ImmutableX (IMX), a Layer 2 scaling solution for NFTs on the Ethereum network, rose 116% and hit a high of $4.29 for the day, and its 24-hour trading volume rose 505% to $333.5 million after partnering with Ethereum. GameStop
Three reasons for the return of IMX prices are announcing a new partnership with GameStop, listing IMX tokens on Binance, and the continued strength of the overall NFT space.
Hand in hand with GameStop
The biggest momentum for IMX came with the announcement on February 3 that the protocol has partnered with GameStop to launch the NFT marketplace later this year.
As part of this partnership, a $100 million fund has been created designed to fund game developers and studios interested in building on ImmutableX and the NFT marketplace.
GameStop specifyThat ImmutableX was chosen for this interoperability because of the nature of the network that was fast and very affordable. which is also carbon neutral and offers virtually unlimited transactions
Listing IMX tokens on Binance
The second factor boosting the project is that on January 10th, IMX tokens were listed on Binance as the top cryptocurrency exchange by trading volume.
IMX is currently available on 6 of the 7 popular cryptocurrency exchanges, including Coinbase and FTX, and gives the tokens wide reach and sufficient trading liquidity.
NFT’s project launch and growing popularity
The third factor driving IMX higher is the constant introduction of new projects and partners in the ImmutableX NFT market and the overall popularity of the NFT sector.
Notable developments include the release of Gods Unchained NFT on ImmutableX, the release of support for the KolectiveGG NFT market, and the launch of Cyber Galz, VeeFriends, Fantasy Labs, Battle Star NFT, and Highrise, and a new collaboration with Stardust and SHOYU_NFT
All of this happened as the NFT area continued to see a huge amount of trading activity. Despite the weakness of the broad market, according toevidenceBased on data from Dune Analytics.