NFT Platform Immutable X will unlock 110 million tokens worth $66 Million from vesting on Saturday. These tokens, representing 5% of the total IMX tokens, were sold to investors in pre-launch sales.
The release of these tokens is expect to dilute the IMX price. IMX is trading at 60 cent and at this price some investors may earn up to 500 times on their investments if they decide to sell their tokens.
Recently, Robbie Ferguson, co-founder of Immune, wrote in an email “There are no concerns regarding upcoming $66M unlocking, even if some short-term selling occurs. The top 30 IMX holders, who represent 85% of the remaining IMX tokens are going to retain their holdings for the long term. Many of them are long-term equity shareholders of Immutable.”
For the remaining, 15% of IMX private token holders who wish to sell their tokens, new investors such as CoinBase and Kenetic Capital have already lined up to buy those and absorb any selling pressure.
Immutable X is the leading layer 2 scaling solution for NFTs on Ethereum blockchain. It offers scalability, the ability to launch projects at a rapid pace, near-zero gas fees and instant trade confirmation. The core technology behind Immutable is the Zero Knowledge roll-up, which is used for transaction validation and removes the need to add all transaction data to the blockchain.
Instead, it clubs together thousands of separate transactions into a zero-knowledge proof method known as ZK- STARK. It verifies all transactions without revealing vital information and maintains enhanced security.
