Shalini Nagarajan

Two powerhouse Ethereum scaling solutions have teamed up to build a gaming blockchain in a push to accelerate the adoption of Web3 gaming.



Immutable announced Monday that it would use Polygon’s zero-knowledge technology to create a new network called Immutable zkEVM, a roll-up designed to make the process of developing Web3-enabled games faster and easier.



It “will allow both large game studios and independent developers to build high-quality games that support true asset ownership,” Immutable said in a <a href="https://www.immutable.com/blog/immutable-and-polygon">statement</a>.



The network isn’t live yet and has to wait for the launch of Polygon’s zkEVM, which utilizes the power of zero knowledge proofs to reduce transaction costs and processing time while being fully Ethereum-compatible.&nbsp;



After launching <a href="https://blockworks.co/news/polygon-and-matter-labs-compete-on-zkevm-rollups">a public testnet in October</a>, the mainnnet is <a href="https://blockworks.co/news/polygon-zkevm-beta-live-on-ethereum">slated to go live</a> on <a href="https://twitter.com/MihailoBjelic/status/1625532387235971076">March 27</a>. Some of the biggest DeFi platforms, including Aave and Uniswap, will be among the first protocols to deploy on the zkEVM as they continue to scale their decentralized apps.



Polygon co-founder Sandeep Nailwal <a href="https://twitter.com/sandeepnailwal/status/1637934814136266752" target="_blank" rel="noreferrer noopener">said</a> all gaming studios building on Immutable will end up using Polygon (<a href="https://blockworks.co/price/matic">MATIC</a>) validators. These studios will launch their own app-specific chains, which will require staked MATIC, and gas fees, paid in Immutable’s token (<a href="https://blockworks.co/price/imx">IMX</a>), from all such chains will go to MATIC stakers, he added.



<h2 class="wp-block-heading">Consequences for Gaming</h2>



Immutable and Polygon’s strategic alliance will build “an Ethereum-centric gaming ecosystem that is poised to take Web3 mainstream and bring digital ownership to millions of people around the world,” said Robbie Ferguson, co-founder at Immutable.



Gaming is one of the fastest-growing subsections of the blockchain industry, with brands like Ubisoft, Nintendo, Electronic Arts and <a href="https://blockworks.co/news/epic-games-fortnite-store-crypto-blockchain">Epic Games</a> diving into decentralized gaming. Both projects combined reported nearly <a href="https://twitter.com/Immutable/status/1637877713120948224">$2 billion</a> invested in Web3 games in 2022.



“Billions of dollars of skins are sold each year with no rights for players — we’re changing that, so players are in control, and ownership is the expectation.” The Immutable zkEVM will be an additional option for game developers. It does not replace the platform’s Starkware-based solution, Immutable X.



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Gaming

Immutable and Polygon Join Forces To Attract Web3 Game Developers

Sebastian Sinclair

A handful of Ethereum-based layer-2 projects have been on a tear in the past week, with some of the sector’s associated token prices now up considerably in year-to-date (YTD) terms.



Traders are now speculating on a March launch of the next major Ethereum upgrade, dubbed Shanghai, <a href="https://blockworks.co/news/ethereum-devs-opt-for-withdrawals-in-march-and-nothing-else">which would enable the withdrawal of staked ether from validators</a>, a planned change that has been anticipated move from industry participants since <a href="https://blockworks.co/tag/ethereum-merge">the Merge</a>.



&#8220;Volatility has been at its lowest in the crypto market in the past weeks,&#8221; David Cicoria, head of quantitative development at crypto custodian Hex Trust, told Blockworks. “This coupled with the announcement of lower interest rates, Ethereum&#8217;s upcoming Shanghai upgrade, and FOMO from some investors has pushed prices up for layer-2 tokens.”



As such, several projects built around Ethereum are posting double-digit gains including the open protocol — aimed at decentralized exchange order books — Loopring whose token, <a href="https://blockworks.co/price/lrc">LRC</a>, is up more than 18% YTD.



Optimism, an EVM-compatible optimistic <a href="https://www.blockworksresearch.com/glossary#roll-ups" target="_blank" rel="noreferrer noopener">rollup</a> chain that batch transactions before settling to Ethereum’s mainnet, has seen its <a href="https://blockworks.co/price/op">OP token</a> rise more than 25% over the same period. Daily transactions for the network hit an all-time high on Monday, etching just below <a href="https://twitter.com/Dynamo_Patrick/status/1612214474978754560" target="_blank" rel="noreferrer noopener">700,000</a>.



