Kinguin is not the only platform that sees its future with Immutable X
Kinguin and Immutable X today announced a partnership that will see the web2 company build a new NFT marketplace on layer 2 Ethereum scaling solution. Immutable X is already the blockchain of choice for many big brands, offering zero gas fees , instant exchanges and carbon neutral transactions.
- Kinguin is a well-established digital games and software web store. It will now use the Immutable X network as it looks to build a future in web3.
- Immutable X is an Australian based company that launched on Alpha this March. It is a layer 2 scaling solution for NFTs on Ethereum that reduces the costs and power consumption associated with blockchain technology.
- Kinguin’s new NFT marketplace will focus on gamers as the company looks to tap into the blockchain gaming industry. Already in 2022, investments worth 4,500 million dollars have been invested in the sector.
Gaming marketplace Kinguin has announced that it is building an NFT marketplace on the Immutable X blockchain. With 10 million customers and a decade of experience in the market, it seems like a good move by Kinguin as the internet looks to evolve and take advantage of new opportunities. new technologies.
Kinguin is not the only platform that sees Immutable X as a network that offers the right environment in which to build a good product. Other organizations, with wide reach in the entertainment, gaming, and online industries, have also selected the Layer 2 solution as their network of choice.
the new market
Kinguin and Immutable X only made the announcement yesterday, so full details haven’t been revealed. But this is what we know so far:
- This will be a market for players. Since Kinguin’s web2 platform is already focused on gaming, it makes sense that their new web3 marketplace would have a similar offering. Kinguin will offer NFT game cards, game items, avatars, and avatar skins to trade.
- The platform is a collaboration between Immutable X and Kinguin, but it will be powered by Stakeware. Starkware is a permissionless decentralized ZK-Rollup. In layman’s terms, this allows transactions to be bundled and executed off-chain. The batch of transactions is then delivered to the blockchain (in this case, Ethereum) in a more efficient pool. Reduce costs and energy.
- Kinguin will most likely tap into the list of blockchain games already built on Immutable X. These include Gods Unchained, Guild of Guardians, and Highrise. Expect to see in-game items from these titles and more appearing on Kinguin’s NFT marketplace early on. Games like Ember Sword and Illuvium are just around the corner.
What is Kingin?
Kinguin was launched in 2013 as a third-party online platform where people can purchase heavily discounted game and software codes. Other digital products are also available on a marketplace where Kinguin acts as an intermediary, providing a space for trades to take place.
Products on Kinguin do not always come from the most reputable merchants. Especially during the early days of the platform, many items were stolen and resold. But over time, the market has become more transparent. People are now more confident that they are not buying embezzled goods.
The Immutable X Blockchain
Immutable X is one of the leading carbon neutral layer 2s currently being built on Ethereum. It announced on March 7, 2022 that it had raised $200 million in Series C funding led by Temasek. Animoca Brands, a leading web3 VC, and Chinese tech conglomerate Tencent also back the network. The company is now valued at $2.5 billion; and many recognizable brands are making it their preferred network to develop their products.
The current list of companies building on Immutable X represents a who’s who of the major players in the web2 and web3 spaces. GameStop, TikTok, OpenSea, GreenPark Sports, and Gary Vee (Vee Friends) are building products on Immutable X.
In addition to these projects, VeVe is also building on Immutable X as a way to scale its application and grow its user base beyond the 300,000 users it already has. The first mobile digital collectibles platform enables NFT trades for Marvel, DC, Disney, Star Wars, Givenchy, Coca-Cola and Pixar.
Today’s news that Kinguin is based on Immutable X comes at a good time for the layer 2 network, amid ongoing turmoil in the cryptocurrency and NFT market. The native Immutable X token, IMX, has suffered the same tribulations this week as any other coin. But in the last 24 hours, the token is up 17.6% and in the last hour alone, it is up 3.1%.
Despite these good numbers, which may or may not be related to the Kinguin news, the IMX token is down 39.5% over the past week and 51.5% over the last 30 days.