Immutable, the global leader in gaming and digital asset technology has raised $82 million in a Series B funding round, bringing the company’s total funding to $105 million.
How will Immutable use this funding?
In April 2021, Immutable created and launched Immutable X, the world’s most technically advanced solution for scaling and trading Non Fungible Tokens.
Similar to how leading payment platforms enable online commerce, Immutable X acts as the underlying technical infrastructure to power NFT trading for any business.
Immutable X is built to not compromise the security or decentralization of Ethereum, the most used blockchain globally for NFTs, thereby allowing massive scalability for NFTs.
Last month, $600m was hacked on less secure scaling solutions which rely on centralized “bridges” for their connection to Ethereum, rather than zero-knowledge proofs.
Immutable X is also the first carbon-neutral scaling solution for NFTs on Ethereum.
It significantly reduces the fee used (known as gas) per NFT trade or mint, as well as computing energy, and therefore reduces the carbon footprint.
Immutable will cover the ongoing cost of carbon credits until at least 2025, as NFT volume on Immutable X increases through the growing ecosystem of marketplaces and games.
Stakeholder comments on Immutable’s funding
“NFT trading is a terrible mainstream user experience right now. It’s expensive, illiquid, and the only existing scaling solutions compromise on 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 that eliminates the requirements of complex blockchain programming,” commented Robbie Ferguson, co-founder at Immutable.
The market for NFTs has continued surging to new highs in the second quarter of 2021, with $2.5 billion in sales so far this year, up from just $13.7 million in the first half of 2020.
With 9,000 transactions per second instant transaction times and zero-gas fees, Immutable enables creation and trade of NFTs on Ethereum while remaining completely carbon-neutral.
“We have been encouraged by the strong momentum around the Ethereum ecosystem and are excited by the prospects of this next-generation scalability infrastructure broadening accessibility for a new wave of blockchain game developers.”
“The future of asset trading is digital. In-game items and assets will move to the blockchain.”
“To support and accelerate this shift the industry is in need of a scalable, fast, efficient and trusted blockchain layer. With Immutable we have found the best product in the market to make this industry shift a reality,” said Jens Hilgers, Founding Partner at BITKRAFT Ventures.
“Immutable’s technology is transformative and will accelerate the adoption of NFTs across gaming, the music industry, financial services and sectors yet to appreciate NFTs.”
“James and Robbie have positioned Immutable at the forefront of this rapidly evolving market with the team and the IP to solve one of the biggest problems that exists on the web today, proof of ownership,” commented Zeb Rice, a Founding Partner at King River Capital.
“AirTree is inspired by technology mavens who can visualise the future before it materialises. James and Robbie have been working on NFT games and scalability solutions for years.”
“They have built the strongest team and the world’s best scalability infrastructure to power the emerging wave of consumer usage of NFTs in the metaverse and beyond.”
“Its a delight to partner with Immutable,” says John Henderson, Partner at AirTree Ventures.
Immutable’s technology partnerships span across multiple industries.