The NFT startup Immutable X team responsible for the Layer 2 scaling protocol stated that in just an hour of token sale on the CoinList, they managed to raise more than $12.5 million.
The idea behind Immutable X is to bring transaction charges dropping to minimal or zero, diminish the cost of buying or selling NFTs while enabling instant trading on the Ethereum network. Developers consider the problem of high NFT minting fees to be one of the main economic vulnerabilities in the industry. They also previously unveiled their own blockchain card game Gods Unchained, built on Ethereum.
Based on the company's tweets, it managed to get over 720,000 unique registrations during the token sale while attracting 25,000 new IMX holders. The sale took place as part of CoinList, which regularly offers investors new crypto assets.
Immutable co-founder Robbie Ferguson has made today's non-fungible token trading a “horrible mass user experience” with expensive and illiquid but only scalability solutions in existence. They threaten not only the growth of ETH's user base but also its security. But with his team, Ferguson intends to change that by empowering people to create their own games, marketplaces, or NFT applications in a couple of hours using rich UI APIs without having to learn blockchain programming.
As a reminder, Immutable earlier managed to raise $60M during the Series B financial round from BITKRAFT Ventures, King River Capital, Galaxy Interactive, Alameda Research, and other major industry representatives.
In the future, Immutable X developers want to integrate their own protocol, enlisting the collaboration of NFT marketplaces such as OpenSea and Mintable.
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