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Ethereum gaming platform Immutable announced Tuesday that it has partnered with Marblex, the blockchain gaming arm of South Korean gaming giant Netmarble, with the parties collaborating to migrate the Marblex ecosystem and its top games to Immutable zkEVM.

Ni no Kuni: Cross Worlds, A3: Still Alive, and Meta World: My City will migrate from layer-1 Klaytn blockchain to Ethereum layer-2 network Immutable zkEVM, which is powered by Polygon’s zkEVM scaling tech.

"This is one of the most significant partnerships we've made to date,” said Immutable co-founder and President Robbie Ferguson, in a release. “South Korea is an exciting hub of developer activity in Web3 gaming, and Marblex and Netmarble are pioneers here."

The alliance will also include an "Ecosystem Boost Program," offering up to $20 million in support for developers to attract new titles to Marblex and Immutable.

"To maximize the reach of these experiences and ensure scalability for both existing and upcoming titles, partnering with a proven leader in Web3 gaming was crucial,” said Marblex CEO Hong Jin Pyo, in a release. “That's why Immutable and their industry-leading zkEVM chain was the right choice."

Back in January, Marblex said that it would work with layer-1 blockchain network Saga to support its future games, with Saga also aiding with user acquisition. But Saga’s network is designed to launch dedicated chains, and can be used to support games and apps launched on other blockchain networks.

It’s not immediately clear whether the Immutable migration will impact those plans with Saga. Decrypt’s GG asked an Immutable representative for clarification, but did not receive an immediate response.

Editor’s note: This article was written with the assistance of AI. Edited and fact-checked by Andrew Hayward.

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Immutable token retreated this week as market participants reacted to the broader crypto market crash. It also dropped despite welcoming a popular game to its platform and a surge in Guild of Guardians NFT sales.

Immutable (IMX) fell to $0.495 on Friday, down 36% from its May peak and 86% from its high last year. The sharp decline has dragged its market capitalization from $4.6 billion in September to $958 million.

The decline came even after developers announced that Legends of Elumia had migrated to the Immutable network from Ronin. This is notable, as Legends is a fast-growing title acquired by Triumph Games in April and boasts thousands of monthly active players. 

Meanwhile, Immutable’s NFT activity showed notable strength this week. Data indicates that Guild of Guardians Heroes generated $8.89 million in sales, a 61% increase from the same period last week. Guild of Guardians Avatars sales rose by 64% to $4.2 million. In total, Immutable processed $13.7 million in NFT sales this week, up 69% from the previous period.

The next key catalyst for the IMX token is a major unlock scheduled for June 13. It will release 24.52 million tokens, valued at over $12.7 million. Fortunately for investors, IMX unlocks will conclude in October, transitioning the token into a deflationary asset.

Immutable price technical analysis IMX price chart | Source: crypto.news The daily chart shows that the IMX price peaked at $0.8100 in May as most cryptocurrencies rallied. It then pulled back to $0.50, its lowest point since May 8. 

IMX has since dropped below its 50-day Exponential Moving Average, while both lines of the MACD have crossed below the zero line. The Relative Strength Index has also tilted downward and is approaching oversold territory.

Given these signals, the token will likely continue falling as sellers target key support at $0.3458, its year-to-date low. A drop to this level would complete a double-bottom pattern, which could signal a rebound back to the neckline at $0.8100. However, a decisive move below that support would invalidate the bullish setup.