The price of Immutable X (IMX) has risen as a result of the cooperation with GameStop and the debut of a new project

Today’s GameStop collaboration news and other recently announced projects have also contributed to an increase in the IMX pricing.

Non-fungible tokens (NFT) will continue to be a hot segment of the cryptocurrency market in 2022, despite the broader multi-month decline in Bitcoin (BTC) and other large-cap crypto assets.

When it comes to NFTs, ImmutableX (IMX), a layer-two scaling solution for NFTs meant to deliver near-instant transactions and zero gas prices for minting and trading on the Ethereum network, has been a big winner.

In the 24 hours following a low of $1.99 on January 24, the price of IMX jumped 116% to a daily high of $4.29 as the 24-hour trading volume increased 505% to $333.5 million, according to Bitcoinsupports and TradingView data.

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A new relationship with GameStop, the release of IMX tokens on Binance and the overall strength of NFTs are all factors that have led to IMX’s price turnaround.

With GameStop, you can’t go wrong. The announcement on Feb. 3 that IMX has joined with GameStop to create an NFT marketplace later this year gave the protocol a major boost in momentum.

ImmutableX and the NFT marketplace have collaborated to create a $100 million fund to support game creators and companies who want to build on the platform.

For this partnership, GameStop selected ImmutableX because of its carbon-neutrality and practically limitless transaction capacity, in addition to its speed and affordability. ImmutableX was chosen by GameStop.

Using StarkEx zero-knowledge proof technology, ImmutalbeX can scale on Ethereum, and the network’s carbon footprint is compensated for by Trace and Cool Effect, a certified climate-conscious supplier.

How much of a boost did being listed on Binance give?

The IMX token’s Jan. 10 debut on Binance, the world’s largest cryptocurrency exchange by volume, has also contributed to the project’s growth.

Once it was listed, IMX’s price rose somewhat, before falling back to its pre-listing level when the price of Bitcoin fell to a low of $33,500 on January 24.

Six of the top seven most liquid cryptocurrency exchanges, including Coinbase and FTX, now list IMX, offering it significant exposure and a plethora of trading options.

Launches of new projects and an increase in the popularity of NFTs.
NFT sector attractiveness and new projects and partnerships on ImmutableX NFT marketplace are two more factors that have helped to lift ImmutableX’s stock price in recent months.

Gods Unchained NFT listings on ImmutableX and the debut of support for the KolectiveGG NFT marketplace, together with the releases of Cyber Galz, VeeFriends and Fantasy Labs and the launch of Battle Star NFT and Highrise, are just a few of the recent events worth mentioning.

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As Dune Analytics’ data shows, despite the general market slump, significant activity has continued in the NFT industry.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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