Immutable X and zkEVM NFT Sales Surge 55% in Q4 2024, But Market Participation Declines
In the fourth quarter of 2024, Immutable's NFT ecosystem experienced a notable 55.3% increase in total sales volume, rising from $51.2 million to $79.5 million compared to the previous quarter. This surge was predominantly driven by the high demand for Guild of Guardians Heroes and Avatars NFTs, which constituted over 99% of the trading volume during this period. Notably, Immutable zkEVM's share of total NFT sales volume increased from 56.8% in Q3 to over 97.0% in Q4, largely driven by Guild of Guardians NFT demand.
The increase in sales volume, there was a significant decline in market participation. Average daily sellers decreased by 43.0%, from approximately 1,500 to 880, and daily buyers fell by 38.1%, from about 1,300 to 800. This indicates a shift toward higher average transaction values amid fewer active participants.
During the same quarter, Immutable zkEVM experienced a 73.3% rise in average daily NFT sales volume, growing from around $484,000 in Q3 to $839,000 in Q4. However, user engagement metrics showed a downturn, with average daily transactions decreasing by 21.1% quarter-over-quarter, from approximately 595,000 in Q3 to around 469,000 in Q4. Similarly, average daily active addresses dropped 23.8%, from about 267,000 to 204,000, and average daily new addresses fell 29.8% to roughly 32,000 by the end of the quarter.
This decline in activity mirrors broader trends in the GameFi market, likely reflecting a cooldown after the surge in Q3 driven by popular game releases like Guild of Guardians, Immortal Rising 2, and Illuvium.
In October 2024, Immutable expanded developer access to zkEVM by removing its deployer allowlist, enabling permissionless deployment of smart contracts and applications. This move aims to lower entry barriers for developers, potentially increasing activity on the platform in the coming months.
Average daily transaction fees on Immutable zkEVM fell by 17.0% quarter-over-quarter, from approximately 574 IMX to 477 IMX, attributed to reduced network congestion due to lower transaction activity. To enhance user experience, Immutable covers all gas fees for Immutable Passport holders, eliminating the need for players to pay gas fees and reducing friction in the transaction process.
By the end of 2024, the total value locked (TVL) in decentralized finance (DeFi) on Immutable decreased to $13.8 million. This decline was likely due to a quarter-over-quarter drop in the price of the IMX token, which reduced the USD value of locked assets. However, TVL measured in IMX showed a positive trend, increasing by almost 17% quarter-over-quarter to 10.33 million IMX, suggesting that the rise could have been driven by capital inflows despite the decrease in USD value.
On November 1, 2024, Immutable announced that it had received a Wells notice from the U.S. Securities and Exchange Commission (SEC) concerning its 2021 IMX token sales. Immutable expressed concerns over the notice, stating it was issued with limited prior communication and minimal details. As of 2025, the SEC has closed several of its crypto investigations without enforcement charges, including probes into OpenSea, Gemini, Robinhood Crypto, and Uniswap. However, investigations into Immutable and other platforms such as Crypto.com and Unicoin are still ongoing.
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