Sydney, Australia-based Blockchain gaming outfit Immutable has announced that it has raised $60 million for its NFT platform –Immutable X. The Series B funding involved various companies and was co-led by investment platform Bitkraft Ventures and King River Capital.
Organisations like Fabric Ventures, AirTree Ventures, Galaxy Interactive, Apex Capital, Psosus Ventures, and Alameda Research participated in the recent fundraising.
The raised funds will be used to expand Immutable and help it achieve its goals. Part of the funds will be used to build its engineering and sales department and foster multiple partnerships that would scale its NFT ambitions. Also, funds will be channelled to strengthen its in-house games –Gods Unchained and Guild of Guardians.
Scaling NFT Projects
The most significant part of this cash injection for Immutable is to get more projects to build and deploy on Immutable X, its Ethereum layer 2 scaling solution that allows for faster and affordable transactions and is backed by Ethereum’s security model.
Immutable has been working to grow the Ethereum-based NFT ecosystem by allowing businesses to create and trade collectibles on the network since its inception. Due to the multiple launches of projects on the Ethereum platform, the platform has experienced a series of issues caused by congestion, such as a slow rate of transactions and high cost.
Immutable was launched to tackle some of these problems on the Ethereum blockchain and offer better scalable solutions for NFTs on the network.
NFT developers can take advantage of the Immutable X platform’s immediate transaction processing power, which can process up to an eye-opening 9,000 transactions per second. Also, the platform has been made easy to use as Immutable will not charge gas fees to NFT creators and traders.
The present NFT market is inefficient, according to Robbie Ferguson, a co-founder of Immutable X, because trading the tokens has grown pricey and illiquid. Ferguson added that existing scaling solutions designed to address these issues ended up jeopardising the Ethereum network’s security and user base.
The goal of Immutable X is for businesses and other projects to build games, NFT applications, or marketplace within a few hours through APIs that would not require any blockchain programming experience, just a normal mainstream user knowledge.
NFTs have made the blockchain space a multi-billion industry, and the growth is expected to skyrocket in the coming days. This latest cash injection would see Immutable expand its network and join the big players. Click here or this site to understand more about Immutable X.