Immutable X (IMX), a blockchain platform that makes it easier for developers to create non-fungible token (NFT) projects, has reached over $5 million traded volume in the first week of its integration into Rarible on September 13, 2022.
On September 23, Immutable X took to its official Twitter platform to announce its milestone, stating they have crossed the $5 million mark trading volume for its NFT assets on Rarible.
The achievement came just a week after Rarible and Immutable X partnered to provide gamers with a quick and affordable way to swap gaming NFTs.
On September 14, Rarible and Immutable X announced their partnership. The collaboration between the two allows Rarible, one of the top NFT marketplaces in the world, to integrate the Immutable X blockchain.
The integration of IMX into Rarible resulted from the desire of the two companies to address issues with the high gas fees and slow transaction processing speed associated with trading NFT on Ethereum.
Initially, NFT incorporation into blockchain gaming aims to provide actual ownership to players worldwide, as gamers spend billions annually on in-game stuff and cosmetics. However, they don’t own any of them.
As a result, play-to-earn (P2E) games were developed to enable players to acquire ownership of the gaming assets in the form of NFTs or tokens, which they can buy or earn and then trade on marketplaces for real money. However, because most P2E games were initially developed on Ethereum, they encountered several issues.
It takes longer for transactions to be processed on the network due to congestion on Ethereum and the high gas fees associated with transacting NFTs.
These issues with Ethereum gaming NFTs were addressed by the Immutable X layer 2 scaling solution. As a result, it was the first blockchain to offer zero gas fees on NFT transactions and rapid transaction times, making it the most dominant gaming NFT platform in the world.
These significant fixes offered by IMX can therefore be linked with the attainment of over $5 million traded volume in the first week of its launch on Rarible.
