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Highlights
- The Immutable X (IMX) token is primarily a Layer-2 protocol that is powered by the Ethereum blockchain network.
- On Thursday, IMX has been rallying on the back of its partnership with video gaming retailer GameStop. GameStop for long has been teasing its users with its NFT plans.
- The 95th ranked IMX token at the time of drafting was trading at US$3.86 with a volume of US$169,857,263 over a day.
The Immutable X (IMX) token is primarily a Layer-2 protocol that is powered by the Ethereum blockchain network. IMX positions itself in such a manner that it is able to ease Ethereum’s problems of limited scalability, illiquidity, and poor user experience. The Australian-based protocol has been attracting investors on to its platform of late with a bullish run.
The IMX token has seen a rally of well over 35% over the past week and 25% in the past 24 hours. On 3 February, it was well above 30% making it one of the top performing tokens over the week. Due to its ability to offer instant trading at zero gas fees, it allows the users to avail its minting facilities.
Also read: Why is FORTH crypto making headlines?
Why is IMX crypto coin rallying?
On Thursday, IMX was rallying on the back of its partnership with video gaming retailer GameStop. For long, GameStop has been teasing its users with its NFT plans. IMX has had a couple of good days ever since it was listed on the Binance exchange.
GameStop will use the Immutable X’s Layer-2 solution to power its upcoming NFT marketplace. The video gaming retailer’s marketplace will bring in the unique play-to-earn model in its NFT, which will help it establish a fund that will provide US$100 million for the next round of NFT-fuelled video games.
IMX CEO Robbie Ferguson stressed that the partnership will further fuel the NFTs by bringing utility value and increasing its reach. He further added it will be a big leap for the blockchain-based gaming industry.
Also read: How long will IDEX crypto’s bullish run last?
According to DappRadar data, NFT volumes have been growing, generating trading volumes of US$23 billion last year.
How is IMX price faring?
At the time of drafting, the 95th ranked IMX token was trading at US $3.86 with a volume of US$169,857,263 over a day. IMX was blazing through with a rally of 30.44% and this was reflective even in the volume as well which was up by 336%.
Whether the price rally continues or not remains to be seen, but for now, as far as IMX investors are concerned, they are buoyed by this rally and feel this partnership could help the protocol to make big waves in the market.
