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Immutable X Gained 50% After Closing $200M Fundraising Round

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Immutable X gained 50% in value after the closing of a $200 million fundraising round and an influx of new projects that plan to launch on the layer-2 NFT solution as we can see more today in our latest altcoin news.

NFT projects have been hit hard with price drops across the crypto ecosystem and the current bearish conditions which spared a few tokens to drop in value. One project that tries to get a solid footing is Immutable X which is an NFT-focused layer-2 scaling solution for the ETH network designed to offer near-instant transactions and zero gas fees for trading.

The data from TradingView shows that the price of Immutable X gained 50% and hit a daily high of $1.86. some of the reasons for the price increase in IMX include the completion of a $200 million Series C funding round as well as the launch of the projects on the platform with the sustained interest in NFT increasing despite the drop in prices recently.

The most impactful development to bring a boost to IMX was the completion of a Series C funding round that saw the project raise $200 million for investments into blockchain gaming. The Fundraising round was led by Temasek, a Singaporean-state-owned investment company, and included participation from Tencent, Animoca Brands, Princeville Capital, and Arrington Capital. IMX aims to utilize the funds raised to develop a new L2 scaling solution on Ethereum and to scale the Immutable Gaming Studio that hosts popular games like Guild of Guardians and Gods Unchained.

IMXUSDT 4-hour chart. Source TradingView
IMXUSDT 4-hour chart. Source TradingView

Following the recent funding round, the total valuation of the Immutable X protocol stands at $2.5 billion. The second factor is the addition of new projects to the protocol which helped to attract more users to the platform. Some of the latest additions also include Habbo NFT, VyWorlds and both of them conducted airdrops to early adopters as a way to help attract some more users.

Offering gasless NFT transactions while operating on the ETH network, is quite an attractive proposition to emerging new projects and will continue to attract new projects on the IMX in the future. The third factor could be that IMX is a part of the NFT sector which is gaining popularity. The crypto ecosystem as a whole has been a bearish one since 2022 started and led to falling token prices and a drop in interest for NFTs. January and February both saw the highest volume traded on Opensea despite the drawdown on the market which suggests the demand is still elevated.

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