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How Immutable X Works

Welcome to this post, where we are going to see how Immutable X works, the NFT’s Marketplace that is revolutionizing the sector, and growing at a great pace.

With all the problems that ethereum has with its commissions and slowness, due to the great decentralization it has, several answers have appeared for different sectors to solve the high commissions, and in this case, we have in the NFT’s sector, Immutable X.

Despite being Opensea the main Marketplace for NFT’s on the Ethereum network, it still has commissions of $50 or more every time you want to buy or sell an NFT on its platform. That’s why immutable X has become more popular in recent months, because of what it offers to its users.

Before we go into more detail, mention that it is possible that the platform may be different, or with new features and uses depending on when you are reading this article. Therefore, I recommend that you go to the page to check if there are any relevant changes.

What is Immutable X

Immutable X is a layer-2 of Ethereum, which means that it has the security provided by the ethereum network as Layer-1 (L1) with the advantages of being a layer-2, such as reducing fees and immutable X, has focused on being the NFT’s protocol for the etheruem network that solves the high fees and slowness that you can find when using the ethereum network.

If you don’t know what layer-2 is, you may not understand how it works. You can find a more detailed guide in our blog on networks. But in simplified form, Immutable X is a protocol that is based on ethereum, and has the security offered by this network. At the same time it can improve other aspects such as commissions or transaction volume. Thus, being able to make more than 9,000 transactions per second.

Immutable X wants to be the solution and the main protocol to use NFT’s in Ethereum, with zero or very small commissions, and a large volume of transactions, without forgetting the security of the network itself. This, has made it become very popular, by starting to have interesting collections in its Marketplace and very low commissions, thus attracting new users tired of paying high commissions in marketplaces like opensea.

How to start

Currently we only find access to the Marketplace, although very soon it will also have its own play to earn format within its platform. Therefore, we will focus on the Marketplace, and how you can buy and sell your NFT’s within Immutable X.

It is important to note that Immutable X works like many Marketplaces, where collections of NFT’s are listed and you can only buy and sell collections that are within the platform. Unlike opensea, where anyone can upload their NFT and sell it.

On the one hand, it gives more security to buyers, by only listing projects that have been reviewed by the immutable X team, and gives you the exclusivity of some projects that can only be found in this Marketplace. On the other hand, not just anyone can sell their art or NFT, without contacting the platform and approving your project beforehand.

With that said, let’s see how you can get your first NFT on this platform.  

To do this, you are going to need a metamask wallet, and some ethereum in your wallet. If you don’t have an account with metamask, here’s a guide on how it works and how to create your wallet here.

Link your wallet

Click on connect wallet, and it will open a tab of the immutable X wallet, just click on sign in your metamask wallet, and follow the steps until you can see disconnect wallet at the top. If you have followed the steps and clicked on sign when it appeared in your metamask, you will already have linked your metamask wallet to your immutable X wallet.

With the wallets linked, the next thing to do is to deposit ethereum from our metamask wallet to the immutable X wallet. Despite being linked, we will need to pass funds the first time and pay gas fee to be able to use your funds in immutable X and not pay commissions.

To do this, go to inventory, and click on deposit, deposit ETH. Here, you will see that on the left you will see the amount of ethereum you have in metamask, and below you must indicate the amount you want to deposit in your immutable X wallet. Enter the amount and click Continue.

Now sign the transactions that will be opened in metamask, and that’s it. You will have to pay gas fee the first time you move funds from metamask to immutable X, and depending on the moment, it can be quite high. In my case, it asks me for $120 for just making the transaction. If the price of the gas fee is very high, I recommend waiting for a time when there are fewer transactions so that the cost is lower. Keep in mind that the gas fee is only necessary for the first transaction, so after that you can deposit ethereum or other currencies without cost to use in the Marketplace.

Buy NFT’s

With ETH in our Immutable X wallet, we simply go to the collection we are most interested in and click on the NFT we want to buy.

Here, you can find below the NFT’s information such as its properties. There is not much more information on the NFT card unlike opensea. Now, simply click on buy now if you are happy with the amount requested, and confirm in your immutable X wallet. You will see that the commissions are zero or very low and you have your NFT in a matter of seconds.

If you go to inventory, you will be able to see all the NFT’s you have purchased, as well as the rewards in the platform token (IMX) if you have participated in some activities that the platform has, to encourage its use, in exchange for the cryptocurrency of the platform itself. Also, from inventory, you can click on sell to sell your NFT, indicating the price and confirming it in your immutable X wallet. This way, you will be able to sell your NFT whenever you want.

In case you have many different NFT’s, you can filter by the different collections, or words in the search engine above.

Finally, in transactions, you can find a list of all the transactions made with your wallet, so you can keep track of all the transactions you have made at all times. This is the main thing to know how to use the Marketplace of immutable X, and to be able to own a NFT, without paying high commissions in the ethereum network.

New Features

As mentioned above, immutable X has recently launched its own cryptocurrency (IMX), which you can buy on platforms such as gate.io. The IMX cryptocurrency serves as an incentive for users, who will receive points for trading with NFT’s and certain actions within the protocol, to encourage users to use it. In return, you can get points and the IMX token for using the platform. Also, it has staking options, if you want to get more IMX tokens, where the staking comes out of the commissions that the platform has when buying and selling NFTs.

Also, the protocol is working on launching play to earn games to grow their platform and get more customers. They have launched an incentive in the form of an airdrop for those people who linked their account with gods unchained, a game that you can buy their NFT’s within the platform. In addition, people who played gods Unchained will also be able to receive the airdrop. As you can see, NFT collections in relation to a game, it is very likely to create a play to earn format or airdrops for the players of the game if you have the accounts linked to immutable X.

To finish, mention that immutable X despite its great growth, still has few collections if we compare it with opensea or other marketplaces, and beyond the Marketplace does not have active other functions, which hopefully we can see in the future to give more use to the NFT’s within this protocol.

I hope it has helped you to know more in detail Immutable X and how you can get your first NFT in this platform. Remember that if you don’t have an account with binance, you can create one just below.

Platform: Binance
Min. deposit: $10
License: Cysec

Very low commissions
Exchange with more cryptocurrencies

5/5

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