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


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.

Joyashree Dey
CBW - External Analyst
INDIA