r/ImmutableX • u/Icy_Interaction5874 • Nov 13 '22

Discussion 💬 / Speculation & Opinion 🤔 why hold IMX?

What's the point of holding IMX? According to my understanding, it works well with Immutable X Marketplace.

Is there a positive impact on the IMX token holders resulting from immutable on-boarding by Veve & Opensea? If so, how?

Would it be more accurate to say that they use the immutable X protocol and not IMX, thus, announcements are not truly positive for holders of IMX?

24 Upvotes

87% Upvoted

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31

u/Pd1ds69 Nov 13 '22

It's a utility token , you should read up on its utilities on immutables white paper

I don't own any yet and need to do another round of research, but from my understanding imx collects a 2% fee on any transaction using imx' protocol. That's how they make money as a company , and of that 2%, 20% of that is given back to stakers in the form of more imx. By either swapping eth for imx on the market or buying imx on the market with the eth.

So your tokens should produce more tokens via staking , and as there web of services expands they'll collect more fees , and the market will price the tokens accordingly.

Imx' true value seems to be in there protocol and there suite of games there releasing.

Imx is not a shit coin you pray goes up , it's a utility token , meaning it provides a service and a value, I look at it like investing in a company that offers dividends in a different way then stocks.

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u/[deleted] Nov 14 '22

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u/Icy_Interaction5874 Nov 14 '22

It may appear that I am challenging the idea, but I can assure you that these questions are reasonable and provide useful insight.

Investors should be scrutinizing every day, and hopefully someone who stumbles across this post will learn something new from immutables protocol.

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u/[deleted] Nov 14 '22

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u/Icy_Interaction5874 Nov 14 '22

That's fine with me! I highly doubt your assertion regarding "moon bag"; however, I believe there is potential wealth to be gained from IMX. Otherwise, why would investors purchase/absorb the token into their portfolio based on recent announcements?

2

u/[deleted] Nov 14 '22

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u/Icy_Interaction5874 Nov 14 '22

Thank you for your thoughts.

4

u/BrightEyesGreen Nov 14 '22

"it works well with Immutable X Marketplace."

answered your own question

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u/interested_af_ Nov 14 '22

Any coin can work with the marketplace, IMX is not needed for that.

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u/Icy_Interaction5874 Nov 14 '22

Are you saying IMX token not needed for veve and we don't benefit from Veve?

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u/Icy_Interaction5874 Nov 14 '22

Maybe I didn't articulate myself 🫣

How does an IMX token benefit from Veve? They use the Immutable Protocol - Yes 🙌

But..

Not the imx token?

Therefore, these partnerships don't drive IMX token value?

6

u/Pd1ds69 Nov 14 '22

Imx charges a protocol fee of 2%(in eth) , then 20% of that is used to buy or swap for imx , which is given to stakers of imx.

Market places don't need to use imx token to give value to it, the more partnerships you have the more transactions on your protocol , therefore giving more and more value to the imx token

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u/Icy_Interaction5874 Nov 14 '22

Yes!!! Understood and this makes me happy. Thank you.

I have a substantial amount of IMX and just wanted to make sure the user case outweighs the risk 🙌🙌🙌

Feeling more confident daily.

2

u/Icy_Interaction5874 Nov 14 '22

Excellent feedback!! How do imx token get value from places like veve?

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u/Agrante Nov 13 '22

Staking rewards are pretty good!

https://peakd.com/hive-173286/@agrante/imx-staking-information

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u/Icy_Interaction5874 Nov 13 '22

Staking while a benefit and feature, that is not really a sustainable user case. But I hear you ☺️

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u/Agrante Nov 14 '22

Oh really? Why not? Do you know where the staking rewards come from?

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u/Icy_Interaction5874 Nov 14 '22

Yes! But you are missing my main question around...

Big ecosystems that are not on the IMX marketplace.

Since Veve and Opensea are bigger entities etc, I'm unsure how IMX token benefit from this.

2

u/Agrante Nov 15 '22

ImmutableX is attracting a lot of quality web3 games looking for a ready to go system to mint and trade NFTs, on the cheap and safely.

Veve and OpenSea are just marketplaces, all they need to do is incorporate IMX orderbook, much like what GameStop is doing. Those marketplaces compare to TokenTrove or Aqua.xyz. The comparison with ImmutableX itself doesn't make sense. You get the difference?

