After raising US$200 million in its latest round of funding led by Singapore's Temasek, the Ethereum platform is one step closer to bringing blockchain gaming to all
Immutable, the Australian start-up leading the transaction of non-fungible tokens (NFT) on Ethereum, is now worth US$2.5 billion (SG$3.4 billion). The platform, which is used by companies like China's GameStop and TikTok, has just raised US$200 million in a Series C financing round led by Singaporean investment firm Temasek.
Immutable's latest funding round drew notable investors including the blockchain gaming company Animoca Brands and Chinese tech giant Tencent. With its new valuation, Immutable joins a roster of crypto unicorns that are worth over US$1 billion, such as Blockchain.com, Gemini and OpenSea.
With the boost in funding, Immutable aims to expand globally and invest in its Immutable X platform. The latter is a protocol for trading NFTs on Ethereum, the world's second largest cryptocurrency after Bitcoin. Compared to Ethereum, transactions on Immutable X are faster, require low computing power, and leaves a smaller impact on the environment.
The startup will also be scaling its Immutable Gaming Studio, which comprises its flagship blockchain games like Guild of Guardians and Gods Unchained. The latter, a mythology-inspired digital trading card game, hit 80,000 weekly active players at the start of 2022, making it one of the biggest blockchain games in the world. With Immutable's plans for rapid expansion, it will only get bigger from now.
What is blockchain gaming?
Blockchain gaming is a new form of gaming that incorporates the booming technology of NFTs. NFTs are transferable digital assets that exist on the blockchain that cannot be reproduced. Play-to-earn games, such as Axies Infinity and Gods Unchained, are some of the forms of blockchain gaming that have become very popular in recent months.
In these games, players can earn cryptocurrency through merit-based advancements. The cryptocurrency earned can then be converted into actual money. Gamification, the concept of adding game-like elements to real-world activities, is a growing market that is likely to expand even more as we shift into a paradigm where cryptocurrency becomes widely accepted.