Insights

$60 Million Raised for NFT Game

An Australian based company called Immutable recently raised a whopping $60 million for its platform that uses NFT’s to monetize games. Immutable created the platform on top of Ethereum and is also the creator of the Gods Unchained NFT-based collectible card game. NFTs use the blockchain to identify digital items. Rare digital items can be sold for higher prices in the NFT-based games.

This reeks of Crypto-Kitties, and if you haven’t heard of Crypto-Kitties… Well… It was a disaster and also an immense win for Ethereum. On one hand it had creative people building new and exciting features testing the limits of what the Ethereum platform could do… the bad news was it broke the system (sort of… It was more like a toilet being clogged). It got so popular so fast that transaction times and gas prices blew up and caused major problems for the number two crypto. You can’t make an omelette without cracking a few eggs, and Ethereum developmentally is in a much better position than it was a few years ago. It is time to see whether a massively popular game could scale on Ethereum. If successful it will increase adoption and open up a brand new sub-market for the NFT space.

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