About Immutable X (IMX)
Immutable X is a Layer 2 NFT scaling solution launched in 2018 by brothers James and Robbie Ferguson, and Alex Connolly. It is positioned as a protocol built to improve the user experience in the NFT trade, mainly by enhancing transaction speeds.
The development was built and deployed atop the Ethereum blockchain network, and its function is to support the transfer and swapping of Ethereum-aligned assets within its environment. This reportedly lowers costs and increases efficiency and scalability beyond most native NFT and digital asset platforms.
Immutable — the crypto gaming firm behind Immutable X — attracted publicity after several successful fundraising efforts that saw Hong-Kong based blockchain game developer Animoca becoming backers. Immutable X then spent several years in development prior to its April 2021 launch.
Immutable X’s native cryptocurrency, IMX, is used for governance and interactions on the network. IMX can be traded for other Ethereum-based cryptocurrencies. The live price of IMX is updated and available in real-time on Binance.