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Immutable, an Australian blockchain gaming studio and the creator of ‘Gods Unchained,’ has raised a $15 million Series A round led by Naspers Ventures.
The funding round also saw participation from Galaxy Digital EOS VC Fund and Apex Capital Partners.
In its press release, Immutable said that it plans to use the funds to build the Immutable Platform, an open-source blockchain toolkit that lets developers create “immutable assets,” or truly ownable in-game items like cards, skins, weapons, and more, for their third-party games. Funds will also be used to accelerate the development of Gods Unchained.
"This round of financing helps us accelerate the speed and direction by which we approach that reality. One acceptance criteria for investors was ensuring they shared our passion and vision for the future. Not only do our new partners exceed these expectations, but they just so happen to be the best in the world at what they do across our relevant domains,” James Ferguson, CEO of Immutable, said.
The latest funding round follows a seed round last year led by Continue Capital and Nirvana Capital, and also included Sora Ventures and Coinbase.
By leveraging blockchain technology, Immutable unlocks a whole new class of digital assets — one which holds real-world value and can be freely exchanged on peer-to-peer marketplaces. Players can buy, sell, and gift their in-game items such as cards, skins, swords, and more, and extract value from the time they spend gaming.
“True ownership of digital objects reflects the next paradigm for interactive content by aligning the long-term incentives of publishers, developers, creators, and players,” Sam Englebardt, Co-Founder and Co-Head of Principal Investments at Galaxy Digital said.
“We believe tremendous economic value can be unlocked in digital worlds using blockchain technology to bring true digital asset ownership to games, building upon a decades-old ecosystem,” said Banafsheh Fathieh, Principal and Early Stage Investment Lead at Naspers Ventures.
Immutable’s first game is Gods Unchained, which is led by Chris Clay, the former director of Magic The Gathering: Arena. It is a trading card game which was the world’s highest-grossing blockchain-powered video game last year – it has already sold more than 4 million cards, generating over $4.5 million in revenue through its limited “Genesis Sale,” which ends on October 10th.
Gods Unchained, currently in beta, is designed for non-fungible tokens (NFTs), CoinDesk reported. Players can register their cards on ethereum, allowing them to really own their cards and provide their cards’ scarcity.
In addition to enabling more NFT games, Immutable is also building a “suite of interconnected products aimed to solve the highest areas of friction users face when trying to interact with this technology,” Immutable CEO James Ferguson told the news outlet.
