How To Buy Immutable X (IMX)?

A common question you often see on social media from crypto beginners is “Where can I buy Immutable X?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Immutable X (IMX)

First, you will need to open an account on a cryptocurrency exchange that supports Immutable X (IMX).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Immutable X (IMX) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Immutable X (IMX)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Immutable X (IMX) or Immutable X (IMX) trading pairs. Look for the section that will allow you to buy Immutable X (IMX), and enter the amount of the cryptocurrency that you want to spend for Immutable X (IMX) or the amount of fiat currency that you want to spend towards buying Immutable X (IMX). The exchange will then calculate the equivalent amount of Immutable X (IMX) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Immutable X (IMX) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

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What Is Immutable X (IMX)?

Immutable X positions itself as the first layer-two scaling solution for NFTs on Ethereum. According to Immutable X, its blockchain does away with Ethereum’s limitations like low scalability, a poor user experience, illiquidity, and a slow developer experience. Instead, users benefit from instant trading and massive scalability while enjoying zero gas fees for minting and trading NFTs without compromising user or asset security. To achieve that, Immutable X is built with STARK zk-rollups, a technology that Vitalik Buterin considers Ethereum to be “all-in on.”

Thanks to this technology, users will be able to create and distribute assets like ERC-20 and ERC-721 tokens on a massive scale. Chris Clay, the game Ddrector of Gods Unchained, a project already building on Immutable X, stated that Immutable X allows Gods Unchained to implement a new meta-system that was previously impossible. In this fashion, Immutable X aims to create a world-class experience for users and developers alike.

Who Are the Founders of Immutable X?

Immutable X was founded by James Ferguson, a Forbes 30 Under 30 entrepreneur that previously led a software development team at a billion-dollar eCommerce company, and his brother Robbie Ferguson, a Thiel fellow and Forbes 30 Under 30 entrepreneur as well.

The team consists of more than 100 members from different backgrounds like blockchain, FAANG, finance, fintech, and management consulting. It raised a seed round in 2018 and a $15 million Series A in September 2019. Investors included some of the “who is who” in blockchain investing, such as Coinbase, Naspers, Nirvana Capital, Apex Capital Partners, Continue Capital and Galaxy Digital.

What Makes Immutable X Unique?

Immutable X benefits from being one of the first layer-two solutions that utilize zk-rollups and focus exclusively on NFTs. With zk-rollups growing in importance as a scaling solution, the project finds itself at the cutting edge of development in the Ethereum ecosystem. Immutable X has a good chance of becoming the default “NFT blockchain” in the future, provided its promised transaction speed of more than 9,000 tps can be achieved.

A crucial component to fulfilling this promise is the API abstraction layer. Thanks to REST APIs, every NFT-related interaction like minting, trading, and transferring is a simple API call on Immutable X. The company anticipates this to be a key component to attracting new entrants like established gaming and content companies in the space.

Moreover, users will not have to switch networks when connecting their wallets. The protocol also provides an intermediate layer called the “Link,” which enables an NFT-specific wallet experience and allows Immutable X to support a third-party marketplace ecosystem without security risks.

With its shared global order book facilitating protocol liquidity, NFT marketplaces can be built on Immutable X without a backend. In consequence, third-party marketplace solutions can co-exist with the protocol’s native marketplace. The protocol also expects to lower the barriers of entry for content creators and smaller developers with this solution.

Immutable X development updates in 2023

Immutable X (IMX) has seen significant developments in 2023, reinforcing its position in the cryptocurrency and blockchain space. These developments highlight the project’s commitment to innovation and growth within the ecosystem:

• Layer-2 Scaling and Environmental Sustainability: Immutable X, as a layer-2 scaling solution on the Ethereum blockchain, has significantly improved transaction speeds, achieving up to 9,000 TPS. This development addresses Ethereum’s scalability issues. Following Ethereum’s transition to Proof-of-Stake, Immutable X has become more environmentally friendly, reducing energy consumption and the need for carbon credits.

• Developer-Friendly Infrastructure: Immutable X has eased the development process with its software development kits (SDKs) and REST APIs. This change allows developers to focus more on creating gameplay experiences. Additionally, the Immutable Link SDK has facilitated the integration of third-party NFT wallets, enhancing user experience.

• Global Order Book and Market Integration: The introduction of a shared global order book by Immutable X enables swift integration with NFT marketplaces across the Web3 ecosystem. This feature has enhanced liquidity and trade volume, demonstrating Immutable’s dedication to broader market access and efficient trading.

• Strategic Partnerships and Funding: In 2023, Immutable X has witnessed growth through significant partnerships and funding rounds. Notable achievements include a $60 million Series B funding and a $200 million Series C funding. The platform has also partnered with major names in the gaming industry and integrated with leading marketplaces. A collaboration with GameStop led to the launch of the GameStop NFT Marketplace and a $100 million grant fund.

• $IMX Token Launch and Community Engagement: The launch of the $IMX Coin, Immutable’s native utility token, marks a key development. It is used for fees, staking, and governance within the Immutable protocol. Over half of the token supply is allocated for community incentives, like user rewards and developer grants. The IMX Trading Rewards program incentivizes users for trading NFTs, fostering community participation and long-term platform success.

Additionally, Immutable X’s IMX token has demonstrated significant market resilience and potential decoupling from cryptocurrency correlation. The IMX token surged to $2.01, up 42% in the last seven days, marking a level not reached since April 2022. This milestone suggests a notable departure from the historical price trends of the IMX token.

These developments reflect Immutable X’s focus on enhancing its blockchain infrastructure, fostering developer and user communities, and advancing its position in the world of Web3 and cryptocurrency​​​​​​.

Official website: https://www.immutable.com/

Best cryptocurrency wallet for Immutable X (IMX)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Immutable X (IMX)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).