Immutable has recently published its Q1 2025 report. As this top contender in Web3 gaming clearly contributes some impressive accomplishments, it proves great resilience in an increasingly dynamic and competitive landscape. Beyond all the numbers and rankings, the most surprising finding from the report was that “Self-Made Billionaire” is currently the top-ranked mobile game on Google Play in Korea. The company’s zkEVM also saw a 5.7% jump in average daily transactions, hitting an estimated 498,000. These milestones are further signs of Immutable’s continued growth and influence in the blockchain gaming space even amidst recent market corrections.
The company further introduced the beta version of its new Perpetual Rewards program in the first quarter. This program is a never-ending cycle of player reward. Users can accumulate “gems” through regular accomplishments like achieving daily in-game objectives, possessing certain digital collectibles, and leading in major events. Immutable crossed some impressive milestones. They completed a global launch of RavenQuest, launched the IMT token for Immortal Rising 2, and have announced seven big games coming to Immutable zkEVM over the course of 2025.
Transaction and User Metrics
Immutable zkEVM showed promising resilience during Q1 2025, with average daily transactions rising 5.7% QoQ to roughly 498,000. This growth happened even with a 31.5% drop in active addresses, meaning more engagement from fewer users or increased engagement from existing users—which is very positive. Immutable's ability to maintain transaction volume despite a decrease in active users highlights the platform's stickiness and the growing popularity of its gaming ecosystem.
Immutable recorded declines across most other key metrics. The average daily sellers decreased 14.9% from around 880 to 751, while average daily buyers dropped 17.8% from approximately 800 to 662. These declines indicate a shrinkage in the number of participants on the market which may result from larger market conditions or seasonal factors.
Despite having far fewer buyers and sellers, Immutable averaged daily transaction fees increase a staggering 28.8% from quarter-to-quarter. The fees increased from about 477 IMX to 614 IMX. This growth indicates either increasing transaction values or an accelerated adoption of fee-associated features. Immutable offers no gas fees when minting or trading NFTs, leading to instant transactions and a huge, scalable gaming infrastructure.
NFT Sales and Protocol Performance
After peaking at nearly $1 billion in Q4 2023, total NFT sales volume on both Immutable X and Immutable zkEVM plummeted in Q1 2025. It was down 1.6% QoQ, dropping from $79.5 million to $78.3 million. This small drop serves to further underscore the overall nature of the NFT market. We all know how volatile this market has been over the last year. Even with the drop, the sales figures are still robust, reflecting continued interest in digital assets across the Immutable ecosystem.
Immutable X is a Ethereum Layer-2 scaling solution using StarkWare’s ZK-rollup tech. This makes it a high-throughput and cost-effective execution layer for gaming and NFT transactions. Immutable’s protocol batches hundreds of thousands of transactions and submits validity proofs in batches to Ethereum’s Layer-1. At scale, Immutable X runs more than 9,000 tx/s. Coupled with zero gas fees for minting and trading, this makes it a super appealing platform for developers and users alike.
Immutable met with exhibitors and featured partners RavenQuest, Polygon Labs, Sequence, and MetaGravity during the conference at GDC. The overall goal for the collaboration was to drive awareness and education around the positive developments in decentralized gaming. Immutable now claims more than 500 gaming titles in its ecosystem. This expansive library further cements its place as the industry’s premier platform to develop and deploy games in Web3.
Regulatory Clarity and Future Outlook
By March 2025, the U.S. Securities and Exchange Commission (SEC) had completed its investigation into Immutable, finding that the company… They chose not to pursue any enforcement action. This resolution provides much-needed, bright-line rules for Immutable. This way, the company can focus all its efforts on what they do best — developing and growing their Web3 gaming ecosystem. Robbie Ferguson stated this was:
a milestone for the company and the broader Web3 gaming sector, stating it allows the firm to focus on expanding digital ownership infrastructure for the global gaming market. - Robbie Ferguson
This usage data as an outcome is nothing short of a monumental win for Immutable. It takes a significant potential overhang out of the way and strengthens the scaffolding upon which to build more future economic growth and innovation.
