Immutable, a digital game developer has announced it has raised $15 million in Series A venture capital (VC) funding for its digital game, Gods Unchained – a Trading Card Game (TCG).
According to a press release published on Business Wire today, the funding round led by Naspers Ventures will primarily be used to enhance the development of the game.
Immutable is also planning to use part of the funds to build an open-source blockchain platform, where developers can create and own “immutable in-game assets,” including cards, skins, weapons, and more, for other third-party games.
Commenting on the development, James Ferguson, CEO of Immutable, was quoted as saying:
“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.”
Other investors of the funding round include Michael Novogratz’s Galaxy Digital EOS VC Fund, and Apex Capital Partners, the press release noted.
Sam Englebardt, Co-Founder and Co-Head of Principal Investments at Galaxy Digital also shared his thoughts on the development commenting,
“True ownership of digital objects reflects the next paradigm for interactive content by aligning the long-term incentives of publishers, developers, creators, and players.”
He further reiterated that Galaxy Digital would continue to invest in firms that are focused on developing blockchain-based games, regardless of the game’s genre.
As per the release, Gods Unchained, which is currently in beta version, recorded a huge success last year. The game sold for $62,000 at auction, ranking it as the second most valuable TCG card in the world, while it was also listed as the highest-grossing blockchain-powered video game globally.
Another feat as per Immutable is that since the launch of Gods Unchained beta, the firm had sold more than four million cards, worth $4.5 million through a Genesis Sale that is scheduled to close on October 10.
In another fundraising development involving a crypto startup, Coinfomania reported last month that BlockFi raised an additional $18.3 million VC fund, to expand its presence into new markets, and also roll-out new products to its platform.