Non-fungible tokens (NFTs) will remain one of the hottest segments of the cryptocurrency market in 2022 despite months of general weakness in bitcoin (BTC) and other large-cap cryptocurrencies.
One project that has benefited from the continued growth in the NFT space is ImmutableX (IMX), a scaling solution for other NFT tiers on the Ethereum network, designed to enable near-instantaneous transactions and zero gas fees for mining and trading.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $1.99 on January 24, IMX is up 116% to hit a daily high of $4.29, with 24-hour trading volume up 505% to $333.5 million .
IMX/USDT, 4-hour chart. Source: Trading View
Three reasons for the IMX price change include the announcement of a new partnership with GameStop, the listing of the IMX token on Binance, and the continued strength of the NFT space as a whole.
Ongoing collaboration with GameStop
The biggest boost for IMX came with the February 3 announcement that the protocol had entered into a partnership with GameStop to launch the NFT market later this year.
The collaboration created a $100 million fund to provide grants to game developers and studios interested in developing ImmutableX and NFT marketplaces.
GameStop indicated that they chose ImmutableX for this collaboration due to the nature of the faster, more expensive network, which is also carbon neutral and offers virtually unlimited transactions.
ImmutalbeX uses StarkEx zero-knowledge proof technology to achieve scalability on Ethereum, and any carbon footprint created by the network is offset through agreements with certified climate service provider Trace and Cool Effect.
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Another factor that helped boost the project was the January 10 listing of the IMX token on Binance, the largest cryptocurrency exchange by volume.
The price of IMX rose slightly after the listing before crashing along with the broader market when bitcoin fell to a low of around $33,500 on Jan. 24.
IMX is now available on six of the seven largest cryptocurrency exchanges by volume, including Coinbase and FTX, providing wide access to the token and good trading liquidity.
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Launch of the project and the growth of popularity of NFT
The third factor that brought IMX to the top was the constant addition of new projects and partnerships launched in the ImmutableX NFT market and the overall popularity of the NFT segment.
Notable events include the inclusion of the Gods Unchained NFT in ImmutableX, the launch of KolectiveGG NFT marketplace support, the launch of Cyber Galz, VeeFriends, Fantasy Labs, Battle Star NFT and Highrise, and new partnerships with Stardust and SHOYU_NFT.