Immutable X, an Ethereum-based level 2 scaling solution designed for non-fungible tokens (NFTs), mentioned it recently raised $60 million in a Series N round of funding, that was co-led by BITKRAFT Endeavors and King River Funds.
According to a press release distributed to CryptoPotato today, Immutable furthermore received investments from a web host of crypto-related and investment capital firms. These include Alameda Study, Galaxy Interactive, Apex Funds, VaynerFund, Fabric Ventures, Reinventure, and AirTree Ventures.
The brand new cash injection, which introduced the firm’s total financing to $77. 5 mil, will be allocated to the growth of the project’s global anatomist and sales teams, plus foster its partnership along with blockchain gaming companies.
Additionally, Immutable noted that the money will be used to facilitate the particular growth of its in-house released NFTs games, Gods Unchained and Guild of Adults.
Scaling NFT Projects upon Ethereum
Since its release, Immutable has been focused on building the Ethereum-based NFT environment by allowing businesses to produce and trade the collectors items on the network.
With many NFTs and decentralized apps built on the Ethereum blockchain, the network has suffered plenty of constraints, including higher visitors resulting in slow and costly transactions.
Based on the congestion from the Ethereum blockchain, Immutable premiered to address some of these challenges and offer a better scalable solution regarding NFTs built on the system.
With the Immutable X system, NFT developers can take benefit of its instant transaction digesting capability, which is capable of digesting 9, 000 transactions for each second.
NFT creators plus traders will not be required to spend gas fees using Immutable, the announcement added.
Robbie Ferguson, a co-founder from Immutable X, said the present NFT market is ineffective as trading the bridal party has become expensive and illiquid.
He added that current scaling solutions that are designed to address these challenges have got ended up compromising the security plus user base of the Ethereum network.
“We want companies to create their game, market, or NFT application inside hours via APIs, using a mainstream user experience. Simply no blockchain programming required, inch Ferguson added.
NFT Video games Massive Growth
It is no more news that the NFT field, especially blockchain gaming, offers recorded significant growth because the beginning of the year, with more than $10 billion worth associated with digital assets traded throughout various marketplaces.
The video gaming industry, which is expected to end up being valued at almost one hundred dollar billion in revenue, can be tipped to grow bigger depending on its integration with NFT and blockchain technologies.
Using the potential of NFT video games, firms are looking for ways to advantage in the long term by investing in NFT-related tasks.
As reported, popular NFT marketplace OpenSea announced within July that it raised hundred buck million from notable traders, bringing its total value to $1. 5 billion dollars.
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Tags: Non-Fungible Token (NFT)
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Mandy Williams is a full-time crypto reporter at CryptoPotato. Get in touch with Mandy: Twitter