With uncertainty looming over the crypto space, markets have responded with neither positivity nor enthusiasm. As the market awaits the EU’s vote on POW (Proof-of-Work) consensus, while most digital asset markets are consolidating or trending down, an altcoin focusing on the non-fungible token (NFT) sector has soared. The token in question is none other than Ethereum NFT scaling solution, Immutable X.
What’s Pushing Ethereum L2 NFT Scaling Solution, Immutable X?
The successful completion of a Series C investment round was the most significant development in March for the Ethereum (ETH) scaling solution, IMX.
Immutable X received $200 million in funding last week from Temasek, a Singaporean holding corporation supported by the government. Following the announcement of the funding boost, IMX jumped from $1.10 on March 7th to $1.97 on March 13th, a 79% gain in less than a week. Bitcoin and Ethereum were virtually completely flat in the same era.
Is there any room for growth?
According to a news statement, Immutable X will use the new funds to further its worldwide expansion objectives, accelerate its growth, and scale the company’s game creation studio, the Immutable Gaming Studio.
It also brought on a bevy of new executives to help with its “rapid expansion.”
The addition of new projects to the protocol, which has helped to attract new users to the ecosystem, is the second component adding value to IMX.
GameStop, TikTok, Opensea, Ember Sword, Illuvium, GreenPark Sports, and Gary Vee (Vee Friends) are among the companies that are currently developing on the Ethereum based, Immutable X.
Emerging projects will find it appealing to offer gasless NFT transactions and a carbon-neutral environment while still being able to operate on the Ethereum network. It is expected that additional projects will continue to be attracted to IMX in the future.
At the time of publication, IMX was trading at $1.68, down 12.3%.