The NFT scaling platform has reached further success by receiving investments from the "global crypto hub."
With blockchain games seeing immense growth over the past several months, crypto investors are looking at potentially profitable investments into the emerging market.
Based on the report by Reuters, Immutable secured a $200 million fund, led by Temasek, and supported by ParaFi Capital, Tencent Holdings, Mirae Asset, Declaration Partners, etc.
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What is an NFT? (Explained with Animations)
The latest funding has put the Australian startup at a valuation of $2.5 billion, with Robbie Ferguson, who is the co-founder and President of Immutable, stating that the capital raised will help expand the project "through M&A opportunities."
Immutable is widely known in the blockchain gaming community for its trading card game Gods Unchained, and the marketplace Immutable X where players are able to trade and sell their cards earned in-game.
While Immutable X can boast of its performance and a wide variety of NFTs, its transaction fees are still on the higher side.
Back in early February, the blockchain startup partnered with the scandalous video game retailer GameStop for an NFT marketplace. However, the project seemed to have been on a downward trajectory after reports of IMX tokens, given as grants to GameStop, were dumped by the game retailer.