1/24/2023 - Economy and Finance

Startups growing blockchain - 1

By Facundo Famá

Startups growing blockchain - 1

In this segment, I will periodically select a startup from the blockchain market that is progressing structurally, despite the winter crypto and the international economic crisis, and, I have exposed several relevant data about it.

Each reader will decide whether or not it is worth investing in the assets (Criptomoneda, token and/or NFT) of the startup in the short, medium or long term, if it considers them undervalued. The present is not an investment recommendation, each must carry out their own investigations and conclusions.

Today I selected Immutable X.

A) What is Immutable X?

B) Founders.

C) Partners and pre-financing.

D) Development in full economic crisis.

E) Token - January 2023.

F) Community in Social Networks - January 2023.

A) What is Immutable X?

Immutable X is the first scalability solution (Layer2) focused 100% on NFTs in Ethereum (Layer1), with instant trade confirmation, high transaction performance (More than 9000 TPS) and zero gas tariffs, without compromising user custody. In this way, the Immutable X network solves those scalability issues that currently have the Ethereum blockchain, which can be expensive and slow at the time of using it.

The Immutable Protocol X is compatible with IMX, its ERC-20 utility token, created to accelerate its growth, rewarding network-friendly activities such as trade, liquidity provision and application creation. The token aligns the incentives between traders, creators and the market, so that all benefit from the protocol activity. In turn, developers can create their own markets and experiences with NFTs.

B) Founders.

The founders are the brothers Ferguson, James (CEO) and Robbie (President).

James previously led a s development teamOftware in an e-commerce company of $1 billion. Has two degrees from the University of Sydney, one in Law and another in Trade (Finance). Learned to code for yourself with the help of MIT's online resume, then switch to Silicon Valley in 2014.

Robbie is a young genius. He was received in high school with the highest average of 70K students with 99.95, then received a lawyer at the University of Sydney.

Together, previously, they built multiple businesses, among them: 1) An e-commerce platform that used machine learning to optimize conversion rates. 2) A trading fund and cryptocurrency arbitration loan. (3) The world's first competitive multiplayer blockchain game called "Etherbots". 4) Two TCG (Trading card game) in blockchain (Gods Unchained and Guild of Guardians). (5) The first zk-rollup for NFTs (Zk-Rollups are a revolutionary technology that seeks to help solve the problem of scalability that exists on the network Ethereum).

On the other hand, the team that makes up the company is in full growth. Between November 2020 and November 2022, 342 employees hired:

C) Partners and pre-financing.

These companies make up the ecosystem using the Immutable X network:

Among the most prominent are: TikTok, Open Sea, ECOMI and Illuvium.

Some renowned partners that own the platform are: Huobi Ventures, Animoca Brands, Coinbase, Nirvana Capital and Galaxy Digital.

Pre-financing:

In 2021, between Series A and B grossed 77M USD, from a crowd of venture capital companies, including Gary Vaynerchuk's VaynerFund.

That same year, in his I.E.O. (Initial Exchange Ofering) - public forecast of the token - carried out through the exchange (cryptocurrencies) Coinlist, earned a total of 15M USD. In it, more than 720,000 users were described to want to buy the token, but only 25,000 were the lucky ones who were able to acquire it before leaving the general market and meet the offer in different exchanges.

On the other hand, in March 2022, he held his pre-financing Series C and earned USD 200M. In July of that year, he made another pre-financing and earned about 21.5M USD more.

D) Development in full economic crisis.

The startup not to develop despite meeting us in the full international economic crisis.

In 2022, they announced the launch of a $500M fund to drive developers' adoption of the platform. Includes subscription partners such as Animoca Brands, BITKRAFT Ventures, GameStop, Arrington Capital, King River Capital, AirTree and Double Peak.

On the other hand, according to Forbes, it is considered the fastest growing Unicornio in Australia and possibly the most successful Web3 company in the country.

In turn, throughout its history, Immutable X was used by big-name signatures such as GameStop, TikTok and ESL. During 2021, TikTok, the most successful social network of the moment, launched its first collectable NFTs through its platform.

Recently joined these associations:

1) He joined NFT. NYC in an important multi-year agreement.

2) StarHeroes, supported by Microsoft, chose Immutable X to enhance the next game of Web3 skill-based spatial shots.

(3) Ten Bryant - is an American professional football player - joined Immutable X to use its technology in its company “Pessoal Corner”, a platform that allows fans to buy NFTs directly from famous athletes and artists.

4) Param Labs integrated Immutable X to enhance the next “Kiraverse”. Kiraverse aims to create a new world of games in which players experience seamlessly possession and gambling with NFTs without knowing that they are NFTs (like the Big Time Studios startup).

(5) Ambrus Studio was associated with Immutable X. Will drive the next game MOBA mobile web3 free from Ambrus Studio E4C: Final Salvation, the first game that occurs within the metaverse Earth 4 Degrees Celsius (E4C).

(6) Immutable X added 15 video games to its collection of blockchain titles that drives with its Web3 platform. Among them, Cross the Ages, Delysium and Ember Sword, which initially developed through the Polygon network, but ultimately chose that of Immutable X.

Also in 2022, the startup hired Aviral Avasthi as Senior Vice President of the Marketing Department. Avasthi directs marketing, communications and community equipment, taking advantage of their experience in prominent roles within Web2 (Uber, Tinder and other reputed companies) and Web3 (Era Vice President of Polygon Global Marketing – one of the most important companies in the blockchain sector – and left this post to join Immutable X).

Lastly, as mentioned earlier, in full market correction, the startup was able to close its pre-financing C Series by about 200M USD, valuing the company at 2,500M USD. After that, in 2022, the token rose more than 50% in just one day. In addition, in July of that year, he held another pre-financing and earned about 21.5M USD. In this way, it stands out how startup has the capital needed to continue developing.

E) Token - January 2023.

Token of this project is IMX, its current price is 0,47 USD, the maximum was 9.5 USD in 2021. In its public pre-sale by exchange Coinlist in 2021 was sold to a value of 0, 10 and 0.15 USD, that is, those who bought the token in their public pre-sale still remain in benefits despite the fact that the financial market of blockchain technology is currently in place.

The market capitalization of the token is USD 363M and is at post 80 on the CoinMarketCap list of tokens with the highest market capitalization.

Circulating supply: 766.468.467 IMX. Total supply: 2.000.000.000.000 IMX.

Tokenomics:

Goal.Percentage.Description.
Development Ecosystem.51.74%Assigned to user rewards, developer subsidies, liquidity yield and marketing purposes.
Project development.25%Assigned to the development of Immutable X token, by the service provider, Immutable Pty. Ltd.
Private property.14.26%Assigned to private investors, both institutional and individual.
Prevents public.5%Intended for the public sale of the token IMX.
Foundation reservations.4%Assigned to initiatives related to ecosystem development, mainly: Provision of liquidity for exchanges, marketing and other functions that the Foundation considers pertinent to improve the ecosystem.

F) Community in Social Networks – January 2023.

Twitter: 287,940 followers.

Discord: 79,865 members.

Linkedin: 32,965 followers.

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Facundo Famá

Facundo Famá

Hello, my name is Facundo Famá and I am a researcher. I perform the relevant intelligence tasks, with the means at my disposal, to gather information - evidence and to reach certain conclusions.
I worked for more than 8 years in the National Criminal and Correctional Court No. 8 of CABA (Judicial Power of the Nation) and, since January 2021 to date, I have been working independently as a Blockchain Research Analyst. I invite you to view my LinkedIn profile if you want to know more about me.

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