Rival optimistic rollup Arbitrum&#8217;s daily transaction count has been ranging between 200,000 and 400,000, per <a href="https://pro.nansen.ai/multichain/eth-vs-arbitrum" target="_blank" rel="noreferrer noopener">data from Nansen</a>.



Ethereum liquid staking solution Lido DAO’s token, <a href="https://blockworks.co/price/ldo">LDO</a>, is also up an eye-watering 80% since the new year and has continued to post considerable gains in the past week, clocking a 65% gain when viewed over a seven-day period. The project now stands as a top contender for total value locked at $6.5 billion, <a href="https://defillama.com/" target="_blank" rel="noreferrer noopener">DeFiLlama data show</a>.



And layer-2 scaling solution designed for NFTs using zero-knowledge rollup (zk-rollup) technology, <a href="https://www.blockworksresearch.com/glossary#immutable-x" target="_blank" rel="noreferrer noopener">Immutable X</a>, is flashing 23% gains on its token since the new year began. 



The sector seeks to increase the value of Ethereum and related networks by reducing fees, improving scalability and bolstering transaction throughput — often a gripe levied at blockchain infrastructure that optimizes for security and decentralization.



It comes as digital assets have continued to struggle under the weight of an industry-wide blowout courtesy of FTX in the fourth quarter of 2022, as well as recent questions <a href="https://blockworks.co/news/gbtc-takeover-attempts-explained">hanging over Digital Currency Group</a> and its <a href="https://blockworks.co/news/gemini-takes-spat-with-dcg-public-in-open-letter">subsidiaries</a>.



The spot market for most digital assets also experienced a brief reprieve on Monday, sending the price of <a href="https://blockworks.co/news/bitcoin-price-breaks-17k-as-equities-jump-on-us-fed-speculation">bitcoin higher</a> on the day, establishing itself above the pivotal $17,000 level.



None of this impresses Bitcoin maximalists like Samson Mow, Founder and CEO of Pixelmatic, who instead anticipate a market rebound to finally take shape courtesy of <a href="https://blockworks.co/news/bitcoin-halvings-bull-market">bitcoin’s next halving event</a>.



&#8220;Ethereum and its layer two tokens are created and tweaked to bring hype and price movement to satiate high-time preference speculators,&#8221; Mow told Blockworks. “None of it is very interesting to Bitcoiners.”



Cicoria also remains skeptical of the latest upturn: “The crypto market remains fragile, with a lot of unknowns still to consider.”



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Ethereum

Ethereum Layer-2 Token Prices Up Double Digits This Year

Ornella Hernandez

The GameFi industry has gradually shifted from the ‘play-to-earn’ model to one where the tokenomics is secondary to fun gameplay, which some call ‘play-and-earn.’&nbsp;&nbsp;



Now, the developers of &#8220;Angelic,&#8221; an upcoming Web3 title from Metaverse Game Studios, hope to pioneer a new <a href="https://blockworks.co/news/can-gamefi-still-unlock-the-metaverse" target="_blank" rel="noreferrer noopener">GameFi</a> paradigm called &#8220;collaborate-to-earn.&#8221;



Anastasia Volgemut, director of operations at Metaverse Games Studios, characterized the model as one which gives players “a say in the governance of games you&#8217;re enthusiastic about.”



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“Now you can contribute to your favorite universe, design characters and share unforgettable experiences with friends based in a world that is partially designed and owned by you,” Volgemut said.
</blockquote>



One example of collaboration might be forming guilds to establish control over territory in the game, or collecting resources and craft weapons. The more in-game assets owned, the more say players have in growing the Angelic ecosystem and helping to shape the game’s future.



Axie Infinity, one of the first play-to-earn blockchain-based games, originally had planned to use its governance token Axie Infinity Shard (AXS) for similar purposes. However, the exodus of players over the past year — which <a href="https://blockworks.co/news/sky-mavis-ronin-network-bridge-exploited-for-over-600m" target="_blank" rel="noreferrer noopener">included a high-profile hack</a> — negatively affected its in-game economy.&nbsp;



“It’s all fancy crypto talk,” according to Omar Ghanem, head of gaming at Polkastarter Gaming, which recently hosted the <a href="https://blockworks.co/news/gam3-awards-2022-which-nft-game-has-the-most-potential-according-to-the-industry" target="_blank" rel="noreferrer noopener">Gam3 Awards 2022 that recognized some of the top Web3 games</a> and talent.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“The blockchain tech was only ever meant to be complimentary, to solve certain problems within the gaming industry, it was never meant to take center stage,” Ghanem told Blockworks.
</blockquote>



“First and foremost, it’s about good games, then blockchain enabled features such as player asset ownership, progression and instant payouts for esports tournaments can come to the picture,” he added.



