Layer-2 scalability protocol Immutable confirmed that it raised $60 Million in a Series B funding round. This brings its total funding to $77.5 Million and all the resources necessary to grow the underlying technical infrastructure that power NFT trading for any business.
Immutable is making a mark in the NFT scene through its layer-2 solution Immutable X. Basically, it offers mainstream scalability and gasless transactions, making it an attractive choice for NFT projects.
So, through Immutable X, players and collectors can trade their assets without the hassle of gas fees. Thanks to these benefits, its in-house published NFT games, Gods Unchained and Guild of Guardians, enjoy user acquisition and volume success.
More about the Series B Round and the Edge of Immutable X
The Series B round was co-led by BITKRAFT Ventures and King River Capital, with participation from the usual suspects. For example, Prosus Ventures, Galaxy Interactive, Fabric Ventures, Alameda Research, AirTree Ventures, Reinventure, Apex Capital, and Gary Vee’s VaynerFund. The funding will be used to expand the team, strengthen key partnerships, and accelerate the growth of the two gaming titles under its wing.
The successful funding round is an affirmation of the protocol’s big strides towards wider adoption. To elaborate, Immutable X is the first Layer 2 scaling solution for NFTs on Ethereum, the most used blockchain globally for NFTs. It directly attacks the pain points of Ethereum, such as slow and costly transactions.
Immutable co-founder Robbie Ferguson elaborated on the scaling solution. He said, “NFT trading is a terrible mainstream user experience right now. It’s expensive, illiquid, and the only existing scaling solutions compromise on the most important thing – 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. No blockchain programming required.”
Aside from innovation, security is also a priority. Thus, Immutable built ImmutableX with StarWare’s ZK-rollup because it is capable of massive scalability without compromising security. Companies lose their shirts over security breaches. For example, 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.
As it is, Immutable is already a powerhouse in the industry. With its fresh funds, it is ready to charge ahead and achieve more milestones.
Notable projects include the following:
- Upcoming support on OpenSea (NFT marketplace)
- Mintable (NFT marketplace)
- RTFKT studios (fashion NFT artists)
- VeVe Collectibles (licensed collectibles),
- Medal.TV (world’s largest gaming clips website)
- HighRise (social sandbox)
- TokenTrove (collectibles marketplace)
- SuperFarm (defi NFT farm)
- Finally, Epics.GG (Whitelabel marketplace platform for NFTs)
Yes, the scaling solution has its hands full with lucrative and high-potential deals. Furthermore, leading companies and top developers are choosing Immutable X as their technology partner. The NFT Market is also heating up. Q2 2021 records $2.5 Billion in sales, a drastic increase from the $13.7 million in the first half of 2020. So, it looks like all the stars are aligning to boost the success and growth of Immutable.
So stay tuned and follow them on Twitter!