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The Layer 2 scaling protocol’s creators, NFT firm Immutable X, announced they raised more than $12.5 million in under an hour of token sales on CoinList.

Immutable X’s goal is to reduce transaction fees to zero or near-zero, lowering the cost of purchasing and selling NFTs while enabling instant trading on the Ethereum network. High NFT minting fees are one of the industry’s biggest economic risks, according to developers. They’ve also previously revealed their own Ethereum-based blockchain card game, Gods Unchained.

According to the company’s tweets, the token sale drew over 720,000 unique registrations and drew 25,000 new IMX holders. The auction took place as part of CoinList, which frequently introduces new crypto assets to investors.

With pricey and illiquid but limited scalability options in place, Immutable co-founder Robbie Ferguson has turned today’s non-fungible token trading into a “terrible mass user experience.” They endanger not only the expansion of ETH’s user base but also the security of the cryptocurrency. Ferguson and his colleagues hope to change that by allowing individuals to create their games, marketplaces, and NFT applications utilizing sophisticated UI APIs in a matter of hours without needing to master blockchain programming.

Immutable previously raised $60 million in a Series B funding round from BITKRAFT Ventures, King River Capital, Galaxy Interactive, Alameda Research, and other prominent industry figures.

Immutable X developers hope to integrate their protocol in the future with the help of NFT marketplaces like OpenSea and Mintable.

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