Another NFT-based game angling for “collaborative” features similar to Angelic’s aims is Sunflower Land — an open source farming simulator built on the Polygon proof-of-stake (PoS) chain. In it, the community decides the progression of what happens in the game and which features should be implemented next, Ghanem said.



<h3 class="wp-block-heading">Partnership with ImmutableX</h3>



Angelic, which Metaverse describes as a dark science fiction-themed narrative strategy role-playing game with turn-based combat, is being developed by team members hailing from projects such as Far Cry, League of Legends and Diablo Immortal.



Metaverse Game Studio closed a $10 million seed round co-led by Animoca Brands, Pantera Capital and Everyrealm earlier this year.



On Tuesday, the game studio announced a partnership with the Ethereum layer-2 gaming platform <a href="https://www.blockworksresearch.com/glossary#immutable-x" target="_blank" rel="noreferrer noopener">ImmutableX</a>, which offers a scaling solution for NFTs, based on <a href="https://ethereum.org/en/developers/docs/scaling/validium/" target="_blank" rel="noreferrer noopener">Validium</a>, a form of zero-knowledge (ZK) proofs.



Protecting and enforcing creator-owned royalties is a major concern for the Angelic team, it said in a statement, to ensure that every community member “is fairly rewarded for their contributions to the game’s world.”



ImmutableX recently <a href="https://blockworks.co/news/immutable-alex-connolly-on-protecting-nft-creator-royalties" target="_blank" rel="noreferrer noopener">doubled down on its bid to enforce royalty payouts</a> amid a slew of NFT marketplaces that altered their payout schemes or <a href="https://blockworks.co/news/web3-nft-ape-dao-hot-wheels" target="_blank" rel="noreferrer noopener">went royalty-optional</a>.&nbsp;



The game is powered by Unreal Engine 5 and began development again in 2020. Its alpha test for select community members and partners is scheduled to be released at the end of January 2023, with the public launch to follow in February, according to the company.



Updated Jan. 11, 1:15 pm ET: Changes the attribution of a quote from Metaverse Game Studios. 



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blockchain gaming

Game Studios Promise More Fun With Collaborate-to-earn Model

New initiatives in GameFi — blockchain-based gaming — are still part of a prominent narrative for 2023 as project teams look to onboarded new players and make use of billions of dollars of funding that have entered the space in the past year.



As the new year approaches, Polkastarter Gaming, a Web3 fundraising platform, organized and hosted the inaugural edition of The GAM3 Awards 2022 to recognize 16 categories of gaming, from ‘game of year’ to ‘best RPG’ (role-playing game) and even ‘best content creator.’&nbsp;&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">congratulations to all the winners in our inaugural 2022 <a href="https://twitter.com/hashtag/GAM3Awards?src=hash&amp;ref_src=twsrc%5Etfw">#GAM3Awards</a> ✨ we can’t wait to see what’s in store for you, and the entire industry in 2023. for more information &amp; a recap of the awards, visit ➡️ <a href="https://t.co/uK4Ymsc65d">https://t.co/uK4Ymsc65d</a> <a href="https://t.co/PjFYliUwMz">pic.twitter.com/PjFYliUwMz</a>&mdash; Polkastarter Gaming (@PolkastarterGG) <a href="https://twitter.com/PolkastarterGG/status/1603441896931692545?ref_src=twsrc%5Etfw">December 15, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



During a two-hour live streamed show, a 39-person jury judged all the nominees on accessibility, gameplay, graphics and overall experience. Jury members included representatives from DappRadar, the Solana Foundation, Fractal and Arcade, while 10% of the votes were left up to the community.



Blockworks’ host of Playconomy, Ryan Day, one of the judges, said, “It’s amazing what caliber of games are being built now. Lots of these titles could soon be up for both Web3 and traditional games awards.”



