Immutable X (IMX) gains 50% following the close of a $200M fundraising round

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Non-fungible token (NFT) initiatives have been arduous hit by the worth decline throughout the cryptocurrency ecosystem and the present bearish circumstances have spared few tokens from a worth collapse.

One undertaking that’s making an attempt to get again on strong footing is Immutable X (IMX), an NFT-focused layer-2 (L2) scaling answer for the Ethereum (ETH) community designed to supply near-instant transactions and 0 gasoline charges for minting and buying and selling.

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Information from Cointelegraph Markets Pro and TradingView exhibits that the worth of IMX has climbed 69.6% since hitting a low of $1.09 on March 7 to hit a every day excessive of $1.86 on March 11.

IMX/USDT 4-hour chart. Supply: TradingView

Three causes for the reversal in IMX embrace the completion of a $200 million Collection C funding spherical, the launch of recent initiatives on the platform and the general sustained curiosity in NFTs regardless of the latest decline in costs.

IMX raises $200 million in seed funding

Probably the most impactful growth to deliver a lift to IMX in March was the profitable completion of a Series C funding round that noticed the undertaking increase $200 million to put money into blockchain gaming.

The fundraising spherical was led by the Singaporean state-owned funding agency Temasek and in addition included participation from Animoca Manufacturers, Tencent, Arrington Capital and Princeville Capital.

IMX intends to make the most of the funds raised to develop out its L2 scaling answer on Ethereum and scale the Immutable Gaming Studio, which hosts standard video games like Gods Unchained and Guild of Guardians.

Following this most up-to-date funding spherical, the whole valuation of the Immutable X protocol stands at $2.5 billion.

New video games launch

The second issue bringing added worth to IMX is the addition of recent initiatives to the protocol which has helped to draw new customers to the ecosystem.

A few of the latest additions embrace Vy Worlds and Habbo NFT, each of which have performed airdrops to early adopters as a manner to assist entice extra customers.

Providing gasless NFT transactions and a carbon-neutral atmosphere whereas nonetheless having the ability to function on the Ethereum community is a lovely proposition to rising initiatives and it’ll possible proceed to draw new initiatives to IMX sooner or later.

Associated: Immutable X (IMX) price soars after GameStop partnership and new project launches

The timeless reputation of NFTs

A 3rd issue placing the wind behind IMX is the continuing reputation of the NFT sector.

The cryptocurrency ecosystem as a complete has been bearish for the reason that begin of 2022, resulting in falling token costs and decreased curiosity in big-ticket NFTs, however information from Dune Analytics exhibits that the quantity of gross sales on OpenSea continues to be close to all time-highs.

OpenSea month-to-month quantity on Ethereum. Supply: Dune Analytics

January and February of 2022 noticed the very best volumes ever traded on OpenSea regardless of the drawdown within the wider market, suggesting that curiosity and demand for NFTs stays elevated.

VORTECS™ information from Cointelegraph Markets Pro started to detect a bullish outlook for IMX on March 9, previous to the latest worth rise.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mix of information factors together with market sentiment, buying and selling quantity, latest worth actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. IMX worth. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for IMX spiked into the inexperienced zone on March 9 and hit a excessive of 81 round 19 hours earlier than the worth elevated 29% over the subsequent day.

The views and opinions expressed listed below are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, you need to conduct your personal analysis when making a call.