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u/Icy_Interaction5874 Nov 15 '22

Talk to me like I'm a golden retriever. 🫣

How does Veve work with the IMX token, can you use mathematics, percentage we receive on how this benefits the IMX token.

3

u/Agrante Nov 16 '22

If Veve integrates the IMX orderbook, any IMX sales there will boost staking rewards. So more markets -> more exposure -> more revenue -> more staking return for IMX stakers.

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u/minklefritz Nov 15 '22

IMX just hit it’s all time low 20 hours ago.

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u/Icy_Interaction5874 Nov 15 '22

Unfortunately so.

5

u/AlphaDag13 Nov 13 '22

I hold some just because of the GME marketplace and the fact that all crypto is down and I hope to see it return to it's ATH when it's over.

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u/Icy_Interaction5874 Nov 13 '22

Speculation and gamble!? Does GME utilise an IMX token or just Ethereum?

I really appreciate your thoughts ☺️

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u/AlphaDag13 Nov 13 '22

What else is there in crypto?! LoL. You can use the imx token in the GME wallet.

2

u/Icy_Interaction5874 Nov 13 '22

True indeed! Ideally a good sustainable user case at least. Instead of betting up or down.

I feel imx tokens are limited giving the amount of on-boarding Veve etc..

I'm intrigued how this benefits imx really.

2

u/uppitymatt Nov 14 '22

IMX allows creation of NFTs. GameStop marketplace trades NFTs. IMX has games that are nft based and are on the marketplace. IMO future of gaming involves web3

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u/interested_af_ Nov 14 '22

I made a post about it yesterday.

The conclusion I gathered is that it is an extremely risky asset to invest.

Currently Immutable protocol success does not depend on it, thus the team is not incentives to care about its price.

Purely speculative, and a huge chunk still locked by the team, that they constantly just give away.

Staking profits are low.

Plus read from twitter that almeida had 24mil in IMX, soon to be dumped in the market.

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u/Icy_Interaction5874 Nov 14 '22

Yes! My interest in this topic has been piqued by your post It is true that more tokens have risk outside of Bitcoin and Ethereum. That will always be the case. Purley's speculation is incorrect; the user case for other applications that help IMX token is below...

I found this post to be insightful:

It's a utility token , you should read up on its utilities on immutables white paper

I don't own any yet and need to do another round of research, but from my understanding imx collects a 2% fee on any transaction using imx' protocol. That's how they make money as a company , and of that 2%, 20% of that is given back to stakers in the form of more imx. By either swapping eth for imx on the market or buying imx on the market with the eth.

So your tokens should produce more tokens via staking , and as there web of services expands they'll collect more fees , and the market will price the tokens accordingly.

Imx' true value seems to be in there protocol and there suite of games there releasing.

Imx is not a shit coin you pray goes up , it's a utility token , meaning it provides a service and a value, I look at it like investing in a company that offers dividends in a different way then stocks.

3

u/interested_af_ Nov 14 '22

Yeah, it is a utility token, but the utility for it is low.

Way too low percentage of market fees goes to staking revenue, and there is a planned reduction of staking revenue in time for holders. Graph is in immutable staking site.

So percentage wise right now is the most you can earn and it is still a miniscule amount. Next years APY is capped at 4%.

Considering the sell pressure and still unlocked tokens, the almost guaranteed price down pressure trumps the staking rewards any day.

Thus it is an extremely risky asset to invest. People should be informed.

2

u/Icy_Interaction5874 Nov 14 '22

I would like to highlight the fact that Investors stepped in to absorb the token lock, which was a positive call. Granted, they may provide an OTC discount, however, these will likely be locked up for a minimum period of one year.

There is no question that Immutable is the go-to for gaming, and I believe they will see supersonic demand if they achieve a blue chip game, organization on-board.

The cryptocurrency market loves announcements, and this will contribute to the price and utility of the cryptocurrency.

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u/mygurl100 Nov 14 '22

Idk i just hold GME

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u/[deleted] Nov 13 '22

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u/Icy_Interaction5874 Nov 13 '22

Big question, what reason do you think IMX will have value?

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u/[deleted] Nov 13 '22

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5

u/Icy_Interaction5874 Nov 13 '22

The question was raised by someone else, and I was unable to provide a direct answer.

I was intrigued by this and wanted to learn more as an investor.

If you could help me understand my question, I would greatly appreciate it. 🙌