Kinguin isn’t the only platform that sees its future with the immutable X
Kinguin and Immutable X today announced a partnership that will see web2 build a new NFT marketplace on an Ethereum layer 2 scaling solution. Immutable System X is already a blockchain option for many large brands as it does not offer gas fees, instant trades and carbon neutral transactions.
- Kinguin is a well-established online gaming and digital software store. She will now use the immutable web of X as she looks to build a future in web3.
- Immutable X is an Australia-based company that launched in Alpha in March. It is a layer 2 expansion solution for NFTs on Ethereum that lowers the costs and energy consumption associated with blockchain technology.
- Kinguin’s new NFT Marketplace will focus on gamers, as the company looks to capitalize on the blockchain gaming industry. In 2022, investment of $4.5 billion has already flowed into this sector.
Kinguin announced that it is building a marketplace for NFT on the immutable blockchain X. With 10 million customers and a decade of market experience, it appears to be a good move from Kinguin as the internet looks to evolve and take advantage of new technology.
Kinguin is not the only platform that views immutable X as a network that provides the right environment on which to build a good product. Other organizations, with a wide reach in entertainment, gaming and the Internet, have also chosen the layer-2 solution as their network of choice.
Kinguin and Immutable X only made the announcement yesterday so not every detail has been clarified. But here’s what we know so far:
- This will be a market for players. Since Kinguin’s web platform is already focused on gaming, it makes sense that the new web3 marketplace would have a similar offering. Kinguin will offer NFT game cards, in-game items, avatars, and avatar skins for trading.
- The platform is a collaboration between Immutable X and Kinguin but will be powered by Stakeware. Starkware is a decentralized ZK-Rollup. From a layman’s perspective, this allows transactions to be aggregated and executed off-chain. The set of transactions is then delivered to the blockchain (in this case Ethereum) in a more efficient set. Reduces costs and energy.
- Kinguin is likely to benefit from the list of blockchain games already built on immutable platform X. These games include Gods Unchained, Guild of Guardians, and Highrise. Expect to see in-game items from these titles and more appearing in Kinguin’s NFT Market right from the start. Games like Ember Sword and Illuvium are just around the corner.
What is Kinguin?
Kinguin was launched in 2013 as a third-party online platform where people can buy game and software codes at huge discounts. Other digital products are also available in the market where Kinguin acts as an intermediary, providing space for trading.
Products on Kinguin don’t always come from the most reputable traders. Especially during the platform’s early days, a lot of items were stolen and resold. But over time, the market has become more transparent. People are now more confident that they are not buying misappropriated goods.
Immutable block chain X
Immutable X is one of the leading carbon-neutral layer 2 currently being built on Ethereum. It announced on March 7, 2022, that it had secured $200 million in Series C funding led by Temasek. The network is also backed by Animoca Brands, a leading Internet 3 venture capital firm, and Chinese technology conglomerate Tencent. The company is now valued at $2.5 billion; Many well-known brands make it their preferred network to build their products on.
The current list of companies built on an immutable system of X represents the identity of the major players in the web2 and web3 spaces. GameStop, TikTok, OpenSea, GreenPark Sports, and Gary Vee (Vee Friends) create products on Immutable X.
In addition to these projects, VeVe is also building on Immutable X as a way to expand its application and grow its user base beyond the 300,000 users it already has. The mobile-first collectible digital platform enables NFT trades for the likes of Marvel, DC, Disney, Star Wars, Givenchy, Coca-Cola and Pixar.
Today’s news that Kinguin is building on the Immutable X platform comes at an opportune time for the layer-2 network, amid the ongoing turmoil in the cryptocurrency market and the NFT. X’s original stablecoin, IMX, has suffered the same ordeals this week as any other currency. But in the past 24 hours, the coin has gained 17.6%, and in the last hour alone, it has gained 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 down 51.5% over the past 30 days.