Ethereum

Ethereum NFT Gaming Startup Immutable Hits $2.5 Billion Valuation After $200 Million Rise

Ethereum NFT Gaming Startup Immutable Hits $2.5 Billion Valuation After $200 Million Rise

In short

  • Temasek led the $200 million round, with participation from Animoca Brands and Tencent.
  • Immutable X is an Ethereum scaling solution used by companies like GameStop and TikTok.

Immutable, the Australian startup behind a Ethereum Layer 2 scaling solution designed for gaming and NFT, announced today that it has raised a Series C funding round at a valuation of $2.5 billion. The firm joins an ever-growing list of crypto “unicorns” or startups worth at least $1 billion.

The $200 million round was led by investment firm Temasek, with participation from Chinese gaming giant Tencent and leader metaverse investment firm Animoca brands. Other new investors include Arrington Capital, Mirae Asset and Liberty Global, while Alameda Research and Possible Ventures are among the companies that have increased their total investment.

Immutable is the company behind Immutable X, a Layer 2 platform that runs on top of Ethereum block chain. Transactions on immutable X are significantly cheaper and faster than those of Ethereum main networkand require much less energy than Ethereum’s own transactions energy-intensive proof of work network.

Immutable X uses StarkEx from StarkWare zero knowledge proof technology to aggregate thousands of transactions on its own network and commit them to Ethereum in a single transaction.

Among other notable Ethereum scaling solutions like Polygon, Arbitrationand Optimism, Immutable X tried to carve out a place for itself as a platform designed for video games and NFT collectibles.

X immutable was recently announced as the platform that will power video game retailer GameStop’s gaming-centric NFT marketplace. GameStop’s marketplace is slated to launch later this year and will focus on user-owned NFT items, such as characters, weapons, and clothing, made for Ethereum-based video games.

GameStop and Immutable last month announced a $100 million development fund as part of the deal, in an effort to entice crypto game creators to build on Immutable X and the retailer’s marketplace.

Social video app TikTok also relies on Immutable X for his creator-focused NFTs last year, while Gary Vaynerchuk VeeFriends Ethereum NFT Project used the scaling solution for its Book NFT promotion games. NFT market leader OpenSea will also integrate Immutable X and the next crypto game Ember Sword also builds on it.

Immutable also develops and publishes its own NFT games. Competitive card game raging gods was one of the first notable crypto games and has since migrated from the Ethereum mainnet to Immutable X. The company will also release the next mobile action game, Guardians Guild.

Following the Series C increase, Immutable, which currently has 165 employees, will significantly expand its team over the next 12 months, with plans to hire an additional 200 employees. The company recently announced a handful of executive hires, including new studio head Justin Hulog, who has joined Riot Games.

Immutable previously raised a $60 million Series B round in September 2021, and $15 million in a Series A round two years earlier in September 2019.

https://decrypt.co/94542/ethereum-nft-gaming-startup-immutable-2-5b-valuation-200m-raise

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