Nonfungible token (NFT) projects have been hard hit by the price decline across the cryptocurrency ecosystem and the current bearish conditions have spared few tokens from a price collapse.
One project that is attempting to get back on solid footing is Immutable X (IMX), an NFT-focused layer-2 scaling solution for the Ethereum network designed to offer near-instant transactions and zero gas fees for minting and trading.
Data from Cointelegraph Markets Pro and TradingView shows that the price of IMX has climbed 69.6% since hitting a low of $1.09 on March 7 to hit a daily high of $1.86 on March 11.
IMX/USDT 4-hour chart. Source: TradingView
Three reasons for the reversal in IMX include the completion of a $200 million Series C funding round, the launch of new projects on the platform and the overall sustained interest in NFTs despite the recent decline in prices.
IMX raises $200 million in seed funding
The most impactful development to bring a boost to IMX in March was the successful completion of a Series C funding round that saw the project raise $200 million to invest in blockchain gaming.
1/ Major news: we’re thrilled to announce @Immutable has raised $200M in Series C funding @ $2.5B val.
We’re supercharging our mission to make NFTs mainstream through high-quality blockchain games (and more).https://t.co/mZkrK2PnEj pic.twitter.com/69zbECxlIw
— Immutable | $IMX (@Immutable) March 7, 2022
The fundraising round was led by the Singaporean state-owned investment firm Temasek and also included participation from Animoca Brands, Tencent, Arrington Capital and Princeville Capital.
IMX intends to utilize the funds raised to develop out its L2 scaling solution on Ethereum and scale the Immutable Gaming Studio, which hosts popular games like Gods Unchained and Guild of Guardians.
Following this most recent funding round, the total valuation of the Immutable X protocol stands at $2.5 billion.
New games launch
The second factor bringing added value to IMX is the addition of new projects to the protocol which has helped…