‘First Layer 2 for NFTs on Ethereum’ Worth $2.5B After Latest Fundraising Round


On Monday (March 7), Sydney-based blockchain start up Immutable, which is responsible for the research and development of Ethereum layer 2 powered NFT platform Immutable X, announced that it had “raised fresh funding from investors led by Singapore’s Temasek in a round that values it at $2.5 billion.”

Immutable is the developer behind Immutable X, a high-speed decentralized platform for creating and trading NFTs. Immutable X alpha launched on the Ethereum mainnet on 8 April 2021. A press released issued by the company on that day stated that via Immutable X, Immutable “aims to promote mainstream NFT adoption by offering gas-free minting and trading, self custody alongside seamless UX for developers and consumers.” It also mentioned that Immutable X is “ensuring any NFT activity on the protocol is completely carbon neutral by purchasing carbon credits to offset gas consumed on Ethereum.”

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Back then, Immutable Co-Founder and President Robbie Ferguson had this to say:

With today’s Immutable X Alpha release, any NFT can now be traded, earned, shared, gamed and collected completely gas-free on Ethereum... Before Immutable X, developers had few alternatives. Move to another blockchain that provides more scalability, but a fraction of Ethereum’s ecosystem and security, or use a sidechain. Neither are viable options for developers that want to prioritize revenue security and self-custody.

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According to a report by Reuters published earlier today, “investors in the $200-million funding round include Mirae Asset, ParaFi Capital, Declaration Partners, Tencent Holdings and others.”




Ferguson stated:

We’re excited to raise this capital so we can help deploy it aggressively through M&A opportunities.

The Reuters report went on to say that last month Immutable announced “a partnership with GameStop (GME.N) to launch the videogame retailer’s NFT marketplace alongside a fund worth $100 million dedicated to supporting creators of NFT content from gaming studios, Web3 and metaverse gaming.”

Disclaimer

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