Altcoin, which focuses on the non-fungible token (NFT) sector, has surged, but most digital asset markets have been consolidating or declining.
Immutable X (IMX) is an Ethereum NFT scaling solution aimed at providing users with near-instantaneous, low-cost transactions.
According to the project, the ImmutableX engine allows 9,000 transactions per second. The project’s native token, IMX, can be used for staking, pricing, and governance.
Last week, Immutable X secured $ 200 million in funding led by state-backed Singapore holding company Temasek.
Following the funding news, IMX began to rise significantly, jumping from $ 1.10 on March 7 to $ 1.97 by March 13, rising 79% in less than a week. In the same time frame, Bitcoin and Ethereum traded almost completely flat.
At the time of this writing, IMX prices were down $ 1.71 that day, but still up nearly 50% a week.
According to the press release, Immutable X will use the new capital to work on plans for global expansion, accelerate growth and expand Immutable Gaming Studio, the company’s game development division.
We also hired a number of new executives to support “rapid expansion”.
Companies currently building Immutable X include GameStop, TikTok, Opensea, Ember Sword, Illuvium, GreenPark Sports and Gary Vee (Vee Friends).
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors need to do due diligence before making risky investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfer and transaction is your own responsibility and any loss you may incur is your responsibility. Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets. Also, Daily Hodl is not an investment adviser. Please note that TheDailyHodl participates in affiliate marketing.
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