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Blockchain gaming firm Immutable raises $15m from Naspers, Galaxy

video gaming

Yesterday, Australian blockchain firm Immutable announced its $15 million Series A funding round led by tech investor Naspers Ventures and merchant bank Galaxy Digital. Immutable creates video games with blockchain-based digital assets. It also offers its decentralized platform to game developers.

The firm is best known for its card game, Gods Unchained, which became last year’s highest-grossing blockchain video game before it even left beta. Immutable, formerly known as Fuel Games, continues to sell the digital cards which have generated $4.5 million to date.

Its key selling point is the blockchain-powered ownership of in-game items. The technology allows for verifiable rights to trade or sell items in a decentralized peer-to-peer marketplace.

James Ferguson, CEO of Immutable, said: “We’re building foundational products and technology to make true ownership of digital objects a new normal. This round of financing helps us accelerate the speed and direction by which we approach that reality.”

Indeed, Galaxy Digital focuses on blockchain investments and has a $325 million development fund. Meanwhile, South African internet group Naspers is one of the globe’s most significant tech investors. It holds the largest share (31%) of Chinese firm Tencent which owns WeChat and is said to be an issuer of the nation’s upcoming central bank digital currency. Among other ventures, Naspers has invested in the ICE’s digital asset exchange Bakkt.

“Naspers Ventures partners with innovative entrepreneurs in high-growth markets across the globe and we recognize the potential that blockchain technology has to radically transform most industries in the future, including gaming,” said Banafsheh Fathieh, Principal and Early Stage Investment Lead at Naspers Ventures.

Fathieh added: “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.”

Immutable is not the only blockchain firm focusing on gaming. Dapper Labs recently announced its Flow platform, which is being worked on by Ubisoft. The firm built the infamous CryptoKittoes game and boasts a partnership with the NBA for blockchain collectibles. Ripple has previously invested in gaming to encourage the use of XRP as tokens for in-game economies.