In the year 2021, the most prominent and highly adopted product from within the cryptocurrency industry has been non-fungible token (NFT) technology. In a matter of 9 months, the NFT sector has gained tremendous growth and has garnered a very user base.
Compared to the rest of the cryptocurrency space, the mainstream institutions seem to be flocking to the NFT sector in the masses. This is where the big bucks and cryptocurrencies are now headed. Therefore, every cryptocurrency, as well as non-crypto currency firm, is now aiming to be a part of the NFT system.
Amidst all the developments, the platforms that are primarily from the NFT sector are destined to benefit the most. The main reason behind their benefit is higher than the rest is because they are directly investing their resources into NFT.
The perfect example of the NFT platforms being more successful than non-NFT startups is Immutable. It is a non-fungible token platform that runs on the layer-two protocol. The Immutable platform has been developed and launched to operate on the Ethereum blockchain.
The firm has announced that it has successfully concluded a funding round generating a large number of funds. According to Immutable, it was the Series B funding round that it has carried out bringing in a total of $60 million.
Immutable has revealed that several venture capital firms as well as other major investors participated in the funding round. The firm has revealed that firms such as VaynerFund by Gary Vaynerchuk and Alameda Research by Sam Bankman-Fried.
The firm has also revealed that the particular funding round was led by King River Capital and Bitkraft Ventures. Bitkraft is a platform that is currently providing its services in the gaming space.
Immutable has announced the plans and developments it is going to execute with the funds it has generated through the funding round. The firm has revealed that it is going to fulfill its ambitions for growing its business in the crypto-NFT sector.
The firm is aiming to expand its sales and global engineering on a large scale throughout the world. The firm has revealed that it is also going to form several partnerships with different firms both inside and outside the crypto-world. The reason behind the partnerships is to expand the business as much as possible and bring more exposure to the platform.
In addition to the above, Immutable will also be working towards increasing its scaling in terms of projects that are in NFT gaming. The firm will be introducing more NFTs, bonuses, and rewards for the users and gamers with the funds it had raised through funding rounds.
Immutable X, the infrastructure responsible for scaling of NFTs will also be upgraded to process 9,000 transactions per second.