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IMX Updates
12/1/2022

Offers are live on ImmutableX

Immutable has been recognized as one of the best platforms for developers to build and launch NFT marketplaces, and it’s only getting better. Offers are officially live on the ImmutableX protocol, allowing NFT buyers to make an offer for an asset and sellers to agree upon a price proposed by a buyer. This launch represents the next step in generating more liquidity across marketplaces powered by ImmutableX.

Liquidity is one of the most fundamentally important elements of creating a successful marketplace, but it’s also one of the most challenging. When marketplaces only support sellers setting an asking price for their asset, buyers are unable to represent their willingness to pay if they aren’t able to match the asking price. This rigidity causes:

  • Lack of rapid price discovery
  • Inability for sellers to find an instant price to sell at
  • A frustrating experience for both buyers and sellers

With Offers launching on the ImmutableX protocol, potential buyers will be able to offer an amount below the asking price, sellers will have the opportunity to accept offers below the asking price, and more trading volume will be generated across the ecosystem. This functionality will be enabled across all marketplaces on the ImmutableX protocol. 

Who does this launch impact?

Marketplaces

  • Offers is the trading primitive that will enable users to provide alternative prices and perform new trading strategies to increase the liquidity of assets on the ImmutableX Global Order Book

Traders

  • Offers provide traders with increased marketplace functionality, more flexibility around price discovery, and more trading opportunities
  • Offers also provide additional options to perform liquidity making trading strategies on the ImmutableX Global Order Book

Games

  • Offers encourage increased trading volume of in-game assets, resulting in more royalty fees paid and a larger user base

How It Works

Users will be able to see bids on individual items on the marketplace. If they would like to make an offer, they can do so via the “Make an offer” button:

Traders can keep track of their active offers on this dashboard and can cancel their offers from here if they choose:

As an owner you may want to accept the bids made against your assets. This will be supported via a front end experience:

The offers received dashboard indicates how many listings that a seller has that have received an offer. The highest offer per listing is shown here and gives the seller the ability to quickly review their offers:

Offers is currently in beta, so during this time the following restrictions apply:

  • Limited to certain marketplaces
  • Only applied to listed assets
  • Limited to within 10% of asking price
  • Only allowed in the listed currency
  • Rate Limited
  • No seller marketplace fees

Please note: the Offers functionality may be changed or temporarily removed during this beta period depending on any issues that may arise. 

Once the beta period is complete, the full rollout will:

  • Support seller marketplace fees
  • Support offers on unlisted assets
  • Ensure unlisted assets have a minimum bid amount

Please reference the Offers developer documentation for a more detailed implementation guide. For traders, we also have the following resources: How to buy assets and Listing an asset for sale. If you have any feedback or suggestions, let us know here.

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