‘First Layer 2 For NFTs On Ethereum’ Worth $2.5B After Latest Fundraising Round

Republished By Plato

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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.”

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.“

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

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.