Ethereum NFT Gaming Startup Immutable Hits $2.5B Valuation After $200M Raise

 The startup behind Immutable X, a scaling solution for Ethereum NFTs and games, is the latest crypto unicorn after a Series C raise.



Temasek led the $200 million round, with participation from Animoca Brands and Tencent.

Immutable X is an Ethereum scaling solution used by firms like GameStop and TikTok.

Immutable, the Australian startup behind an Ethereum layer-2 scaling solution designed for games and NFTs, announced today that it has raised a Series C funding round at a valuation of $2.5 billion. The firm joins an ever-expanding 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 leading metaverse investment firm Animoca Brands. Additional new investors include Arrington Capital, Mirae Asset, and Liberty Global, while Alameda Research and Possible Ventures are among the firms that increased their total investment.

Immutable is the firm behind Immutable X, a layer-2 platform that works on top of the Ethereum blockchain. Transactions on Immutable X are significantly cheaper and faster than those on Ethereum’s own mainnet, and require much less power than transactions on Ethereum’s own energy-intensive proof-of-work network.

Immutable X uses StarkWare’s StarkEx zero-knowledge proof technology to roll up thousands of transactions on its own network and commit them to Ethereum with a single transaction.

Amid other notable Ethereum scaling solutions like Polygon, Arbitrum, and Optimism, Immutable X has attempted to carve out a niche as a platform designed for video games and NFT collectibles.

Immutable X was recently announced as the platform that will power video game retailer GameStop’s gaming-centric NFT marketplace. GameStop’s marketplace is due to launch later this year, and will focus on user-ownable NFT items—such as characters, weapons, and apparel—designed for Ethereum-driven video games.

All of you know that NFT Gamings  is booming now!!! This is the right time to launch your own NFT Gaming Platform. Before You are going to start NFT Gaming You must analyze the market and connect with NFT Gaming Platform Development Company like Bitdeal. 

Citation : Decrypt.co

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