Australian gaming and digital asset technology business Immutable has announced an A$82 million (US$60m) Series B funding round, bringing its total funding to A$105 million.
Sydney-based Immutable, creators of Immutable X – a solution for scaling and trading non-fungible tokens (NFTs) – will use the funds to expand its engineering and sales teams and strengthen its partnerships with gaming companies.
The funds will also be used to scale the growth of Immutable’s in-house published NFT games, Gods Unchained and Guild of Guardians.
Ten International VC Firms Participate in Funding Round
The Series B round was co-led by San Francisco-based BITKRAFT Ventures and King River Capital, with participation from eight other VC firms. Immutable X will act as the underlying infrastructure to power NFT trading, enabling transactions at a much faster rate than is usual on Ethereum. It also requires reduced computing power and thus incurs much lower gas fees for users.
Immutable’s sibling co-founders James and Robbie Ferguson maintain their product is built to preserve the security and decentralisation of Ethereum, the blockchain of choice for NFTs, although Solana is starting to challenge its supremacy and is hosting three new NFT games on its blockchain where players can compete and trade with NFTs.
First Carbon-Neutral Scaling Solution for NFTs on Ethereum
Ultimately, the Immutable platform is the first carbon-neutral scaling solution for NFTs on Ethereum. “NFT trading is a terrible mainstream user experience right now,” says Robbie Ferguson. “It’s expensive, illiquid, and the only existing scaling solutions compromise on the most important thing – the security and user-base of Ethereum.”
We want businesses to create their game, marketplace, or NFT application within hours via APIs, with a mainstream user experience. No blockchain programming required.Robbie Ferguson, co-founder, Immutable
Ferguson says the company has 120 employees and hopes to grow to 200 within six months. He acknowledges other major blockchains besides Solana have an eye on NFTs, including Flow (owned by Dapper Labs) and Polygon, but sees competition as a good thing because “our most important mission is we want to make digital worlds real. And that means giving people ownership of their stuff in a secure, decentralised blockchain.”
Jens Hilgers, founding partner of leading investor BITKRAFT Ventures, sees Immutable as the future face of asset trading.
In-game items and digital assets will broadly move onto the blockchain. To support and accelerate this shift the industry is in need of a scalable, fast, efficient and trusted blockchain layer. We have found [with Immutable] the best team and product in the market to make this industry shift a reality.Jens Hilgers, founding partner, BITKRAFT Ventures
Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.