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NFT Gaming Startup Immutable Becomes Crypto Unicorn after Hitting Valuation to $2.5B

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Joyashree Dey Follow

INDIA

Mar, 10 2022

Mar, 10 2022

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On March 7, 2022, the Australian startup behind an Ethereum layer-2 scaling solution intended for games and NFTs, Immutable reported that it has raised a Series C funding round at a valuation of $2.5 billion.

The Series C funding round was driven by investment company Temasek, with participation from Chinese gaming monster Tencent and leading metaverse investment firm Animoca Brands. Additional new investors include Arrington Capital, Mirae Asset, and Liberty Global, while Alameda Research and Possible Ventures are among the organizations that expanded their complete investment.

Robbie Ferguson, Immutable’s co-founder, and the president tweeted on March 7, “NFTs are eating the world. Gaming will be the trojan horse that means your family can trade and own digital property, without them even knowing.”

The organization means to put this capital toward fostering its Immutable X layer-2 scaling solution for non-fungible tokens (NFTs) on the Ethereum organization and scaling Immutable Gaming Studio, which incorporates its lead Gods Unchained and Guild of Guardians computer games. Immutable X purposes StarkWare's StarkEx zero-information verification innovation to accomplish adaptability on Ethereum while furnishing game developers with zero gas charges and a carbon-neutral climate.

Ferguson added that the eventual fate of gaming is reliant upon NFT economies and that Immutable needs to spearhead NFT adoption. The digital future will require open request books rather than siloed liquidity, and "certifiable" decentralization on Ethereum as well as buyer-centered NFT projects.

As per the organization, a part of Immutable's strategies for "rapid global expansion" incorporate onboarding four new executives: Justin Hulog, Riot Games ex-general manager, as chief studio officer; Gill Findlay, AirTree ventures partner, as a chief operating officer; John Boris, ex CEO of IfOnly, as chief growth officer; and Katherine Rau as chief people officer. Immutable likewise plans to develop its group of 165 individuals by adding 200 new workers all around the world this year.

As of now, Immutable joined hands with GameStop to foster the game retailer's forthcoming NFT marketplace as well as sponsor game makers through a $100 million award program. Different organizations presently expanding on Immutable X incorporate TikTok, OpenSea, Ember Sword, GreenPark Sports, and Gary's Vee Friends.

Immutable, the startup behind Immutable X, a scaling solution for Ethereum NFTs and games, is one of a few blockchain and crypto-centered organizations to have accomplished "unicorn" status after its Series C raise. 


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Joyashree Dey

CBW - External Analyst

INDIA

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