Immutable (CRYPTO:IMX) announced a new round of investors Monday morning and details on its growth ahead of an NFT marketplace launch with GameStop Corp (NYSE: NYSE:GME).
What Happened: Ethereum (CRYPTO: ETH) Layer 2 protocol Immutable provides fast transactions which are 10% carbon-neutral and have zero gas fees.
The company behind Immutable announced a $200 million funding round that valued the company at $2.5 billion
“Thrilled to announce Immutable’s next chapter alongside Temasek. NFTs are eating the world. Gaming will be the trojan horse that means your family can trade and own digital property, without them even knowing,” Immutable co-founder Robbie Ferguson tweeted Monday.
Ferguson tweeted an open invitation for people to come build a future with the company.
“NFTs have opened up the largest addressable market in the history of the world.”
Immutable’s funding round was led by Temasek and also included investments by Tencent Holdings (HK:0700) (OTC: TCEHY), Naspers Ltd (OTC: NPSNY) and Animoca Brands, parent company of The Sandbox (CRYPTO: SAND).
Immutable notes that this is one of the first-ever NFT investments by Tencent, which is the largest video game company in the world.
“Our ultimate vision is to bring digital ownership to the world via NFTs,” Immutable said.
The company said the funding will help with global expansion and hiring. The money will also go towards boosting studio content, including with existing games “Guild of Guardian” and “Gods Unchained.”
Related Link: How To Buy Immutable X (IMX)
Why It’s Important: Immutable previously raised money at a $410 million valuation in 2021. The increased valuation continues to show the growth of investments and interest in non-fungible token related companies in the gaming space.
“Gods Unchained” offers trading of NFT cards. “Guild of Guardians” allows players to trade rewards they earn.
Immutable announced a partnership with GameStop in February that will launch an NFT marketplace and include a $100 million fund to help support gaming studios in their plans for NFTs.
“Our integration will allow current & future NFT projects/economies to access more liquidity & gaming content w/mainstream users,” Immutable said at the time.
IMX Price Action: Immutable is trading up 32% to $1.59 on Monday. The coin has reached as high as $9.50 over the last year, and traded over $4 on the heels of the GameStop announcement previously.
Photo: Courtesy of Marco Verch Professional on Flickr
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