Immutable announced today that it has raised $200 million in a Series C funding round lead by Singapore’s state-owned investment firm Temasek.
In addition, it is a cryptocurrency company that focuses on NFT and gaming. The company valued at $2.5 billion thanks to the new funding.
NFT Prospects Rise
Immutable’s fundraising revealed a flurry of tweets on Monday morning. Temasek, Singapore’s state-owned investment business is one of them. Furthermore, it is one of the most well-known crypto venture capital firms in the world. Other notable businesses that participated in the round were ParaFi Capital, Alameda Research, Tencent, and Arrington Capital.
Immutable was valued at $410 million in September 2021. After the company’s most recent round of fundraising, it has increased to $2.5 billion. This meets the company’s rising demand for its NFT platform and to scale its operations. It also investigates acquisitions and extends into new markets. Over the following year, the company expects to hire around 200 new members with the new cash.
On the other hand, Immutable X’s core offering is an Ethereum-based Layer 2 scaling mechanism for NFTs. Immutable X uses ZK-Rollup StarkEx to store data. This high-transaction-throughput environment includes no gas fees, instant confirmations, and immediate withdrawals to Ethereum. The team also created play-to-earn games like Gods Unchained and Guild of Guardians.
In February, a $100 million fund dedicated to assisting blockchain game makers unveiled. This is part of a deal between the corporation and GameStop, the largest video game retailer in the world. Immutable’s Layer 2 scaling platform has been used by notable firms such as TikTok, OpenSea, and Illuvium.
NFT Gaming: The New Meta
Non-fungible tokens (NFTs), specifically the ERC-721 standard, are a possibility as a result of these possibilities. Users can tokenize anything they can think of, from photos to music to video games.
NFTs are simple to trade and are great representations of the media they represent. The Ethereum blockchain is used by the majority of NFT projects, however others use the Wax blockchain and others.
There is a substantial market for both gaming and NFTs. NFT gaming, in which NFTs embedded directly into the game, has developed into a niche sector. It usually comes in the form of cosmetics or products, and tokenized on the blockchain, providing a tight link between the two.
Mecha Morphing, The Wasted Lands, and Axie Infinity are among the most popular NFT games (AXS).
Gods Unchained is a strategy card game in which players can own and tokenize their in-game assets. Users can trade, sell, and use their cards in any way they see fit.
NFT games may become the crypto industry standard if they receive enough attention and popularity. They’ve already made games better and more entertaining for players. There will be many more NFT games released, and some have already been successful; but, because NFTs are a versatile technology, they may be upgraded in the future.
