The market for NFTs hit nearly $25 billion in sales in 2021, compared to just $94.9 million the year before, as the speculative crypto asset exploded in popularity, data from market tracker DappRadar showed.
While some see NFTs as the future of ownership in the online world, and buying NFTs as a vote of confidence in the development of “Web3” or the metaverse, others are baffled as to why so much money is being spent on items which do not physically exist.
NFT sales extend to art, sports collectibles, and music.
Sydney, Australia-based Immutable raised $60 million in its last round of funding led by BITKRAFT Venture and King Rival Capital in September. Immutable is the developer of NFT games Gods Unchained and Guild of Guardians.
Immutable has created Immutable X, a Layer-2 scalability protocol for NFTs on Ethereum, the second-largest blockchain network. This means it enables transactions at a much faster rate compared to Ethereum, requires low computing power and has lower environmental impact.
Immutable X will also become a layer-2 partner and platform for GameStop.
