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Immutable X (IMX) price soars after GameStop partnership and new project launches

Nonfungible tokens (NFTs) proceed to be one of many hottest sectors of the cryptocurrency market in 2022 regardless of the general multi-month weak spot seen in Bitcoin (BTC) and different large-cap crypto property.

One venture that has benefited from the persistent bullishness within the NFT area is ImmutableX (IMX), a layer-2 scaling resolution for NFTs on the Ethereum community designed to supply near-instant transactions and nil fuel charges for minting and buying and selling

Knowledge from Cointelegraph Markets Professional and TradingView exhibits that after hitting a low of $1.99 on Jan. 24, the value of IMX gained 116% to hit a each day excessive of $4.29 because the 24-hour buying and selling quantity surged 505% to $333.5 million.

IMX/USDT 4-hour chart. Supply: TradingView

Three causes for the value turnaround in IMX embody the announcement of a brand new partnership with GameStop, the itemizing of the IMX token on Binance and the continued power of the NFT area as an entire.

Immutable companions with GameStop

The most important increase in momentum for IMX got here with the Feb. 3 announcement that the protocol has partnered with GameStop to launch an NFT market later within the yr.

As a part of the collaboration, a $100 million fund was created that’s designed to offer grants to recreation builders and studios involved in constructing on ImmutableX and the NFT market.

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GameStop indicated that it chosen ImmutableX for this collaboration because of the quicker and extra inexpensive nature of the community, which can also be carbon-neutral and affords almost limitless transactions.

ImmutalbeX makes use of StarkWare’s StarkEx zero-knowledge proof expertise to realize scalability on Ethereum, and any carbon footprint that’s created by the community is offset by means of agreements with the licensed climate-conscious supplier’s Hint and Cool Impact.

Did the Binance itemizing present a delayed increase?

A second issue that has helped increase the venture was the Jan. 10 itemizing of the IMX token on Binance, the highest cryptocurrency trade by quantity.

IMX noticed a slight bump up in its worth following the itemizing, earlier than being dragged down with the broader market as the value of Bitcoin dropped to a low close to $33,500 on Jan. 24.

IMX is now obtainable on six of the highest seven cryptocurrency exchanges by quantity, together with Coinbase and FTX, giving the token widespread entry and ample buying and selling liquidity.

Associated: Gamestop companions with Immutable X for NFT market, publicizes $100M grant for creators

Challenge launches and the rising reputation of NFTs

A 3rd issue propelling IMX larger has been the regular addition of latest tasks and partnerships launching on the ImmutableX NFT market and the general reputation of the NFT sector.

Notable developments embody the itemizing of Gods Unchained NFTs on ImmutableX, the launch of assist for the KolectiveGG NFT market and the launches of Cyber Galz, VeeFriends, Fantasy Labs, Battle Star NFT and Highrise, and new partnerships with Stardust and SHOYU_NFT.

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Weekly NFT transaction depend. Supply: Dune Analytics

These all come because the NFT area has continued to see massive quantities of exercise regardless of the broader market weak spot as evidenced by knowledge from Dune Analytics.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, you must conduct your individual analysis when making a call.

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