Immutable X and zkEVM NFT Sales Surge 55% in Q4 2024, But Market Participation Declines

Within the fourth quarter of 2024, the entire NFT gross sales quantity throughout Immutable X and Immutable zkEVM elevated by 55.3% quarter-over-quarter.

Messari’s newest evaluation revealed that the determine rose from $51.2 million to $79.5 million.

Market Participation Plummets

Regardless of this development, each the common every day sellers and patrons declined considerably, with every day sellers dropping 43.0% from roughly 1,500 to 880, and every day patrons falling 38.1% from about 1,300 to 800. This means a shift towards larger common transaction values amid fewer market members.

The gross sales surge was primarily pushed by robust demand for Guild of Guardians Heroes and Avatars NFTs, which accounted for greater than 99% of the entire NFT buying and selling quantity within the quarter. A lot of the gross sales occurred on Immutable zkEVM, the place Guild of Guardians NFTs are traded. Immutable zkEVM additionally noticed a considerable 73.3% rise in common every day NFT gross sales quantity, rising from round $484,000 in Q3 to $839,000 in This fall, boosting its share of whole gross sales quantity to over 97% throughout each chains.

Throughout the identical interval, Immutable zkEVM noticed a decline in person engagement following file highs in Q3. In truth, common every day transactions decreased by 21.1% quarter-over-quarter, from roughly 595,000 in Q3 to round 469,000 in This fall. Equally, common every day lively addresses dropped 23.8%, from about 267,000 to 204,000, and common every day new addresses fell 29.8% to roughly 32,000 by the tip of the quarter.

This decline in exercise mirrored broader traits within the GameFi market, which in accordance with Messari, seemingly displays a cooldown after the surge in Q3 pushed by fashionable recreation releases like Guild of Guardians, Immortal Rising 2, and Illuvium.

All through final 12 months, Immutable progressively expanded developer entry to zkEVM. In October, the platform eliminated its deployer allowlist which allowed for permissionless deployment of good contracts and functions. This transfer lowers entry limitations for builders, positioning Immutable zkEVM for elevated developer exercise within the coming months.

In This fall 2024, common every day transaction charges on Immutable zkEVM fell by 17.0% quarter-over-quarter, from roughly 574 IMX to 477 IMX. Messari attributed this decline to decreased community congestion, which was a results of decrease transaction exercise through the interval. To enhance the person expertise, Immutable has carried out a coverage the place it covers all fuel charges for Immutable Passport holders, eradicating the necessity for gamers to pay fuel charges and thereby decreasing friction within the transaction course of.

By the tip of 2024, the entire worth locked (TVL) in decentralized finance (DeFi) on Immutable decreased to $13.8 million. This decline was seemingly on account of a quarter-over-quarter drop within the value of the IMX token, which decreased the USD worth of locked property.

Nonetheless, TVL measured in IMX confirmed a optimistic development, rising by virtually 17% quarter-over-quarter to 10.33 million IMX, which means that the rise might have been pushed by capital inflows regardless of the lower in USD worth.

Immutable’s SEC Hassle

On November 1, 2024, Immutable announced that it had acquired a Wells discover from the US Securities and Alternate Fee (SEC) – an enforcement motion regarding its 2021 IMX token gross sales. Immutable expressed issues over the discover and launched a press release saying that it was issued with restricted prior communication and minimal particulars.

The corporate had then highlighted that the discover was delivered shortly after its first direct interplay with the securities regulators which raised questions concerning the timing and transparency of the method.

Quick ahead to 2025, the SEC has closed a number of of its crypto investigations, with no enforcement expenses ensuing from probes into OpenSea, Gemini, Robinhood Crypto, and Uniswap. Nonetheless, investigations into Immutable, and different platforms equivalent to Crypto.com, and Unicoin are nonetheless ongoing.