Immutable X’s native token IMX has rallied 72% this month, catalyzed by a major gaming collaboration.
IMX Surges 72% on Ubisoft Gaming Partnership, Re-enters Top 100 Cryptocurrencies
19 September 2025 - 13:39 CEST
Game pre-sales
The surge follows the September opening of pre-sales for Might & Magic Fates, a blockchain-based trading card game announced in April through a partnership between Ubisoft and Immutable. The game went live for wishlisting across Steam, App Store, and Google Play, marking a significant milestone for mainstream Web3 adoption.
IMX reached $0.88 as at 11:03UTC on Friday, up from $0.51 at the start of September. The rally has propelled the token back into CoinMarketCap’s top 100 and placed it among the ten best-performing large-cap cryptocurrencies this month.
138mn users
Might & Magic Fates will run on Immutable’s zkEVM chain, bringing NFT-backed cards and digital asset ownership to Ubisoft’s 138 million-strong user base. The collaboration represents one of the most substantial AAA gaming entries into Web3 infrastructure to date.
(Source: Coinmetrics)
Market activity reflects the shift in investor sentiment. Daily spot volume expanded from $4 million to over $100 million, while futures turnover surged from $12 million to $285 million. Open interest climbed to $50 million, the highest level recorded in 2025, underscoring increased positioning.
Room for caution
However, funding rates have turned negative, showing that derivatives traders remain cautious and are leaning short despite the surge in activity.
(Source: TokenTerminal)
While the price activity has been impressive, on-chain metrics continue to point lower. Monthly active addresses dropped from 2.8 million in August 2024 to just 629,000 in August 2025. Protocol fees have similarly declined from $1.2 million last December to $617,000 in August. This divergence highlights that speculation rather than organic usage is currently driving IMX’s momentum.
Fee accrual
Looking ahead, a key question is whether Immutable can convert Ubisoft’s vast user base into active participants. If successful, it could stabilize network activity and support fee accrual, turning a speculative rally into more durable fundamental growth.
