Immutable X (IMX) price soars after GameStop partnership and new project launches
Nonfungible tokens (NFT) continue to be one of the hottest sectors of the cryptocurrency market in 2022 despite the overall multi-month weakness seen in Bitcoin (BTC) and other large-cap crypto assets.
One project that has benefited from the persistent bullishness in the NFT space is ImmutableX (IMX), a layer-two scaling solution for NFTs on the Ethereum network designed to offer near-instant transactions and zero gas fees for minting and trading
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $1.99 on Jan. 24, the price of IMX gained 116% to hit a daily high of $4.29 as the 24-hour trading volume surged 505% to $333.5 million.
Three reasons for the price turnaround in IMX include the announcement of a new partnership with GameStop, the listing of the IMX token on Binance and the continued strength of the NFT space as a whole.
The biggest boost in momentum for IMX came with the Feb. 3 announcement that the protocol has partnered with GameStop to launch an NFT marketplace later in the year.
We’re thrilled to announce that @Immutable is taking another leap forward in the gaming & blockchain industry by partnering w/ @GameStop to power their NFT Marketplace: https://t.co/Tase31CBt3 Continue for more… pic.twitter.com/8v6Titg3kq
As part of the collaboration, a $100 million fund was created that is designed to provide grants to game developers and studios interested in building on ImmutableX and the NFT marketplace.
GameStop indicated that it selected ImmutableX as for this collaboration due to the faster and more affordable nature of the network that is also carbon-neutral and offers nearly limitless transactions.
ImmutalbeX utilizes StarkWare’s StarkEx zero-knowledge proof technology to
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