2 years ago
Nonfungible tokens (NFT) proceed to beryllium 1 of the hottest sectors of the cryptocurrency marketplace successful 2022 contempt the wide multi-month weakness seen successful Bitcoin (BTC) and different large-cap crypto assets.
One task that has benefited from the persistent bullishness successful the NFT abstraction is ImmutableX (IMX), a layer-two scaling solution for NFTs connected the Ethereum web designed to connection near-instant transactions and zero state fees for minting and trading
Data from Cointelegraph Markets Pro and TradingView shows that aft hitting a debased of $1.99 connected Jan. 24, the terms of IMX gained 116% to deed a regular precocious of $4.29 arsenic the 24-hour trading measurement surged 505% to $333.5 million.
IMX/USDT 4-hour chart. Source: TradingViewThree reasons for the terms turnaround successful IMX see the announcement of a caller concern with GameStop, the listing of the IMX token connected Binance and the continued spot of the NFT abstraction arsenic a whole.
Immutable partners with GameStop
The biggest boost successful momentum for IMX came with the Feb. 3 announcement that the protocol has partnered with GameStop to motorboat an NFT marketplace aboriginal successful the year.
— Immutable | $IMX (@Immutable) February 3, 2022As portion of the collaboration, a $100 cardinal money was created that is designed to supply grants to crippled developers and studios funny successful gathering connected ImmutableX and the NFT marketplace.
GameStop indicated that it selected ImmutableX arsenic for this collaboration owed to the faster and much affordable quality of the web that is besides carbon-neutral and offers astir limitless transactions.
ImmutalbeX utilizes StarkWare’s StarkEx zero-knowledge impervious exertion to execute scalability connected Ethereum, and immoderate c footprint that is created by the web is offset done agreements with the certified climate-conscious provider's Trace and Cool Effect.
Did the Binance listing supply a delayed boost?
A 2nd origin that has helped boost the task was the Jan. 10 listing of the IMX token connected Binance, the apical cryptocurrency speech by volume.
#Binance volition database @AlchemyPay $ACH and @Immutable $IMX https://t.co/smkEblDzRP
— Binance (@binance) January 10, 2022IMX saw a flimsy bump up successful its terms pursuing the listing, earlier being dragged down with the wider marketplace arsenic the terms of Bitcoin dropped to a debased adjacent $33,500 connected Jan. 24.
IMX is present disposable connected six of the apical 7 cryptocurrency exchanges by volume, including Coinbase and FTX, giving the token wide entree and ample trading liquidity.
Related: Gamestop partners with Immutable X for NFT marketplace, announces $100M assistance for creators
Project launches and the increasing popularity of NFTs
A 3rd origin propelling IMX higher has been the dependable summation of caller projects and partnerships launching connected the ImmutableX NFT marketplace and the wide popularity of the NFT sector.
Notable developments see the listing of Gods Unchained NFTs connected ImmutableX, the motorboat of enactment for the KolectiveGG NFT marketplace and the launches of Cyber Galz, VeeFriends, Fantasy Labs, Battle Star NFT and Highrise, and caller partnerships with Stardust and SHOYU_NFT.
Weekly NFT transaction count. Source: Dune AnalyticsThese each travel arsenic the NFT abstraction has continued to spot ample amounts of enactment contempt the wider marketplace weakness arsenic evidenced by data from Dune Analytics.
The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.
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