The company’s value has increased dramatically since 2021, when it was only $410 million, showing the NFT economy’s tremendous growth.
Immutable, an Australian NFT trading platform, has raised $200 million in a Series C round led by Temasek, a Singaporean state-owned investment firm, with participation from Animoca Brands and Tencent. Immutable’s valuation has been lifted to $2.5 billion thanks to additional funding from ParaFi Capital, Princeville Capital, and Arrington Capital, as well as current investors King River Capital, Prosus Ventures, AirTree Ventures, Declaration Partners, and others.
The funds will be used to further develop Immutable X, a layer-2 scaling solution for nonfungible tokens (NFTs) on the Ethereum network, as well as scale Immutable Gaming Studio, which includes the video titles Gods Unchained and Guild of Guardians. Immutable X achieves scalability on Ethereum while giving game developers with zero gas prices and a carbon-neutral environment by utilising StarkWare’s StarkEx zero-knowledge proof technology.
Immutable’s co-founder and president, Robbie Ferguson, stated that NFT economies are critical to the future of gaming, and that Immutable wants to be a leader in NFT adoption.
Ferguson went on to say that the digital future will require open order books rather than segregated liquidity, as well as “real” decentralisation on Ethereum and consumer-focused NFT projects.
Immutable’s plans for “rapid global expansion,” according to the company, include onboarding four new executives: Justin Hulog, former Riot Games general manager; Gill Findlay, AirTree Ventures partner; John Boris, former CEO of IfOnly, as chief growth officer; and Katherine Rau, former CEO of IfOnly, as chief people officer. This year, Immutable wants to expand its 165-person staff by hiring 200 new people around the world.
Immutable recently teamed up with GameStop to help create the retailer’s planned NFT marketplace and to support game designers through a $100 million award programme. TikTok, OpenSea, Ember Sword, GreenPark Sports, and Gary Vee’s Vee Friends are among the companies that are currently developing on Immutable X.
Immutable is one of several blockchain and cryptocurrency startups that have reached “unicorn” status in the last year. A unicorn is a startup with a valuation of $1 billion or more in the startup world.
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