Ethereum and Solana are the most discussed when it comes to NFTs, but there is one network that is proving to be a dark horse: ImmutableX. The layer-2 Ethereum network has experienced a surge in sales volumes and buyers, and it is shaping up to meet its promise of “powering the next generation of Web3 games.”
Fundamentally, it’s the technology that’s pushing ImmutableX forward. A partnership between Immutable and StarkWare for zero-knowledge roll-ups scaling, APIs and SDKs for easy development and launch, and 100% carbon neutral - the latter being especially topical as media headlines moves toward the environmental impact of NFTs.
Our discussion here focuses on some of the developments that’s likely behind the growth in activity on ImmutableX.
Retail investor favorite GameStop has hardly been out of the news and continues to charm a large portion of the internet. When Immutable announced that it would be working with GameStop to help launch the marketplace, the internet went wild, and the IMX token saw a significant bump. The recent beta launch of the GameStop NFT marketplace went even further in raising awareness about ImmutableX.
Just consider the total transactions before and after the GameStop announcement. The network has consistently seen well over 600,000 transactions since the start of 2022, compared to 2021, where it was averaging around 250,000 - 300,000 transactions over the year.
In a collaboration with Kolex, Immutable gave the Ape community the chance to mint up to a total of 100,000 gas-free NFTs for choosing to stay on the Ethereum network. It was a nice gesture - and a smart move by Immutable to gain some favor with one of the most ardent NFT communities out there. Which, we remind you, is very important - NFT communities should be working with each other to the benefit of all.
Immutable already has over 28.5 million NFTs - all gas-free.
Immutable is a game-focused company at heart, and its Immutable Studios really announced its arrival with the Gods Unchained trading-card collectible NFT game. That game has inspired many games and is right up there with Axie Infinity in and others in terms of the influence it has on the NFT market.
But that was the only first of many games that have come to the ImmutableX network. Immutable has made supporting other Web3 games an equally high priority, and a wide variety of games are now present on the network. The variety is no joke - MMORPGs, tower defense games, and RPGs all make up the NFT collections present on ImmutableX.
It’s seen about 6.3 million NFT trades this year - and that number could very well increase with the launch of these games. Even one game that reaches the level of popularity could turbocharge what is already a rapidly growing NFT platform.
On the subject of Immutable supporting Web3 games, the company also announced a $500 million venture fund for the niche. This is just money being poured back into the business, and the fact that they have roped in Animoca Brands and GameStop goes to show that there are big plans involved. The current video gaming industry is worth hundreds of billions of dollars, but Immutable co-founder Robbie Ferguson sees the potential value being as much as $1 trillion.