The cryptocurrency and NFT markets are witnessing increased activity alongside advancements in blockchain gaming. Leading blockchain gaming platform, Immutable, recently unveiled a groundbreaking reward initiative just ahead of an anticipated bullish season.

Announcement from Immutable

Immutable, standing out among its counterparts in blockchain gaming, has introduced what it claims to be "the most expansive web3 gaming quest and reward endeavor to date." The company has allocated a total of $50 million in token rewards for players, emphasizing the involvement of high-profile game projects like "Illuvium" and MetalCore within the Immutable ecosystem, with over 270 projects currently in development.

In its initial phase, the quest and reward program features these two games among its selection. Players can now start earning rewards by engaging in missions, gameplay, and owning collections on the Immutable platform. As advancements in web3 games continue, the introduction of larger-scale games into the market suggests that Immutable is aiming to capitalize on the upcoming bullish trends while enticing players with an incentivized program.

Robbie Ferguson, Immutable's president and co-founder, expressed, "We are showcasing the potential benefits of digital ownership to players." Immutable, headquartered in Sydney, enjoys support from major investors such as Tencent, Coinbase, Bitkraft Ventures, and Galaxy Interactive.

What is the Current Price of Immutable (IMX)?

While these developments unfold, attention turns to the IMX price. At present, the IMX price has experienced a 7% decline, settling at $2.10. The IMX market cap stands at $3 billion, ranking 37th based on market capitalization. Despite a modest 0.86% rise in the 24-hour trading volume, investor caution in trading may be inferred.

With a 24-hour trading volume of $63 million, IMX holds the position of the 114th most traded cryptocurrency.