Games Startup Immutable Raises $ 82 Million Series B For Ethereum Trading Game NFT
Sydney gaming startup Immutable has raised AU $ 82 million to develop its Ethereum-based trading platform into non-fungible tokens (NFTs).
The cycle was co-led by BITKRAFT Ventures of California and King River Capital of Sydney. Other backers include AirTree Ventures, Prosus Ventures, Galaxy Interactive, Fabric Ventures, FTX, Reinventure, Apex Capital, and VaynerFund.
The increase comes two years after a $ 15 million Series A from Naspers Ventures, blockchain-focused investment bank Galaxy Digital’s EOS VC Fund and Apex Capital Partners.
The funding will be used to expand the global engineering and sales team and strengthen the startup’s partnerships with game companies. Immutable will also ramp up the growth of its internally released NFT games, Gods Unchained and Guild of Guardians.
Immutable’s pitch to gamers is that it provides gamers with true ownership of game elements and has focused on mainstreaming the adoption of decentralized game economies.
Immutable was founded by brothers James and Robbie Ferguson, in their twenties, in 2018.
The duo created a Layer 2 scaling solution for NFTs on Ethereum in April of this year, called Immutable X. It offers the underlying carbon neutral technical infrastructure to power NFT trading, with a Instant transaction confirmation and scalability to over 9,000 transactions per second and zero gas charges, without compromising security.
Last month, $ 600 million was hacked from rival scaling solutions that rely on centralized “bridges” for their connection to Ethereum, rather than zero-knowledge evidence.
Blockchain-based NFTs have become a hot item. Best known, Christie’s has auctioned off a digital collage titled Everydays: The First 5000 Days, by American digital artist Mike Winkelmann (who is called Beeple) as TVN for US $ 69 million.
Since then, everything from Jack Dorsey’s first tweet to a New York Times column, a music video of a Russian political activist, and Pussy riot the founder, Nadya Tolokonnikova, and the World Wide Web source code were sold as NFT.
NFT’s total sales volume reached US $ 2.5 billion in the first six months of 2021, with between 10,000 and 20,000 sales every week since March. In the first half of 2020, total revenue was $ 13.7 million.
Best NFT Trading
Immutable co-founder Robbie Ferguson said NFT trading is a terrible mainstream user experience.
“It’s expensive, illiquid, and the only scaling solutions out there compromise the most important thing – Ethereum’s security and user base,” he said.
“We want businesses to build their game, marketplace or NFT application in hours through APIs, with a consumer user experience. No blockchain programming required.
From collectible trading card NFTs to fashion NFTs, the Ferguson’s hope Immutable’s technology partnerships will span multiple industries. Immutable launched one of the most successful games on the blockchain, Gods Unchained, led by Chris Clay, the former game director of Magic the Gathering Arena.
Other notable projects include upcoming support on OpenSea (NFT Marketplace), Mintable (NFT Marketplace), RTFKT Studios (NFT Fashion Artists), Ecomi / VeVe Collectibles (Licensed Collectibles) and Medal.TV (the world’s largest game music video website).
King River Capital’s founding partner, Zeb Rice, said Immutable’s transformative technology has the potential to dramatically accelerate the wider adoption of NFTs in games, the music industry, financial services and retail. ‘other sectors.
“James and Robbie live and breathe this space and have positioned Immutable at the forefront of this rapidly evolving market with the team and intellectual property to solve one of the biggest problems that exist on the web today. – proof of ownership, “he said.
BITKRAFT Ventures founding partner Jens Hilgers said he was excited about the prospects of Immutable’s next-generation scalability infrastructure expanding accessibility for a new wave of blockchain game developers.
“The future of asset trading is digital and in-game elements and digital in-game assets will largely move to blockchain,” he said.
“To support and accelerate this change, the industry needs a scalable, fast, efficient and reliable blockchain layer. With Immutable, we’ve found the best team and the best product on the market to make this industry change a reality.