IMX tokens surged as VanEck said their value could increase when new blockchain-based video games like Illuvium are released next year.
immutable 
small business
+1.03%
The token rose more than 7% to $1.56 as of 2:33 PM ET on Friday, according to data from The Block.
“IMX has the best chance of becoming a top 25 coin by market capitalization with its next launch. illuvium 
ILV
-0.12%
With Guild of Guardians and other big-budget games coming in 2024, it is a well-designed token that caters to that interest better than most,” the investment manager said. In a report released Thursday.
IMX is an ERC-20 utility token that supports the Immutable ecosystem.
IMX price action. Image: The Block’s pricing page.
Several games in development
Built using Unreal Engine 5 and ImmutableX’s blockchain, Illuvium has several games in development, none of which have been released, and aims to release titles that can compete with the best non-blockchain games. Illuvium’s ILV token has a market cap of over $620 million and over 380,000 followers on Got it.
VanEck analysts Matthew Sigel and Patrick Bush appear optimistic about the outlook and how it will impact Immutable’s token price.
“Immutable is building multiple AAA games on a platform that implements a token model that cannot simply be farmed and is a really fun game to play,” they said in the report. “Years in the making and over $100 million in funding, this title will be released in 2024 and will attract players at the scale of a traditional AAA game.”
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About the author
RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal, writing about Disney, Netflix, Warner Bros. and the creator economy, focusing primarily on technological disruption across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a wide range of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.