The bull case for Web3 gaming is largely linked to the explosive growth of the gaming industry writ large. For instance, GAM3 was inspired by the mainstream version, The Game Awards, the latest iteration of which took place that last week as well, and was the most watched awards ceremony in the world, boasting 103 million viewers. For comparison, the preeminent film awards show, The Oscars, attracted 16.6 million viewers, according to Forbes.



The goal of GAM3 was to “highlight the top quality games, to give something back to the industry, but at the same time it&#8217;s to really showcase what we have in store,” Omar Ghanem, head of gaming at Polkastarter, told Blockworks.



He wants to get people to “see beyond” games like Axie Infinity when they think about Web3 games, and said that it will take a few years for AAA studios like Ubisoft and Square Enix make their own successful foray into the ecosystem, dodging <a href="https://blockworks.co/news/game-studios-not-sold-on-nfts" target="_blank" rel="noreferrer noopener">much of the current backlash</a>. When they do, “the stakes get even higher,” Ghanem said.



The multiplayer action RPG ‘Big Time’ won the GAM3 Awards Game of the Year title, beating out fellow nominees Illuvium, Gods Unchained, The Harvest and Superior.



“We started Big Time with the vision that web3 games should be as fun and accessible as traditional games, while empowering players to take an active part in the game economy through true ownership,&#8221; a spokesperson for The Big Time team told Blockworks.



Given that many blockchain-based games are still in alpha and beta, the GAM3 Awards included a category for most anticipated game, and that award went to the <a href="https://blockworks.co/news/blockchain-game-shrapnel-aims-for-aaa-status-in-web3" target="_blank" rel="noreferrer noopener">first-person shooter game Shrapnel</a>.



Don Norbury, the chief technology officer at Neon — the studio behind Shrapnel — said that they are “super appreciative of the nomination, let alone the win.”



A special award for the category of Games&#8217; Choice Award went to an NFT trading card game called ‘The Harvest.’ This category was closed to the public and exclusive to game studios that nominated their own peers&#8217; games. The Harvest, currently in closed beta, is <a href="https://theharvestgame.com/#gameplay" target="_blank" rel="noreferrer noopener">described</a> as a third-person shooter with elements of multiplayer online battle arena games and battle royale.



A full list of winners can be <a href="https://polkastarter.gg/news/the-gam3-awards-2022-winners-announced/" target="_blank" rel="noreferrer noopener">found</a> on the Polkastarter website. The 16 finalists will share over $1 million worth of prizes sponsored by companies including Immutable X, the Blockchain Game Alliance and Machinations.



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Gam3 Awards 2022: Which NFT Game Has the Most Potential According to the Industry?

<div id="highlights-block_62aca92055048" class="highlights">
 <ul>
 <li>The new fund seeks to establish co-funds with VC partners and issuing grants to developers</li>
 <li>GameFi Investment in the first half of 2022 has reached $3.7 billion, up 99% year over year</li>
 </ul>
 
</div>



Layer-2 Ethereum scaling solution Immutable plans to launch a $500 million fund to allocate token grants and investments into the Immutable X protocol with the two-fold intention of incentivizing game developers and spurring user adoption of Web3 projects building on the platform.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Building on IMX is some of the biggest gaming developers &amp; IP holders: GameStop, TikTok, Opensea, Illuvium, Ember Sword, VeeFriends &amp; more. We can&#39;t wait to help developers onboard the next billion mainstream users. 🌟Apply at <a href="https://t.co/D1cEyyBiBp">https://t.co/D1cEyyBiBp</a> 6/6&mdash; Immutable | $IMX ⓧ (@Immutable) <a href="https://twitter.com/Immutable/status/1537768355691925504?ref_src=twsrc%5Etfw">June 17, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The fund, which is a mix of both cash and Immutable X’s native token IMX, combines assets from Animoca Brands, GameStop and VC firms such as Airtree, BITKRAFT, Arrington Capital, Double Peak and King River Capital.&nbsp;



From meeting funding requirements for scaling projects to designating a milestone-based IMX vesting schedule, the focus is on developers.



Current gaming developers and intellectual property holders on Immutable X include TikTok, Illuvium, Ember Sword, GreenPark Sports, ESL, Gary Vee’s Vee Friends, Playco and GameStop, which launched its NFT marketplace via the platform.



The Immutable Developer and Venture Fund also plans to provide partnering game studios with advisory support when it comes to the NFT (non-fungible token) gaming world, tokenomics, game design, community and marketing.



