NFT Scaling to the rescue!
Immutable, a crypto startup focused on NFT and gaming, revealed today that it has raised $200 million in a Series C funding round headed by Singapore’s state-owned investment company Temasek. The raised funds place a $2.5 billion value on the company.
Also, they raised $200 million in a Series C funding round headed by Singapore’s state-owned investment company Temasek. The raised funds place a $2.5 billion value on the company.
Immutable’s Growing Prospects in NFT Scalling
A Twitter flurry on Monday morning announced the raise at Immutable. In addition to Temasek, which is Singapore’s investment company and one of the world’s leading crypto venture capital organizations. Further, several other prominent firms, including ParaFi Capital, Alameda Research, Tencent, and Arrington Capital, also participated in the round.
In September 2021, Immutable had a valuation of $410 million, which has since risen to $2.5 billion after the company’s latest round of funding. Also, To fulfill the growing demand for its NFT platform, scale its operations, expand into new markets, and investigate acquisitions. Moreover, the company plans to use the new funding to hire approximately 200 new members over the next year.
An Ethereum-based Layer 2 scaling protocol for NFTs is Immutable X’s main offering. Immutable X uses ZK-Rollup StarkEx to store data. No gas fees, instant confirmations, and instant withdrawals to Ethereum are all included in this high-transaction-throughput environment. Further, Play-to-earn games like Gods Unchained and Guild of Guardians are also the development of the team.
“NFTs are eating the world. Gaming will be the trojan horse that means your family can trade and own digital property, without them even knowing,” Immutable’s co-founder and president, Robbie Ferguson, said on Twitter.
A $100 million fund dedicated to supporting blockchain game developers has announced in February It was a partnership between the company and GameStop, the world’s largest video game retailer. Moreover, the Layer 2 scaling platform of Immutable has been used by other significant companies such as TikTok, OpenSea, and Illuvium.
NFT Scaling Through the Gaming- Is it the New Meta?
Ethereum, notably its blockchain, is a very open platform with numerous options and media. With those possibilities comes the opportunity of non-fungible tokens(NFTs), precisely the ERC-721 standard, which allows you to tokenize anything you can think of, from photographs to music to gaming.
NFTs are easily tradeable and are the perfect representations of the associated media. Most NFT projects operate on the Ethereum blockchain. Although others run on the Wax blockchain and others.
In addition, both gaming and NFTs have a sizable market. There is now a niche market for NFT gaming. NFTs are one of the items that direct into the game, typically as cosmetics or items. They are tokenable on the blockchain, creating a fairly strong connection between the two. Below listed are some of the top trending NFT games:
