Immutable , an Australian NFT trading platform, announced a $200m Series C funding round. This was led primarily by Temasek, a Singaporean state-owned investment company. Tencent and Animoca Brands also participated. ParaFi Capital, Princeville Capital, and Arrington Capital have all invested in Immutable, as well as existing backers King River Capital (Prosus Ventures), AirTree Ventures and Declaration Partners. This has raised Immutable’s value to $2.5 billion.
This capital will be used to develop the Immutable X layer-2 scaling technology for nonfungible tokens on Ethereum and scale Immutable Gaming Studio. The company’s flagship games, Gods Unchained & Guild of Guardians, will also benefit from this capital. Immutable X utilizes StarkWare’s StarkEx zero knowledge proof technology to scale Ethereum and provide game developers with zero gas costs and a carbon neutral environment.
Robbie Ferguson, co-founder of Immutable and its president, tweeted that the future gaming depends on NFT economies, and that Immutable would like to be a pioneer in NFT adoption.
NFTs are taking over the world. Gaming will become the trojan horse. This means that your family can trade or own digital property without them knowing. https://t.co/A1q9AUJfXJ
— Robbie Ferguson (@0xferg)
March 7, 2022
Ferguson stated that the digital future requires open order books, not siloed liquidity. He also recommends “genuine” decentralization of Ethereum and consumer-focused NFT projects.
According to Immutable, Immutable has four new executives in its plans for rapid global expansion. They are Justin Hulog (ex-Riot Games general manager), Gill Findlay (AirTree ventures partner), as chief operating officer, John Boris (ex-CEO of IfOnly), as chief growth officer, and Katherine Rau, chief people officer. Immutable plans to increase its 165-person workforce by adding 200 more employees worldwide this year.
Immutable has partnered with GameStop in order to create the retailer’s NFT marketplace and sponsor game creators through a $100 million grant program. OpenSea and Ember Sword are among the other companies using Immutable X.
Immutable was one of many blockchain- and crypto-focused businesses to have reached “unicorn status in the last year. A unicorn is a company with a market capitalization of at least $1 billion.