Sydney-based Immutable has successfully sourced $60 million for its platform that utilizes nonfungible tokens (NFTs) in monetizing games.
The company behind NFT-based collectible games Gods Unchained and Guild of Guardians disclosed that it secured $60 million via a Series B funding initiative. King River Capital and BITKRAFT Ventures co-led this funding round, seeing participants in Reinventure, Alameda Research, Galaxy Interactive, Prosus Ventures, Fabric Ventures, AirTree Ventures, VaynerFund, and Apex Capital.
Because of the successful sourcing, the company now has total funding equivalent to $77.50 million to pursue its ambitious projects.
Growing in-house NFT games
The end goal for Immutable is to drive the mainstream adoption of NFTs. Accordingly, the generated funds will be used to scale the growth of its in-house NFT games (Gods Unchained and Guild of Guardians), strengthen key partnerships with other gaming companies, and expand its global engineering and sales teams.
The company recently revealed that it would issue the $GODS token. As a governance and utility token, $GODS is expected to democratize the digital space, giving voice to its users and letting players reap the rewards as they win gameplay campaigns.
Eventually, they said that $GODS can be used in Gods Unchained “play-to-earn” game loops, allowing players to earn the said tokens as rewards for playing the game. If the value of the tokens increases, the players can sell them to make a profit.
The company called this system part of the “Leisure Economy” in which people are getting paid for playing the game. It also hopes that the big gaming companies will adopt the NFT-based scheme to popularize it to average gamers.
Through an interview, Robbie Ferguson, co-founder of Immutable said the NFT projects are exciting, to say the least. Ferguson adds that they are geared at developing tools to assist mainstream developers in creating NFT games with blockchain worries all on the back burner.
The tools include ways to enable credit card purchases, protection from money laundering, know-your-customer regulatory compliance, and the implementation of NFTs in games.
Ferguson stated that their goal is to address their mainstream client’s end-to-end needs.
Immutable has also launched Immutable X, a pioneering scalability protocol (Layer-2) for NFTs on Ethereum. Through the said platform, transactions with Ethereum can be made much faster, bringing the environmental impacts to a minimum.
Immutable X is offering 9,000 transactions per second, instant trade confirmations, instant withdrawals to Ethereum, and zero computing fees or gas fees. Even if it is zero-fee, the security is not compromised because of Ethereum’s advanced security protocol.
Ferguson explains that Immutable is gunning for the scalability of these games and applications so that while still decentralized, the best interest and experience of the users are achieved. Ultimately, the whole point is to ensure better security.