What is Immutable X (IMX)?
Immutable X (IMX) is a layer-2 scaling solution for NFTs on Ethereum, launched in 2021. It was created to address the high gas fees and scalability issues associated with Ethereum's network, specifically for NFT transactions. Immutable X enables instant trades with zero gas fees, maintaining the security of the Ethereum network. It uses a technology called zk-rollups to batch transactions off-chain before settling them on the Ethereum blockchain.
The IMX token is used for governance, paying transaction fees, and rewarding users within the ecosystem. Immutable X aims to empower users and developers by providing a scalable, user-friendly platform for NFT creation, trading, and management, making it a crucial infrastructure for the growing NFT market.