sight, a virtual reality game studio using blockchain technology. Lucid Sight’s games include MLB Champions, Crypto Space Commander, and Cryptic Conjure, among 15 other titles. In the future, NFTs from Animoca and Lucid Sight’s games are expected to be minted, issued, and traded on Immutable X.

Gods Unchained is a card game similar to Hearthstone and is known as one of the earliest blockchain games with high-quality graphics. Its development team is also behind Immutable X, and card trading is already available on Immutable X. Gods Unchained plans to issue 20 million $GODS tokens, which will be used to create NFTs, purchase items on the Gods Unchained marketplace, and for governance. Holding tokens on Immutable X will offer additional rewards.

Guild of Guardians is an online fantasy action RPG where players build their guardians and compete in guilds for substantial, tradable rewards. Players can currently buy and trade heroes, pets, and guardians, with NFT minting on Immutable X expected soon. Although the game is scheduled to launch in 2022, over 130,000 players are already waiting. Guild of Guardians plans to issue $GOG tokens for minting game NFTs, purchasing assets, voting, and staking rewards.

Illuvium is an RPG adventure game where players can collect, trade, hunt, or fight monsters and acquire rare in-game items. The game offers DeFi features and NFT trading, with the demo phase expected to release in late 2021. The $ILV token will be primarily used for governance. The Illuvium DAO has over 70 team members, including two founding brothers who co-founded Synthetix. The official media regularly releases monster images and demos, showcasing the game’s stunning visuals.

MyCryptoHeroes is an Ethereum-based multiplayer RPG that also supports Polygon. Players purchase historical hero NFTs, form teams of three heroes, and upgrade heroes through quests, tournaments, or battles with other players. Both heroes and items can be traded in the MCH World marketplace (with no gas fees), or withdrawn to OpenSea. The $MCHC token is used for governance voting.

Crypto Assault is an MMO online strategy war game where players buy ERC721 NFT items and engage in real-time battles with other armies in a 3D world to conquer territories, mine resources, and win ETH. The older the army and the closer the territory to the center, the greater the rewards.

War Rider is a post-apocalyptic MMO driving game advocating “mine or die.” Players buy cars, weapons, and build “assembly vehicles,” crossing checkpoints or raiding other players’ assets to earn the game token $BZN. In the game’s economic model, players buy base items like vehicles, parts, garages, and basic weapons with ETH, while $BZN is used for upgrading garages, boosters, advanced weapons, and armor. The product is currently in alpha, supporting Windows, Mac, and Linux, with a mobile version planned for late 2022.

High Rise is a mobile virtual social game inspired by The Sims and Second Life, but it is not yet a blockchain game. In High Rise’s virtual world, users can create unique digital avatars and environments with thousands of clothing and furniture items, fulfilling self-expression and social networking needs.

4. DeFi

NFT+DeFi was also a driving theme of the NFT Summer. Currently, Immutable X’s sole partner in the NFT+DeFi space is SuperFarm. SuperFarm is a cross-chain NFT platform offering “farming” capabilities, allowing users to mint NFTs and create NFT pools without needing coding skills. The platform’s $SUPER token is used for governance and access to platform services—users need at least 100,000 $SUPER tokens to start an NFT pool.

Have you been keeping an eye on Immutable X and its ecosystem projects as GameFi is about to take off after NFT Summer? Of course, this article does not constitute any investment advice; please conduct thorough research on your own.

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