An article to understand the NFT start-up company Immutable that has completed 200 million US dollars in financing

This article comes fromDecrypt, Original Author: Andrew Hayward

Odaily Translator |

This article comes from, Original Author: Andrew HaywardOdaily Translator |

Australian NFT Startups

Immutable Announces $200 Million Series C Funding

, with a valuation of $2.5 billion, making it one of the crypto unicorns.

The round was led by Temasek, with participation from Chinese gaming giant Tencent Holdings and Metaverse investment firm Animoca Brands. Other new investors include Arrington Capital, Mirae Asset and Liberty Global, while firms including Alameda Research and Possible Ventures added to existing investments in Immutable.

Immutable is the development company behind Immutable X, an NFT layer-2 scaling solution. Transactions on Immutable X are cheaper and faster than transactions on the Ethereum mainnet, and consume far less energy than transactions on Ethereum’s own energy-intensive PoW network.Immutable X uses StarkWare's StarkEx zero-knowledge proof technology to aggregate thousands of transactions on its own network and submit them to the Ethereum network as a single transaction.

In competition with other well-known Ethereum scaling solutions such as Polygon, Arbitrum, and Optimism, Immutable X is trying to carve out a niche market as a platform designed for video games and NFT collectibles.

According to the recent announcement

, video game retailer GameStop will use Immutable X’s Ethereum scaling solution to power its gaming-focused NFT marketplace. GameStop's NFT marketplace will launch later this year and will focus on user-ownable NFT items, such as characters, weapons, and clothing, designed for ethereum-based video games.

GameStop and Immutable announced a $100 million developer fund last month aimed at incentivizing crypto game creators to build on Immutable X and use GameStop's marketplace.

Social video app TikTok created its creator-focused NFT based on Immutable X last year. And entrepreneur Gary Vaynerchuk’s Ethereum NFT project VeeFriends has used the scaling solution for its Book Games NFT promotion. NFT marketplace OpenSea will also integrate Immutable X. The upcoming crypto game Ember Sword is based on Immutable X.