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

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Nonfungible token (NFT) tasks have been arduous hit by the value decline throughout the cryptocurrency ecosystem and the present bearish situations 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 scaling resolution for the Ethereum community designed to supply near-instant transactions and 0 fuel charges for minting and buying and selling.

Information from Cointelegraph Markets Pro and TradingView reveals that the value 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 tasks on the platform and the general sustained curiosity in NFTs regardless of the latest decline in costs.

IMX raises $200 million in seed funding

Essentially the most impactful improvement to carry a lift to IMX in March was the profitable completion of a Series C funding round that noticed the undertaking increase $200 million to spend money on 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 resolution on Ethereum and scale the Immutable Gaming Studio, which hosts widespread video games like Gods Unchained and Guild of Guardians.

Following this most up-to-date funding spherical, the entire 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 tasks to the protocol which has helped to draw new customers to the ecosystem.

A number of the latest additions embrace Vy Worlds and Habbo NFT, each of which have carried out airdrops to early adopters as a manner to assist appeal to extra customers.

Providing gasless NFT transactions and a carbon-neutral surroundings whereas nonetheless having the ability to function on the Ethereum community is a lovely proposition to rising tasks. It can probably proceed to draw new tasks 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 an entire has been bearish for the reason that begin of 2022, resulting in falling token costs and diminished curiosity in big-ticket NFTs. Nonetheless, information from Dune Analytics reveals that the amount of gross sales on OpenSea remains to be close to its all time-high.

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

January and February 2022 noticed the best volumes ever traded on OpenSea regardless of the disadvantage 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 situations derived from a mix of knowledge 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 value 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 threat, you must conduct your individual analysis when making a choice.