Immutable X, an Ethereum-based Layer 2 scaling solution for non-fungible tokens (NFTs), recently said it raised $60 million in Series B funding, co-led by BITKRAFT Ventures and King River Capital. rice field.
According to a press release shared with crypto potato Today, Immutable has also received investment from a number of cryptocurrency companies and venture capital firms. These include Alameda Research, Galaxy Interactive, Apex Capital, VaynerFund, Fabric Ventures, Reinventure, and AirTree Ventures.
The new cash injection, which brings the company’s total funding to $77.5 million, will be allocated to expanding the project’s global engineering and sales teams, as well as fostering partnerships with blockchain gaming companies.
Additionally, Immutable said the funds will be used to fuel the growth of its internally published NFT games, Gods Unchained and Guild of Guardians.
Scaling NFT projects on Ethereum
Since its launch, Immutable has focused on developing the Ethereum-based NFT ecosystem by enabling businesses to create and trade collectibles on the network.
Multiple NFTs and decentralized applications built on the Ethereum blockchain have put many constraints on the network. slow and expensive transactions.
Based on the congestion of the Ethereum blockchain, Immutable was started to address some of these challenges and provide a better and more scalable solution for NFTs built on top of the network.
The Immutable X platform gives NFT developers instant transaction processing capabilities capable of handling 9,000 transactions per second.
NFT creators and traders do not have to pay for gas using Immutable.
Immutable X co-founder Robbie Ferguson says the current NFT market is inefficient because trading tokens has become expensive and illiquid.
He added that existing scaling solutions that were supposed to address these challenges have endangered the security and user base of the Ethereum network.
“We want companies to be able to create games, marketplaces, or NFT applications within hours via our APIs for a mainstream user experience. No blockchain programming required. added Ferguson.
Significant growth of NFT games
It’s no longer news that the NFT sector, especially blockchain games, has registered significant growth since the beginning of the year, with over $10 billion of digital assets traded across various markets.
With nearly $200 billion in revenue expected, the gaming industry will likely grow bigger based on its integration with NFT and blockchain technology.
Due to the potential of NFT games, companies are looking for ways to profit in the long term by investing in NFT-related projects.
As reported, popular NFT marketplace OpenSea announced In July, it raised $100 million from prominent investors, reaching a valuation of $1.5 billion.