ImmutableX (IMX) has skyrocketed 116% after partnering with GameStop and launching a new project

ImmutableX (IMX) has skyrocketed 116% after partnering with GameStop and launching a new project.

Non-fungible tokens continue to be one of the hottest sectors of the crypto market in 2022, despite the general weakness in recent months for Bitcoin and other large-cap cryptocurrencies. One project that has benefited from the ongoing bullish movement in the NFT space is ImmutableX (IMX) – a Layer 2 scaling solution for NFTs on the Ethereum network, offering near-instant transactions and no gas fees for minting and trading.

Data from TradingView shows that IMX price is up 116% to an intraday high of $4.29 from a low of $1.99 on Jan. 24, while trading volume over 24 is now up 505% to 333.5 million $ has increased.

IMX/USDT 4 hour chart | Source: TradingView

The three reasons for the IMX price jump include the announcement of a new partnership with GameStop, the listing of the IMX token on Binance, and the ever-evolving NFT space in general.

Unchanging collaboration with gamestop

The biggest driving force for IMX is notification 3 that the protocol has partnered with GameStop to launch the NFT marketplace later this year.

In this partnership, the parties are creating a $100 million fund to fund game developers and studios interested in building on ImmutableX and the NFT marketplace.

GameStop says it chose ImmutableX because it’s faster and more affordable, the network is also carbon neutral, and it offers a nearly unlimited number of transactions.

ImmutalbeX uses StarkWare’s StarkEx zero-knowledge technology to achieve scalability on Ethereum, and all network-related carbon emissions are offset through agreements with the company’s Trace and Cool Effect, a certified climate-conscious provider.

Listing on Binance

The second factor that helps promote the project is the listing of IMX tokens from January 10th binancethe #1 cryptocurrency exchange by volume.

IMX price rose slightly after the listing before being dragged lower by the broader market as bitcoin price fell to lows near $33,500 on Jan. 24.

IMX is currently available on 6/7 of the top trading exchanges including Coinbase and FTX, giving the token broad access and ample trading liquidity.

Start new projects

The third factor driving IMX higher is the steady addition of new projects and partnerships being launched on the NFT ImmutableX marketplace and the overall popularity of the NFT sector.

Notable developments include the listing of NFT Gods Unchained on ImmutableX, the launch of support for the NFT marketplace KolectiveGG, and the launch of Cyber​​Galz, VeeFriends, Fantasy Labs, Battle Star NFT and Highrise, as well as new partnerships with Stardust and SHOYU_NFT.

Weekly NFT Transactions | Source: Dune Analytics

All of this comes as the NFT space continues to see massive activity despite weakness across the crypto market.

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