Immutable X (IMX) price steady ahead of Illuvium: Beyond launch
- Immutable X token rose as the ecosystem continued growing.
- Illuvium will launch its new spin-off on Immutable X.
- The network handled NFTs worth more than $23 million in February.
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Immutable X (IMX/USD) price drifted upwards ahead of a major development in its ecosystem. IMX jumped to a high of $1.11, which was the highest level since March 1 of this year. It has jumped by more than 22% from the lowest point this month.
What is Illuvium: Beyond?
The main catalyst for IMX prices will be the upcoming launch of Illuvium: Beyond spin-off. It will be an interactive adventure and collectible game built on Immutable X platform. Funds raised from the sale of the collection will move to a $15 million safety pool that will mitigate risks on the platform. In a statement, Illuvium’s founder said:
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“The Illuvium DAO’s groundbreaking initiative to use revenue generated from digital collectibles to fund game development is a testament to the transformative potential of this technology. By investing in their future, players become more than just fans.”
Illuvium: Beyond game will have several important features, including hand-drawn illuvitars, accessories, and finishes. It will also let users collect and trade non-fungible tokens (NFT), which are some of the biggest use case for the blockchain technology.
Implications for Immutable X
Illuvium (ILV/USD): Beyond will be hosted in Immutable X, the biggest layer-2 network that is focused on non-fungible tokens (NFT). Immutable makes it possible for users to trade NFTs without significant market fees. The platform also ensures that users take advantage of Ethereum’s security features.
Data shows that Immutable X is an active player in the NFT industry. In February, the network handled NFTs worth more than $23 million, a jump from the previous month’s $14.1 million.
In the past five months, it has processed NFTs worth more than $60 million, making it a major player in the industry after Ethereum. The number of unique sellers and buyers in the ecosystem average over 11k per month.
Several companies use Immutable X’s technology. For example, GameStop, the videogame retailer, uses the network to run its NFT ecosystem. Unity, which powers most games, also moved to Immutable X this month. Some of the most popular games in Immutable X are Gods Unchained, EmberSword, and Wagmi. Immutable X’s IMX token has a market cap of over $922 million.