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

The cost fall throughout cryptocurrency ecosystem has been really hard on non-fungible token jobs (NFT), and present bearish conditions have not spared numerous tokens.

The IMX reverse is due to three elements: the conclusion of a $200M Series C funding round, brand-new projects being released on the platform, and the continual interest in NFTs regardless of current price decreases.

Immutable X is a project that is trying to get back on strong feet. It is a NFT-focused layer-2 scaling solution (L2) for Ethereum (ETH). It provides near-instant deals, no gas costs for minting or trading and has been created to be NFT-focused.

Cointelegraph Markets Pro and TradingView data show that the rate for IMX has increased 69.6% from a low point of $1.09 on February 7th to a high of $1.86 today on March 11.

IMX/USDT 4-hour chart. Source: TradingView

IMX raises $200 Million in Seed Funding

The Series C round of financing was the most significant advancement that enhanced IMX in March. It saw the task raise $200m to buy Blockchain Gaming.

1/ We are delighted to reveal that @Immutable has raised $200M of Series C financing @ $2.5 B Val. Were supercharging our objective to make NFTs mainstream through top quality blockchain games (and more). https://t.co/mZkrK2PnEj pic.twitter.com/69zbECxlIw
$ IMX (@Immutable) March 7, 2022

Temasek, a Singaporean state-owned financial investment company, led the fundraising round. Individuals included Animoca Brands and Tencent in addition to Arrington Capital, Princeville Capital, and Tencent.

The Immutable X procedures overall value has increased to $2.5 billion after this most current financing round.

IMX plans to use the funds to scale its L2 scaling solution for Ethereum and the Immutable Gaming Studio which hosts popular games such as Gods Unchained or Guild of Guardians.

New games launch

Vy Worlds, Habbo NFT and others have included their products to the list. These airdrops were done to encourage more users.

The second element that includes worth to IMX protocol is the addition to brand-new tasks. This has helped bring in brand-new users to the ecosystem.

@Habbo, among the earliest online gaming communities on the planet, will power @HabboNFTs future L2 NFT furnishings collection. @ImmutableX Habbo users can quickly access fully carbon-neutral and gas-free NFTs + huge scalability w/ Ethereums unrivaled security. pic.twitter.com/6GxlXjjEHA
$ IMX (@Immutable) February 16, 2022

Emerging jobs find it attractive to offer gasless NFT deals and a neutral environment, while still being able run on the Ethereum network. This will continue to bring in new projects to IMX.

Related: Immutable Xs (IMX) rates skyrocket after GameStop collaboration & brand-new task launches

NFTs continue to be a popular option

The appeal of NFT is another factor that has actually assisted IMX to stay afloat.

OpenSea regular monthly volume for Ethereum. Source: Dune Analytics

VORTECS( tm), information from Cointelegraph Markets Pro, began to identify a bullish outlook on IMX in March 9, before the current cost rise.

The cryptocurrency ecosystem has actually been bearish since 2022, which led to lower token costs and decreased interest in NFTs of high-value, data from Dune Analytics reveals the OpenSea volume is still at all-time highs.

Immutable X is a job that is attempting to get back on solid feet. 1/ We are thrilled to announce that @Immutable has actually raised $200M of Series C funding @ $2.5 B Val. Were supercharging our objective to make NFTs mainstream through top quality blockchain video games (and more). @Habbo, one of the earliest online video gaming neighborhoods in the world, will power @HabboNFTs future L2 NFT furniture collection. @ImmutableX Habbo users can easily access completely carbon-neutral and gas-free NFTs + huge scalability w/ Ethereums unrivaled security.

The chart reveals that the VORTECS( tm), Score for IMX increased to the green zone on March 9, and reached a peak of 81 simply 19 hours later, prior to the cost rose 29% the following day.

Cointelegraphs special VORTECS( tm), Score is an algorithmic comparison in between historical and current market conditions. It is stemmed from a combination data points, including trading volume, market belief and current price movements, along with Twitter activity.

The greatest volumes ever traded on OpenSea in January and February 2022, in spite of the decline in the larger market, was seen in January and February 2022. This recommends that NFTs are still extremely sought after.

VORTECS( tm), Score (green) vs. IMX Price. Source: Cointelegraph Markets Pro

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