Immutable X (IMX) Token Stuck in a Deep Bear Market Ahead of a Big Token Unlock and as the Outlook for Non-Fungible Tokens Darkens

Immutable X (IMX) retreated to $1.958 on Sep. 3, 67% lower than the year-to-date high of $3.74. It was also hovering near its lowest point since November last year.

Immutable X (CRYPTO: IMX) token price rose on Thursday after the layer-2 blockchain announced a partnership with Web3 distribution platform, Portal.

What Happened: Immutable X said the partnership will enable easier access to games built on Immutable X for players around the world.

The partnership will also focus on enhancing liquidity for Immutable X games and improving discoverability.

"This partnership marks a significant leap forward for web3 gaming with @Immutable aggregation. Get ready for easier access to the best web3 games, rewarding experiences, and a community like no other," said Portal in a tweet.

Immutable X is designed to scale Ethereum (CRYPTO: ETH) for gaming and non-fungible tokens (NFTs). The platform offers fast transactions, low gas fees, and starkware technology for NFT minting.

Immutable X token price chart for the last 30 days. See More on Benzinga Pro

IMX Price Action: At the time of writing, Immutable X token price is trading at $1.95, up 3.3% over the last 24 hours, according to Benzinga Pro.

Over the last 30 days, IMX has dropped about 46.3%. The token price has a 52-week range of $0.9043 to $9.51.

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