“We’re taking the lessons learned from building two of the blockchain’s biggest games — Gods Unchained and Guild of Guardians — and hiring the smartest people from Web2 studios like Riot Games,” Immutable CEO James Ferguson said in a statement.&nbsp;



The scaling solution&#8217;s other co-founder and president, Robbie Ferguson, added that “gaming is bigger than movies and music combined, and is compounding by 10% every year” with the potential of growing into a trillion dollar ownable economy over the next decade.



In terms of volume for the week gone by, the Harmony blockchain-based game DeFi Kingdoms takes the crown, peaking on June 12 at over $17 million transacted within the game, <a href="https://www.footprint.network/@Bond/GameFi-Overview" target="_blank" rel="noreferrer noopener">according</a> to Footprint Analytics. Gaming and decentralized finance (GameFi) fundraising remains steady, up 0.8% month over month, with a total of $7.7 billion raised.



Immutable previously <a href="https://cms.blockworks.co/now-is-not-the-time-to-take-our-foot-off-the-pedal-says-immutable-co-founder/" target="_blank" rel="noreferrer noopener">told</a> Blockworks that the company anticipates to continue “aggressive” hiring, thanks to more than four years of funding runway. In March, the Australian unicorn raised $200 million in a series C fundraising round led by Temasek, bringing its valuation to $2.5 billion.



Founded in partnership with StarkWare in 2018, Immutable incorporates StarkWare’s StarkEx zero-knowledge proof technology to roll up thousands of transactions on its own network and commit them to Ethereum with a single transaction.



On Thursday, Immutable <a href="https://twitter.com/Immutable/status/1537573316000894976" target="_blank" rel="noreferrer noopener">announced</a> a corporate rebrand that includes an updated logo to more clearly differentiate between Immutable, Immutable X and the Immutable Studio, the company said.



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Funding

Immutable Earmarks $500M Fund for Gaming, Web3 Development

<div id="highlights-block_628e515430c32" class="highlights">
 <ul>
 <li>StarkWare quadruples valuation in six months</li>
 <li>Investors bet big on layer-2 solutions</li>
 </ul>
 
</div>



StarkWare Industries, Ethereum (ETH) layer-2 scaling solutions developer, <a href="https://www.prnewswire.com/il/news-releases/building-tech-to-make-crypto-mainstream-starkware-quadruples-valuation-to-8b-301555008.html" target="_blank" rel="noreferrer noopener">announced</a> that it has raised $100 million, bringing its valuation to $8 billion from $2 billion. Six months ago, StarkWare <a href="https://cms.blockworks.co/starkware-valuation-hits-2b-after-50m-series-c-round/" target="_blank" rel="noreferrer noopener">raised</a> $50 million in a Series C funding round led by Sequoia Capital.



The Series D was led by venture capital firm Greenoaks Capital and by investment management company Coatue. Tiger Global and other undisclosed investors participated as well. There is also a secondary transaction to the round, in which employees sell their stocks, according to the company.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">We are thrilled to announce our $100M Series D at an $8B valuation. We would like to thank Greenoaks and Coatue &#8211; our lead investors, Tiger Global, and many of our existing investors, for their vote of confidence in the technology, products, and ecosystem that we’re building. <a href="https://t.co/0R1e1h31HK">pic.twitter.com/0R1e1h31HK</a>&mdash; StarkWare (@StarkWareLtd) <a href="https://twitter.com/StarkWareLtd/status/1529454921451458560?ref_src=twsrc%5Etfw">May 25, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



StarWare’s latest funding takes place in the middle of a bear market and follows the crash of LUNA and TerraUSD (UST) cryptocurrencies. Despite this, StarkWare co-founder and chief executive officer Uri Kolodny said the raise was “a vote of confidence” in StarkWare’s tech stack.



StarkWare has established itself as a prominent Ethereum layer-2 scaling protocol and depends on its STARKs technology to reduce the amount of information sent to the Ethereum blockchain and alleviate blockchain congestion.&nbsp;



It recently launched its StarkNet Alpha 2 scaling solution. As a permissionless validity rollup, or zero-knowledge rollup, StarkNet uses basic compression technology to boost the production and security benefits of Ethereum layer-1 (L1).



