You know, getting a clear picture of what’s really happening in the crypto world can feel like trying to read a map in the dark sometimes. But thanks to folks like the researchers who put together the State of Immutable Q1 2025 report, we get some light. They dug into the numbers for the first few months of this year, and it paints an interesting picture for Immutable, a platform big on making games and digital stuff work better on the blockchain.
- Immutable zkEVM saw a slight increase in daily transactions, while NFT trading volume experienced a minor dip across Immutable X and zkEVM.
- Immutable plans to merge Immutable X and Immutable zkEVM into a single network called ‘Immutable Chain’ in late 2025, aiming for simplification.
- Despite ecosystem growth and new partnerships, the IMX token’s price significantly decreased in Q1 2025, impacting its market capitalization and ranking.
So, what’s the headline? Immutable zkEVM, which is like their main engine for games now, saw daily transactions go up a bit. We’re talking a 5.7% jump from the end of last year, hitting around 498,000 average daily transactions. That’s not a massive explosion, but hey, the engine is humming along, maybe a little louder than before.
But here’s a twist. While the transaction count nudged up, the actual money changing hands for NFTs (those unique digital items) across both their networks, Immutable X and Immutable zkEVM, dipped slightly. It went down just 1.6% compared to the previous quarter, landing at $78.3 million. It’s like more people were doing small things on the network, but maybe not buying as many big-ticket digital collectibles.
Speaking of the networks, there’s a big plan in the works. Immutable X and Immutable zkEVM are going to become one big happy family. They’re merging them into a single network they’ll just call ‘Immutable Chain’. This is supposed to happen late in 2025. If you’ve got digital items or games on the older Immutable X, don’t sweat it too much; they say your stuff will get moved automatically to the new setup. Developers, though, they’ll need to do some updating. It makes sense, I guess, less confusion with just one main place for everything.
Now, let’s talk about the IMX token. This is the digital money that powers the Immutable universe. Its price took a bit of a hit in the first quarter of 2025. It fell a pretty significant 60.1%, dropping from $1.32 down to $0.53. Ouch. Naturally, with the price dropping, the total value of all the IMX tokens out there (the market cap) also went down, losing about 58.4% of its value. This pushed its ranking among all cryptocurrencies down a few spots, from 53rd to 64th. It happens, markets go up and down, but that’s a noticeable dip.
Looking closer at the NFT trading side, that $78.3 million in sales volume wasn’t the only thing that saw a decrease. The number of people selling NFTs each day went down by 14.9%, averaging 751 sellers. And the number of daily buyers dropped even more, falling 17.8% to 662. So, fewer people were actively trading those digital goods.
Interestingly, one game’s NFTs pretty much dominated the scene. Guild of Guardians Heroes and Avatars NFTs made up a whopping 99% of all the NFT sales volume on Immutable in Q1. That’s like one store in the mall doing almost all the business. Within that, the main Heroes NFTs saw their sales volume decrease by 8.5%. But the Avatars collection, a smaller part, actually saw a nice jump, up 40.4% to $272,000. And by the end of the quarter, almost all the NFT action, over 99.9%, was happening on the newer Immutable zkEVM network. The shift is definitely happening.
Diving a bit deeper into the Immutable zkEVM network itself, the user activity was a mixed bag, as the report points out. We already mentioned the average daily transactions going up 5.7%. Good. But the number of average daily *active* addresses (think of these as unique users doing things) actually went down quite a bit, a 31.5% drop to 139,000. And the number of average daily *new* addresses joining the network fell even more, down 36.1% to 20,600. So, more transactions per active user, maybe? Or maybe automated activity? It’s a bit like the same folks are just doing more stuff, while fewer new people are showing up. Isn’t that curious?
On the development side, things looked busier. The number of new contracts deployed on Immutable zkEVM went way up in Q1 2025, an 83.3% increase. That brought the total number of contracts on the network to 1.90 million. That sounds like developers are building things. The average daily number of *verified* contracts, though, dropped significantly, down 57.4%. But the average daily number of people *deploying* contracts saw a small increase, up 1.5%. So, more people putting contracts out there, but maybe fewer getting the official ‘verified’ stamp each day?
