Sydney (Australia) based NFT trading platform Immutable has announced on March 7, 2022, that it raised a $200 million in series C funding round to pave the way to bring blockchain gaming to the masses. This funding round was led by Temasek, a Singaporean state-owned investment firm. The company’s current valuation rose to $2.5 billion against the $410 million in 2021. Now it is a unicorn company. A unicorn is a company that achieves a valuation of $1 billion or more.
This time Animoca Brands, Tencent, ParaFi Capital, Arrington Capital, Mirae Asset, and Liberty Global also came along with the old partners viz. Alameda Research, AirTree Ventures, Declaration Partners, and Fabric Ventures.
Recently, Immutable partnered with GameStop to develop the game retailer’s upcoming NFT marketplace and sponsor game creators via a $100 million grant program. Other companies currently building on Immutable X include TikTok, OpenSea, Ember Sword, GreenPark Sports, and Gary Vee’s Vee Friends.
According to the company, part of Immutable’s plans for ‘Rapid Global Expansion’ includes onboarding four new executives- Gill Findlay as the chief operating officer, who is currently also a partner at AirTree Ventures. John Boris has joined as chief growth officer, Justin Hulog as chief studio officer, and Katherine Rau as chief people officer. Immutable is also planning to grow its 165-person team by adding 200 new employees globally this year.
Immutable is locked in on developing a leading, ambitious and dependable Web3 ecosystem for a new era of creators that desire scalable results in the world’s fastest-growing industry.Immutable Chief Executive, James Ferguson
Immutable has developed the Immutable X platform, a scaling solution for Ethereum blockchain which allows faster transactions and lower fees for NFTs. Blockchain gaming has shown rapid growth in the past few years. The integration of NFTs into games allows users the ownership of digital assets. Also, they can sell, buy, and trade these in-game assets/items. Immutable is experimenting and moving towards new technologies and advancements like entering the Web3 world and Layer-2 Protocol.
Web3 refers to the decentralized online ecosystem of applications built on blockchain technology. It is the next stage of the web evolution that would make the internet more intelligent or process information with near-human-like intelligence through the power of AI systems that could run smart programs to assist users. The Layer-2 protocol was built in partnership between Immutable X and StarkWare’s bleeding-edge zkRollup technology.
Layer 2 is a secondary framework or protocol built on top of an existing blockchain system to provide increased scalability. L-2 layer takes advantage of the great scalability of 9000 TPS, zero gas fees for minting Ethereum, and 100% carbon neutrality. It will give players access to Ethereum’s high security and best NFT gaming experience.
Immutable is the leading Layer 2 scaling solution for NFTs to enable gas-free minting and trading while not compromising the security of the most used blockchain globally for NFTs, Ethereum. The solution, powered by StarkWare’s innovative technology, offers instant trade confirmation.
Also Read: Immutable partners with Kongregate and enters the Web 3 World to open new possibilities to its existing and future titles