According to Kolodny’s partner, Eli Ben-Sasson, co-founder and president at StarkWare, the goal is to make blockchain apps as mainstream as smartphone apps. “Anyone who ever built a website can use StarkNet to construct a blockchain app that will be part of the Web3 revolution, pioneering new and exciting uses for blockchain,” Ben-Sasson said.



StarkWare&#8217;s scaling engine, StarkEx, compresses transactions through STARKs before adding them to the Ethereum blockchain network. About half a trillion dollars have been reportedly traded on StarkEx.



For example, gaming company Immutable X, has been using StarkEx to mint its NFTs on Ethereum for the past two years. The StarkEx engine scaled up the throughput and reduced gas costs associated with NFT minting for its Gods Unchained blockchain game.&nbsp;



Immutable X <a href="https://immutablex.medium.com/immutable-starknet-cross-rollup-nft-liquidity-b32df88cda02" target="_blank" rel="noreferrer noopener">announced</a> on Wednesday that it will integrate building on the StarkNet protocol in order to become a cross-rollup liquidity platform for NFTs. This will enable players to directly trade any asset matched across multiple Ethereum layer-2 and layer-3 rollups, and facilitate projects migrating from L1 smart-contract based games to Immutable instantly. 



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">The biggest games in the world will use Ethereum NFTs. Immutable will let those games build on different rollups tailored to their needs without fragmenting their assets or orders, and with full access to our platform. Next stop: StarkNet. <a href="https://t.co/7TUPQPs82D">https://t.co/7TUPQPs82D</a>&mdash; Alex Connolly (@0xConnolly) <a href="https://twitter.com/0xConnolly/status/1529430344994557953?ref_src=twsrc%5Etfw">May 25, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Coatue

Ethereum Layer-2 Developer StarkWare Valued at $8B Following $100M Raise

Morgan Chittum

<div id="highlights-block_622623f1e5b17" class="highlights">
 <ul>
 <li>Staff will go from 170 to 350 full-time employees over the next year, co-founder Robbie Ferguson told Blockworks</li>
 <li>Immutable raised $60 million in Series B funding in September</li>
 </ul>
 
</div>



Immutable, creator of the NFT-focused layer-2 scaling protocol Immutable X, secured $200 million in Series C funding, launching the Sydney-based startup to a $2.5 billion valuation.



Led by Temasek, investors in the financing round include Animoca Brands, Tencent, ParaFi Capital, Princeville Capital, Arrington Capital, Mirae Asset and Liberty Global.



King River Capital, Prosus Ventures, AirTree Ventures, Declaration Partners, Fabric Ventures, Possible Ventures and Alameda Research all raised their existing investments in Immutable.



&#8220;We&#8217;ll be growing from 170 to 350 people over the next year — investing in a global partnerships and gaming advisory team and tripling our product and engineering teams,” Robbie Ferguson, co-founder of Immutable, told Blockworks.



Immutable made headlines in October for creating Immutable X, which powered TikTok’s NFT (non-fungible token) collection. It was billed as the first layer-2 protocol on Ethereum that allowed instant trading and zero gas fees, which often served as a roadblock for minting NFTs.



Earlier this month, Immutable announced a $100 million joint fund with GameStop for blockchain gaming startups.



The company was founded in 2018 by brothers Robbie and James Ferguson.



“In 2017, we saw NFTs come out with CryptoPunks and [my brother and I] said, ‘This is it,’” Robbie said. “This is going to be massive because there is more uniquely ownable stuff in the world than there is currencies. The ability to have digital property rights is going to be the most important thing.”



In its early years, Immutable was known for creating “<a href="https://godsunchained.com/" target="_blank" rel="noreferrer noopener">Gods Unchained</a>,” which Robbie described as “the first multiplayer game with NFTs on Ethereum, [all] completely on-chain.”



The company has since expanded, launching tokens such as IMX in September, which sold out on CoinList in under an hour and raised over $12.5 million.



That same month, Immutable <a href="https://cms.blockworks.co/layer-2-solution-immutable-closes-60m-series-b-round/" target="_blank" rel="noreferrer noopener">announced</a> a $60 million Series B funding round to boost NFT trading. BITKRAFT Ventures and King River Capital co-led the round, with participation from Alameda Research, Galaxy Interactive, VaynerFund and Apex Capital.



Along with the Monday announcement, Immutable announced new C-suite hires such as former Riot Games exec Justin Hulog. The startup also tapped ex-Shutterfly chief marketing officer, John Boris, as its chief growth officer.



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