Immutable X Offers ETH Off-Ramp for Monetization

Immutable X offers no-fee minting of NFT and carries multiple P2E games built on Ethereum.
  • Developers can now offer more direct tools for selling ETH within games and in trading NFT items.
  • IMX token offers non-custodial staking with monthly snapshots.

Immutable X, one of the high-profile L2 solutions for Ethereum, is offering a more direct tool to sell on-chain assets. Now, L2 ETH tokens can be monetized directly, giving more leeway to game developers. 

Games developed using Immutable X can now offer direct ETH sales. Before, the tokens locked on L2 would have to be brought back to L1 and sold, incurring additional gas fees. An internal market would also solve the problem of bridges. 

The off-ramp is available through the Moonpay service, often used in Web3 monetization. Because of interaction with fintech, there are limits to selling L2 ETH. The service can be built and offered for the UK, Europe and a limited number of US states. The service is also limited to logged users with a profile, with a minimum withdrawal of 0.015 ETH.

IMX Token Offers Staking

From July 1, IMX offers non-custodial staking by making regular snapshots of token balances. Immutable X will not call for token deposits, nor hold user funds. Instead, users will be rewarded for using IMX or holding balances in their wallet. 

https://twitter.com/Immutable/status/1542019559234109440

Non-custodial staking has been a usual feature for crypto assets, before the introduction of more centralized funds. Immutable X, however, wants to avoid the risks of holding tokens on behalf of users. 

IMX trades at $1.00, after a long slide from a peak above $9.50. Immutable X managed to gain Binance listings for the asset, boosting its liquidity. Additionally, the project has a good track record of building and becoming indispensable for P2E games still choosing to use Ethereum.

Immutable X is trying to gain ground as one of the infrastructure projects for Web3. The L2 solution carried the NFT collection sale for GameStop, as well as the recent Illuvium land sale. Top Immutable X games include Gods Unchained, Guild of Guardians, Illuvium and Ember Swords Land. The L2 network also carries multiple highly active NFT collections and has its native Mintable marketplace.

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