Immutable—the Australian startup behind the world’s highest grossing blockchain-powered video game, Gods Unchained—announced earlier this week it had closed a Series A funding round of $US15 million (~$AU22.2 million).
According to a blog post published by Immutable, it plans to use its new funding—which it describes as “a whole lotta dough”—to upscale its development and marketing for Gods Unchained and its eponymous platform, which is essentially an operating system for decentralised applications (dApps).
Immutable Lands Big-Name Investors (Again)
Leading the investment was Naspers Ventures—the venture arm of Naspers, the largest shareholder of Chinese internet giant Tencent, the world’s largest gaming company—as well as Galaxy Digital EOS VC Fund. Also backing Immutable was Sydney-based investment firm Apex Capital.
Immutable’s announcement of its Series A comes less than twelve months after the fast-growing startup—then known as Fuel Games—raised $2.4 million in seed funding from some of the cryptocurrency and blockchain ecosystem’s most well-known venture capital firms. These included Coinbase Ventures—the venture arm of Coinbase, one of the world’s largest cryptocurrency exchange operators—Nirvana Capital, Continue Capital, and Sora Ventures.
Pioneering a New Digital Asset Class
Using blockchain technology to facilitate true digital asset ownership is a pursuit Immutable believes can fundamentally change gaming. Indeed, the gaming industry has, for many decades, adopted a model in which publishers license—rather than transfer ownership of—in-game digital assets to players in exchange for their hard-earned dollars.
For Immutable—which is currently hiring for 18 positions—operating in this nascent digital asset class has so far yielded promising results. According to the Australian Financial Review, Gods Unchained has reeled in an industry-leading $US4.5 million-plus in revenue in little over a year.
This is despite the fact the Ethereum-based trading card game is currently only available to closed group of 13,000 gamers. In this time, there have been over 5 million cards created and over 1 million pack bought—according to godsunchained.info.
To learn more about how Immutable thinks about the potential of blockchain-enabled gaming, be sure to watch Nugget’s News chief executive Alex Saunders’ interview with Immutable co-founder and president Robbie Ferguson from earlier this year.
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