Transaction fees on Immutable zkEVM also saw an increase, up 28.8% on average per day. But here’s a neat part: Immutable keeps helping out users with something called Immutable Passport by covering their gas fees (those small costs for doing things on the network). It’s like they’re still subsidizing the cost of entry, which is pretty friendly.
That big news about merging the networks into one ‘Immutable Chain’ is a key takeaway from Q1. It’s aiming for late 2025. It sounds like a move to simplify things, which is usually a good idea in this space. Less confusion, one place to build, one place to play.
The ecosystem around Immutable kept growing, too. The report says there are now over 500 games in the Immutable family. That’s a lot of digital worlds being built.
We saw some specific games make big moves. RavenQuest, a big online role-playing game (MMORPG) on Immutable zkEVM, launched globally in March 2025. It seems to have gotten some attention, with over 1.6 million unique viewers and more than 9,000 people watching it at the same time on Twitch by the end of March. The game has its own token, QUEST, used for buying stuff inside the game, which players can earn just by playing.
Another game, Immortal Rising 2, also introduced its own token, IMT, in March 2025. This token lets players get special items, have a say in how the game is run, and earn rewards by ‘staking’ it (kind of like putting it in a savings account to earn interest). They also launched a way to swap this token with another one called Starlight and released a limited set of 3,000 special digital statues as NFTs. Plus, they started an Ambassadors Program, probably to get players involved in promoting the game.
Big gaming companies are getting on board, too. MARBLEX, a known name in mobile games, shared their plans for 2025 in February. They announced seven upcoming Web3 games specifically for Immutable zkEVM. These include all sorts of games, from business simulation and collectible RPGs to real-time player-vs-player and survival games. To make sure these games work smoothly, MARBLEX is using Immutable’s Orderbook AP (a tool for managing trades) and focusing on making the NFTs feel like a natural part of the games, not just an add-on.
Immutable also teamed up with MetaGravity in January 2025. This partnership is about bringing MetaGravity’s Edge of Chaos gaming series into the Immutable ecosystem. This includes games like Edge of Chaos: Dungeons and Edge of Chaos: Apocalypse. The idea is to combine MetaGravity’s powerful engine that can handle lots of players with Immutable’s setup for game economies and digital items. Sounds like they’re aiming for big, busy game worlds.
Beyond those big announcements, several other games building on Immutable zkEVM had updates in Q1. Engines of Fury released new content, Treeverse launched on major platforms like the Epic Games Store and Google Play, REVENGE started its early testing phase, BADMAD ROBOTS went into a closed beta (meaning only certain players could try it), Chumbi Valley announced they were partnering with Immutable, and Zipclash officially launched on Immutable zkEVM. Lots of activity on the game development front.
Immutable also started testing a new program called Perpetual Rewards. This is designed to give players continuous rewards, earning something called “gems” just for playing. It’s a way to keep players engaged over the long haul.
And the fund that invests in games on Immutable, the Inevitable Games Fund, saw some serious growth. Its total assets under management (AUM) jumped by 180%, reaching $280 million by March 2025. The fund is now backing 16 different projects. Money is flowing into building games on this platform.
Immutable also showed up at big industry events. In March 2025, they worked with partners at the Game Developers Conference (GDC) to highlight what’s new in decentralized gaming. Getting the word out at major events is always key.
And hey, speaking of things wrapping up, the big regulators, the SEC (that’s the U.S. Securities and Exchange Commission), took a look at Immutable and decided… nothing. The SEC concluded its investigation into Immutable in March 2025 without taking any action. That’s a pretty big deal in the crypto world, where regulatory uncertainty is always a cloud. Getting that cleared up is definitely a positive step.
Q1 2025 for Immutable looks like a period of getting things in order and building. Transactions on the main network went up, which is good, even if NFT trading volume saw a small dip and the token price dropped. The plan to merge the networks is a clear sign of simplifying for the future. And the ecosystem kept adding games and partnerships, showing that developers and other companies are still choosing to build there. Plus, getting the nod from the SEC by closing the investigation without action is a solid win. It wasn’t all sunshine and rainbows, especially for the token price, but there was definite progress and growth happening under the hood.
