IMX Token Surges as VanEck Predicts Blockchain Games to Drive Price Higher
VanEck analysts anticipate the release of new blockchain-based video games in 2024 to propel the price of Immutable’s IMX token, leading to its potential inclusion in the top 25 coins by market cap.
Immutable’s IMX token experienced a significant surge on Friday following a report by investment manager VanEck. The report highlighted the upcoming release of blockchain-based video games in 2024, suggesting that these games could drive the price of IMX even higher. With the token rising by over 7% on Friday, reaching $1.56, market participants are eagerly anticipating the potential impact of these games on the token’s value.
Multiple games in development:
One of the highly anticipated games, Illuvium, is being built using Unreal Engine 5 and runs on ImmutableX’s blockchain. Although none of Illuvium’s games are fully live yet, the project aims to release titles that can compete with top non-blockchain games. With the ILV token, associated with Illuvium, already boasting a market cap of over $620 million and a substantial following of more than 380,000 on X, the gaming project has generated significant interest as a potential driver of mainstream adoption of web3 gaming.
VanEck’s bullish outlook:
VanEck analysts Matthew Sigel and Patrick Bush expressed optimism about the impact that these upcoming games will have on Immutable’s IMX token price. They highlighted that Immutable has multiple AAA games in development, which implement token models that cannot be easily farmed and offer an enjoyable gaming experience. These games, having received substantial funding and being built for several years, are set to be released in 2024. The analysts believe that these titles have the potential to attract players on the scale of traditional AAA games.
Conclusion:
As the release of blockchain-based video games draws closer, the potential for significant growth in Immutable’s IMX token price becomes increasingly evident. VanEck’s report highlights the promising prospects of these games and their potential impact on the token’s market cap. With the development of high-quality games and a well-designed token ecosystem, IMX has the potential to become a top 25 coin by market cap. The convergence of blockchain technology and gaming has the potential to revolutionize the gaming industry and drive mainstream adoption of web3 gaming. Investors and gaming enthusiasts alike are eagerly awaiting the launch of these games and the subsequent impact on the IMX token.