Immutable X has announced its brand new IMX Rewards programmes in partnership with Digital Worlds NFTS Ltd. This new program allows developers, traders, and community members to earn IMX tokens in a variety of ways.
IMX Rewards is just one step in Immutable’s mission to bring digital ownership to the world through NFTs by promoting sustainable growth and mainstream adoption of web3 games.
The program aims to empower and reward the Immutable community for their contributions to the success of the platform.
With IMX Rewards, there are “millions of ways to earn billions of IMX tokens”. The team at Immutable X tweeted: “Introducing IMX Rewards, millions of ways to earn billions of $IMX Our new approach to using $IMX tokens to fuel self-sustaining growth and mass-market adoption of the best web3 games.
“We will empower and share our success with our community”
🎁 Introducing IMX Rewards, millions of ways to earn billions of $IMX
Our new approach to using $IMX tokens to fuel self-sustaining growth and mass-market adoption of the best web3 games. We will empower and share our success with our community
— Immutable 🅧 – $IMX (@Immutable) October 18, 2022
What exactly is IMX?
IMX, the native token of Immutable X, serves not only as a means of paying transaction fees on the protocol, but also allows players to earn rewards by staking their IMX and participating in governance decisions.
IMX rewards come from a pool comprising all IMX transaction fees paid on the platform, offering players a unique opportunity to increase their holdings of the token. In addition, IMX holders can have a say in the future development of Immutable X by voting on proposals relating to the protocol’s growth and expansion.
IMX proves to be an essential component of Immutable X’s ecosystem, providing both utility and value for players.
How can you earn IMX rewards?
There are plenty of ways for IMX community members to earn rewards. IMX developers can earn rewards through grants and minting, while traders can win rewards through trading. Community members can also earn IMX rewards through staking and participation in the Writer’s Guild.
Let’s look into what these various means of earning rewards look like.
How can you earn developer IMX rewards?
The Immutable $500 million fund, which is designed to support and accelerate the growth of Web3 projects and games built on Ethereum’s ImmutableX Layer 2 protocol, is now open for applications.
Developers have the opportunity to receive IMX rewards and grants from Digital Worlds NFTS, a not-for-profit foundation behind the IMX token.
These grants are designed to give access to monetary support, milestone-based IMX rewards, and expert advice in the blockchain gaming industry.
The fund’s goal is to further advance the innovation and success of developers working on ImmutableX.
Applications for the grant program are open now and will be reviewed by Digital Worlds NFTS for final approval. This is a unique opportunity for developers looking to make a splash in the world of decentralized gaming.
What are the IMX Minting Rewards?
Immutable X announced its October Minting Rewards for developers. In celebration of the recent Ethereum merge, IMX is rewarding three lucky winners with 2,000 IMX tokens each.
To enter, developers simply need to follow the NFT minting tutorial and launch a collection on the IMX testnet during the month of October. They also need to fill out a quick application where they tell Immutable about their project.
The winners will be announced in November and will also be notified via email.
IMX is committed to empowering its developer community and celebrating their success with true ownership. Don’t miss out on your chance to win big with IMX’s October Minting Rewards!
What are the IMX trading rewards?
IMX trading rewards are now available too. By buying and selling NFTs from Eligible Collections, users can earn IMX tokens on a daily basis. Each day, a total of 100,000 IMX tokens will be available for distribution based on the proportion of individual trading volume to the overall eligible trading volume.
Immutable will determine the Eligible Collections by factors such as the quality of the NFTs, community engagement, and royalty fees.
Users can track their daily trading volume and eligible collections on the IMX website. This new IMX Rewards program offers an exciting opportunity for traders to earn additional rewards while participating in the growing NFT market.
The Immutable X team launched the Writer’s Guild, a unique community-based project aimed at improving the platform’s documents. The Writer’s Guild is another way for the community to earn IMX rewards as well.
Potential writers have the opportunity to earn IMX rewards by contributing content such as guides, tutorials, and code samples. Writers can receive 225IMX on average for each article they contribute. But the exact rate depends on the complexity of the documentation requested.
In addition to receiving payment for their work, guild members will receive recognition and an exclusive role in the Immutable X Discord community.
Staking IMX tokens is not required to join the Writer’s Guild, making it a unique opportunity for community members to get involved and be rewarded for their contributions.
The Writer’s Guild is currently closed for applications so it remains to be seen how successful this IMX reward opportunity will be.
IMX Rewards: How does staking work?
Staking IMX tokens can earn users rewards on a regular basis. Each cycle lasts 14 days and during that time, protocol fees are collected. Around 20% of those fees are converted to IMX and distributed among eligible IMX stakes.
The amount earned depends on the number of IMX tokens staked relative to the total stakes. For example, if a user stakes 100 IMX and the total stakes is 1,000 IMX, they will receive 10% of the overall reward pool at the end of the 14-day period.
An overview of the recent updates
Immutable has announced plenty of ways to earn rewards in its most recent update. Immutable developers can earn rewards through grants and minting NFTs. And traders can earn rewards through their engagement in the new trading feature.
But community members also have the opportunity to earn rewards through participating in the Writer’s Guild and staking features.
Immutable will add new reward programs in due course too. These reward programs aim to accelerate the growth of Immutable and create more ownership opportunities for the community.
Stay tuned for more exciting updates from Immutable as they continue to revolutionize digital ownership through NFTs and gaming.