We first met Robbie and James in late 2020. At the time, NFTs were in the early innings of retail involvement. NBA Top Shots had just launched, Ethereum gas fees were slowly creeping up and the CryptoPunk floor was still below 5Ξ.
The brothers had an inkling that something big was coming, and that Ethereum L1 was not ready for it. However, they believed that in spite of this, there was no real substitute for Ethereum as the ultimate settlement layer for all of this (coming) activity.
Inspired by this vision, they set out to build a new, innovative Layer 2 scaling solution for Ethereum. They leveraged StarkWare’s zk-rollups to bring super fast & cheap transactions to NFTs, just as they had begun to penetrate mainstream consciousness.
We were honored to co-lead the first IMX token round in early 2021. Since then, we have witnessed the team execute on technology and BD with incredible precision, inking partnerships with Tik Tok, OpenSea, GameStop, ESL Gaming & Playco to name a few.
We are proud to double down in Immutable’s latest equity round led by Temasek, valuing the company at $2.5B, a far cry from where it all began. Today, we are more convinced than ever that the Immutable team will lead the way in widespread retail & corporate NFT adoption, and we feel incredibly fortunate to be on this journey with Robbie, James & the rest of the team.