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Phil Hall
Phil Hall
Jun 12, 2022
News

Earn IMX Tokens Trading on Immutable X

Immutable X announces an upcoming airdrop of IMX tokens for anyone trading on their NFT marketplace during June and early July 2022.
Earn IMX Tokens Trading on Immutable X

Immutable X launched its IMX token back in November of 2021 with an airdrop to those who played Gods Unchained and held at least one of their NFTs. Now, Immutable X prepares to hand out more tokens to those trading on their platform over the next few weeks. Beginning on June 2nd, 2022 and running for six weeks, anyone who trades on their platform during that time is eligible to receive a part of the token airdrop.

If you've ever thought about purchasing some Gods Unchained cards or buying lands for Ember Sword or Illuvium or maybe just picking up any of the thousands of NFTs available on the Immutable X marketplace, the next few weeks might be the time jump in. From June 2nd, and running for six weeks, Immutable X is offering an airdrop from a shared pool to anyone who makes a trade on their platform during this time period.

IMX Token Airdrop for Traders

IMX token icon
IMX token

The aidrop pool consists of 1.6 million IMX tokens. Traders receive a proportionate share based on their trading volume. Volume is calculated on the number of trades, not the value of the trade. Unfortunately, this seems to encourage mass, wash trading of lower value NFTs. They say this airdrop is a preview of their upcoming trading rewards, and that makes me a little wary. Rarible, another NFT marketplace, also offers its token to traders, and has had some trouble in the past with wealthy patrons gaming the system. I guess we'll see if Immutable X has any tricks up their sleeves.

Immutable hasn't given us a firm date for the final snapshot to determine trading volume, but six weeks from June 2nd lands on July 14th, so expect it to sometime around then. The distribution date is also unknown, but we do know that 1/3 of the available rewards will be available for immediate claiming, while the remaining tokens unlock over a period of six months.

Trades on Token Trove also counts towards this airdrop. IMX staking is expected to begin later this month.

What is Immutable X ?

Immutable X is an Ethereum layer 2 scaling solution for NFTs. Developed as an offshoot from Gods Unchained, when the team realized that high gas fees were a major hindrance to card trading, Immutable X has grown quickly. Over the past year, Immutable X has managed to attract a growing array of projects to its platform. Some notable names include Gods Unchained, Guild of Guardians, Illuvium, and Ember Sword. But it's not just for gaming NFTs. Immutable X also hosts dozens of other NFT projects.

The platform went live in 2021 and launched its token later that year. There are no gas fees when trading on IMX. However, there are 'protocol' fees of 1% (increasing to 2% in July) on every trade and sometimes market fees as well. And though the platform supports holding multiple tokens, ETH, IMX, GODS, and GOG, most sales are in ETH. Also, if you want to remove or add funds to your IMX account, then you have to pay Ethereum gas fees for the transfer.

Immutable X is growing quickly and developing more name recognition. Illuvium minted the NFTs from their recent land sale directly onto the platform. And Ember Sword is in the process of encouraging their land owners to migrate over as well. With their recent partnership with Gamestop, Immutable X could find themselves on the forefront of mass adoption for blockchain gaming!

Immutable X Ember Sword migration
Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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