While most digital asset markets are bearish, an altcoin focused on the NFT sector has risen.
Immutable X (IMX) is a scaling solution for Ethereum NFTs that aims to provide users with near-instant, low-fee transactions. According to the project, the Immutable X engine allows 9,000 operations per second. The project’s native token, IMX, can be used for staking, fees, and administration.
Last week, Immutable X was locked in a $200 million funding led by state-backed Singaporean holding company Temasek. Following the news of the funding increase, IMX started a sizable rally, jumping 79% from $1.10 on March 7 to $1.97 on March 13 in less than a week. In the same time frame, Bitcoin and Ethereum traded almost entirely sideways.
At the time of writing, the IMX was priced at $1.69, down on the day, but still up about 50% over the week. According to a press release, Immutable X will use the new capital to work on its global expansion plans, accelerate its growth and scale the company’s game development division, Immutable Gaming Studio.
Companies currently building on Immutable X include GameStop, TikTok, Opensea, Ember Sword, Illuvium, GreenPark Sports, and Gary Vee (Vee Friends).
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