Immutable has announced a new partnership with GameStop to power the NFT marketplace.
Immutable is the developer of Immutable X, a Layer 2 protocol for NFT on Ethereum that allows for faster, less computationally-intense transactions at zero gas fees. It also created popular blockchain games like Gods Unchained and Guild of Guardians.
Immutable X is built using StarkWare’s StarkEx zero-knowledge proof technology, capable of rolling hundreds of thousands of transactions into a single Ethereum transaction.
This news comes not long after GameStop announced its foray into the NFT world, confirming plans to build a hub for in-game merchandise like avatars, costumes and weapons. Immutable X will play a role in driving the growth of GameStop’s NFT market.
The team’s plans include launching a pool of tokens to support game app developers and content creators on the GameStop NFT marketplace.
The global video game market has been reported to have reached $138 billion in 2021 and GameStop’s value is close to $10 billion at the time of the report.
IMX price
Immutable X’s native token, IMX, avoided Thursday’s drop and was one of the biggest gainers this week, following news of its partnership with Gamestop. IMX is up over 35% today.
The latest rally saw IMX/USD break through 2 resistance levels, before finally falling to the third resistance, as traders are likely to take profits.
Looking at the chart, the price initially rallied past the $3 resistance, before breaking through the $3.79 ceiling, hitting an intraday high of $4.25 later.
IMX/USD Daily Chart. Source: TradingView
Despite the partial retracement, late entrants could still attempt to capitalize on the upside momentum, and this could see the price spike further.
Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587
Read more:
- Is IMX Ready To Roll? Complete Overview Of Immutable X
- 7 Reasons Immutable X (IMX) Token Sale Is Going To Be Explosive