This week, the Immutable token (IMX) witnessed a significant price drop, attributed to the broader downturn in the crypto market. Despite the arrival of a new game and a surge in NFT sales, the asset's value continues to decline.
Overall Decline of Immutable's Token
Immutable's token fell to $0.495 on Friday, down 36% from its May peak and 86% from last year's record high. The market capitalization of IMX has shrunk from $4.6 billion in September to $958 million.
Attracting New Games to the Platform
Despite the downturn, developers announced the migration of *Legends of Elumia* to the Immutable platform from Ronin. This game, acquired by Triumph Games in April, is rapidly gaining popularity with thousands of active players. 'Legends of Elumia is now available on PC and mobile devices, featuring handcrafted Hero NFTs and an on-chain economy.'
New Activity in the NFT Market
This week, Immutable exhibited notable growth in NFT sales. Data revealed that *Guild of Guardians Heroes* generated $8.89 million, a 61% increase from the previous period. Sales of *Guild of Guardians Avatars* rose by 64% to $4.2 million. Overall, Immutable processed $13.7 million in NFT sales this week, representing a 69% increase from the prior week.
Thus, despite positive developments and increased activity in the NFT space, the Immutable token faces significant challenges due to the overall decline in the crypto market and falling prices. Upcoming token events and developments could impact its future value.
