Web3 gaming platform ImmutableX is bullish on the gaming industry for the coming year. Furthermore, its IMX token has skyrocketed nearly 30% in a week.
On Feb. 3, ImmutableX co-founder Robbie Ferguson made some bold predictions for the network and industry in 2023.
He predicted that there would be a Web3 game with a million players this year. He added that it would be a small number by gaming standards but a big deal for Web3.
However, he wasn’t so bullish on markets, predicting more sideways action due to gloomy macroeconomic conditions. Ferguson also predicted many more regulations in 2023 following last year’s multiple collapses.
ImmutableX Whales Accumulating
According to data from Santiment, whale accounts have been aggressively accumulating IMX since November. Furthermore, this cohort has increased its holdings by more than 58% over the past three months.
Santiment attributed this accumulation to the zero-knowledge proofs (ZKP) narrative. Immutable has partnered with StarkWare to enable ZK technology and turbo-charge the network.
ZK rollups are a way of proving the validity of a statement without revealing the statement itself. This enables the processing of some transaction data to be done off the root chain, increasing the process’s speed.
The two narratives – web3 gaming and ZK rollups – combined paint a bullish picture for platforms such as ImmutableX.
Furthermore, on Feb. 1, the platform introduced the “Immutable Passport,” touting it as an “instant non-custodial wallet onboarding solution for web3 games.”
This narrative has been reflected in token price action recently. IMX has gained an impressive 28% over the past week and 48% in the past fortnight.
Today, IMX is up 3.7%, defying the rest of the crypto market, which is in the red at the time of press. As a result, the token was trading at $0.855.
IMXUSDT Chart by TradingView
IMX is currently at its highest level since mid-September. Following the FTX collapse and market crash, it dumped to a cycle low of $0.380 but has more than doubled since then.
Nevertheless, IMX prices are still down 91% from their November 2021 all-time high of $9.52.
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