• Australian NFT startup Immutable
• Developing Solutions for NFT & Gaming
• Low cost and high speed
• NFT and metaverse Ruling

Australian NFT startup Immutable

While the NFT sector continued to expand, the Bitcoin, Ethereum, and broader crypto markets remained out of scope as a result of suffering financial market conflicts.

Australian NFT startup Immutable announced on Monday that it has raised $ 200 million in a Series C funding round led by Singapore’s state-owned investment firm Temasek.

Venture capital joins the ever-growing list of cryptocurrencies “unicorns,” or startups over $ 1 billion.

Developing Solutions for NFT & Gaming

Immutable will use this money to further develop Immutable X Layer 2 scaling solutions for non-fungible tokens on the Ethereum network, scaling Immutable Gaming Studios, including Guild of Guardians and Gods Unchained video games.

Companies involved to raise funds

• Tencent,
• the Chinese gaming powerhouse
• Animoca Brands
• a renowned metaverse investment group participated in the funding round.

Arrington Capital, Liberty Global, and Mirae Asset are among the new investors, while Alameda Research and Possible Ventures raised their overall stake.

Immutable announced a deal with GameStop in February and launched the NFT Marketplace. Immutable and GameStop have set up a $ 100 million fund to empower game studios, Metaverse games, and Web3 NFT content creators.

Low cost and high speed

The company raised $ 410 million in its latest round of investment last September. Due to recent valuation increases, the value of Immutable has almost doubled in the past month.

Immutable X transactions are significantly cheaper and faster than Ethereum’s own transactions on the mainnet and consume significantly less energy than Ethereum’s own energy-intensive proof of work (POW) networks.

Immutable co-founder and president Robbie Ferguson stated on Twitter that the future of gaming is based on nonfungible token economics and that Immutable wishes to be a “forerunner’ in NFT adoption.

NFT and metaverse Ruling

Ferguson said on Twitter about his aggressive expansion into NFTs and the Metaverse:

“NFTs are eating the world. The game acts as a Trojan horse, allowing families to trade and own digital assets without their knowledge.” 

Faced with competition from other Ethereum scaling solutions such as Arbitrum, Polygon and Optimism, Immutable X is trying to establish itself as a video gaming platform.

Scheduled to launch later this year, GameStop’s marketplace will focus on custom NFT products such as characters, weapons, and costumes specifically designed for Ethereum-based video games.