IMX token surges as VanEck says release of new blockchain-based video games like Illuvium next year could boost value

Markets
• December 8, 2023, 4:26 pm EST

Published 1 minute before in

immutable SMEs

+21.79%
The token rose on Friday after VanEck said the release of new blockchain-based video games next year could drive the price much higher.

The token rose more than 7% on Friday to $1.56 as of 2:33 p.m. ET, according to data from The Block.

"IMX is very likely to become one of the top 25 coins by market capitalization with the launch of deluge ILV

+3.74%
Guild of Guardians and other big-budget games in 2024 and a well-designed token that aligns interests better than most," the investment manager said. in a report published on Thursday.

IMX is an ERC-20 utility token that powers the Immutable ecosystem.

IMX price movement. Image: Block price page.

Multiple games in development.

Built with Unreal Engine 5 and on the ImmutableX blockchain, Illuvium, which has several games in development but none of which are fully active, aims to release titles capable of competing with the best non-blockchain games . With Illuvium's ILV token boasting a market cap of over $620 million and over 380,000 followers on web games3.

VanEck analysts Matthew Sigel and Patrick Bush appear to be optimistic about its prospects and how they will affect Immutable's token price.

“Immutable has multiple AAA games built on its platform that implement token models that cannot simply be farmed and are really fun games to play,” they said in the report. "These titles, which have been in the works for years and received over $100 million in funding, will launch in 2024. They could attract players on the scale of traditional AAA games."


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About the Author

RT Watson is a senior reporter for The Block covering a wide range of topics, including US-based companies, blockchain games, and NFTs. He previously covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy, focusing primarily on technological disruption in media. Before that, he covered corporate, economic and political news in Brazil while working at Bloomberg. RT has interviewed a diverse cast of characters, including CEOs, media moguls, influencers, politicians, blue-collar workers, drug dealers and convicted criminals. He has a master's degree in Digital Sociology.

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