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- 1 IMX is the native token of Immutable X, a Layer-2 blockchain that enables gas-free trading of NFTs on the Ethereum network.
- 2 It is used for governance, staking, and rewards on the Immutable X protocol.
The IMX platform is the official platform for buying and selling NFTs from various collections that are built on Immutable X like many blockchain gaming titles – Gods Unchained, Guild of Guardian, and Illuvium.
It is the first gas fee immutable marketplace on the Ethereum blockchain. It is co-founded by Robbie Ferguson and Uri Kolodny. This network has completed $50 Million in trading volume since its launch. They have an innovative tech team to support it. There are also 3rd party marketplaces that are integrated with Immutable X like OpenSea, AQUA, etc.
How to Get Started With IMX Marketplace?
The very first step to getting started with this marketplace is to create an account. First, connect a wallet. One can use Metamask and Wallet Connect for this. The further step involves the deposition and withdrawal of ETH or IMX tokens with listings and selling of NFTs.
The second step is the deposition of ETH or IMX. This will allow you to trade NFT without paying gas fees. After this, one can browse the available NFT on the IMX marketplace or other marketplaces that support Immutable X like AQUA.
Finally, one can buy and sell NFT. One can earn IMX tokens by trading NFT on Immutable X or participating in liquidity mining programs.
Benefits of Using IMX Marketplace
Though there are many marketplaces for NFTs, the IMX Marketplace holds its importance. It provides benefits like zero gas fees, instant transactions, security, and liquidity. The other benefit is that it provides a trading rewards program. Under this program, users are rewarded IMX tokens every time they trade the NFT collection.
The ecosystem of Immutable is continuously growing. According to Immutable.com in Q3 2022, it has boarded 50 games with an additional 1000 being built in the testing environment.
Immutable currently supports purchases through ETH and IMX, the native token. Immutable X is a green platform. To become energy efficient the Immutable X platform, crypto, and the entire ecosystem have partnered with Trace and Cool Effect.
The IMX Marketplace removes the developer restriction. It provides developer tools to make programming easy. Solidity is used as the programming language so the task becomes easier and shifting the program to Immutable does not require coding. In this way, more developers can participate in this program.
IMX marketplace has great interoperability which makes it easier for consumers to find the wallets supporting the project. It is powered by zero-knowledge-proof technology. The users can trade their digital assets on popular decentralized exchanges like Uniswap and SushiSwap.
Summary
In conclusion, the IMX Marketplace is a gas-free platform for NFT. One can buy, sell and trade NFTs with zero gas fees. This is the biggest advantage of the platform which makes it different from other NFT marketplaces.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
