Immutable X is turning into one of the staple L2 solutions to scale Ethereum-based projects. The platform, which also took up the NFT collection of GameStop, recently proved its usability with the Illuvium land sale.
But Immutable X has much more to offer than direct involvement. Recently, the L2 platform also joined forces with the Kongregate gaming project, to build up a $40M equivalent of funds. The pool is intended to support new game development.
“With the relaunch of Kongregate.com for web3, we’re once again creating a destination unlike any other for developers and gamers to come together to discover, chat about and play games!” said Max Murphy, Kongregate’s Chief Technology Officer.
This is not the first partnership of the two projects, as Immutable X has assisted Kongregate in bringing fun to P2E games with NFT to Kongregate since February 2022. The two projects set out to develop Web3 games and making them more accessible to potential players.
What IMX Token Achieves
IMX currently trades at $0.97, after peaking near $9 at the end of 2021. IMX reflects the state of the NFT market, especially for its homegrown collections.
The IMX L2 solution also invites games to migrate, as in the case of Ember Swords, the latest P2E to choose this scaling solution.
Additionally, ImmutableX uses the IMX asset in its native marketplace. The market hosts high-end collections like Moonbirds, Mutated Ape, as well as collections of games like Gods Unchained.
The ImmutableX blockchain also keeps records of NFT activity, for both ordinary days and extraordinary mints. Without the Illuvium land sale, the trading volume on the network is under 100 ETH in 24 hours. Those collections can hope for slightly more active trading as ImmutableX saves on Ethereum gas fees.
ImmutableX is also chosen by Get Protocol, a startup for NFT-based ticket sales. With tickets and passes, low gas fees and fast transactions are key, as the demand pattern is different from NFT collections.