Immutable's IMX token sees 10% spark after mobile gaming division launch

Immutable has announced the launch of a new mobile gaming division aimed at breaking into the $121 billion market. This move pushed its IMX token price to spike almost 10%, extending its rally to a new record. However, gaming-linked crypto tokens haven’t performed well, waiting for bulls to enter the field.

Its co-founder, Robbie Ferguson, in a post, applauded the launch of the fresh initiative. He mentioned that since April, they have already taken three games to the number 1 rank on mobile stores. He now aims to dominate the charts with Immutable. Ferguson hinted that new products and investments are on the way.

Earlier, he posted that this year turned out to be big for them. Immutable onboarded its first Web2 games while giving out 2.9 million IMX in weekly rewards. The co-founder added that he has more than 180 Web3 games, which include $100 million franchises. Immutable highlighted a new unit, “specialist taskforce,” designed to bring Immutable’s games to mainstream audiences through new products.

IMX wallet growth hits March high

“Mobile is the single largest opportunity in gaming, with over half the world’s players on phones,” Ferguson said. “Since recent court rulings have opened the door for external crypto payments on mobile without 30% platform fees, there’s never been a better time to go all-in.”

The firm says regulatory tailwinds, including the US CLARITY Act, could also pave the way for major studios to adopt Web3.

Santiment reported that Immutable X managed to grow its market cap by more than 70% over the past 2 weeks. It added that 309 new IMX wallets were created in one, the highest since March. IMX’s supply on exchanges stood at 7.33% which is the lowest since May.

IMX price has jumped by 50% in the past 7 days while it has risen by 62% over the last 30 days. It is trading at an average price of $0.871 at the press time. Its 24-hour trading volume spiked by 143% to hit $318 million. IMX’s market cap hovers around $1.69 billion. Despite the recent surge, IMX is still down by 34% on YTD basis.

The rally marks a turnaround for the token, which slipped outside the top 100 cryptocurrencies earlier this year. While many play-to-earn projects have folded amid weak funding, IMX’s green index suggests that its hybrid model of Web2 partnerships and Web3 infrastructure may be finding traction with both gamers and investors.

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