Immutable X (IMX) - Faster NFT trading will revive the cryptocurrency market?

Immutable X (IMX) is a solution that allows for instant transaction confirmation and almost zero trading fees NFT on the Ethereum network, but also on many other markets. With its IMX token, is it able to restore the luster to non-exchangeable tokens, or even kick-start the entire cryptocurrency market? We check.

We continue the series of the Forex Club portal, in which we analyze and describe the largest, most valued, most interesting, most developed, advanced and also the most controversial cryptocurrency projects around the world. Today it's time for Immutable X - a solution that significantly facilitates and reduces the costs of NFT trading.

How Immutable X works

Immutable X is primarily focused on increasing the scalability of trading non-tradable NFT tokens. At the peak of popularity, you had to pay high fees for transactions, and by "waiting in line" some people never finished them, because others were upping the stakes. This discouraged a large group of people from the market and was one of the more important problems that made the popularity of NFT slowly decrease.

The problem, however, can be solved by the engine called Zero-Knowledge Rollup. It allows you to carry out up to 9 thousand. transactions every second. Invented in 2018 by James Ferguson, Robbie Ferguson and Alex Connolly, the solution allows for instant transaction confirmation and almost zero fees when purchasing non-exchangeable tokens.

How is this possible? All thanks to the scale effect. Transactions are settled in batches, not individually. At the same time, the level of transaction security and privacy increases, because not all data must be disclosed immediately when overwriting information and during verification by a smart contract. However, they are stored in the second layer, so - if necessary - they can be quickly verified.

Lower computing power needed to approve transactions is also such an important nowadays lower carbon dioxide emission. It has been calculated that thanks to such activities, energy consumption is reduced compared to the traditional approval of individual transactions by up to 475 thousand. times.

What's more, Immutable X provides a global order book that allows you to buy and sell NFTs in any market that decides to implement scaling solutions. So you can enter an order on one exchange and it will be executed on a completely different one. This is a huge step towards a global market and limiting intermediaries to the minimum necessary. Immutable X also supports all wallets Ethereum. Their users can therefore trade NFTs without transferring assets between networks.

How does the IMX cryptocurrency work?

IMX is the native token of Immutable X. You can pay transaction fees in it, as well as trade NFT or build applications related to it. It is also used to calculate the number of votes during project management. The principle is simple and identical to other cryptocurrency projects from the blockchain market: the more IMX tokens we have in the wallet, the more votes each time we consult the community, regarding, for example, project development directions or research.

Cryptocurrency Quotes

As of March 31, 2023, there are 233 of the target 634 IMX tokens in circulation. They can be traded on 301 Cryptocurrency exchanges from all over the world, including the world's largest Binance. You have to pay USD 1,11 for each of them, which translates into a market capitalization of over USD 260 million. The peak of quotations took place on March 31, 2022, when IMX was valued at USD 2,82.