Immutable X Token Sale Raises Over $12.5M in Under an Hour

Immutable X is aiming for its IMX token to be Ethereum’s “Stripe for NFTs,” offering gas-free NFT minting and trading.

Sep 27, 2021 at 1:00 p.m. UTC
Updated Sep 30, 2021 at 10:34 a.m. UTC

Ethereum scaling product Immutable X’s token sale on CoinList sold out in less than an hour, raising over $12.5 million.

  • Of the 720,000 accounts registered to participate in the sale, only around 25,000 (3.6%) were able to make purchases due to the demand, Immutable announced Monday.
  • Immutable said it is aiming for the IMX token to be Ethereum’s “Stripe for NFTs,” offering gas-free NFT minting and trading. Stripe is a payments processing company.
  • Developers of non-fungible tokens (NFTs) who were unable to purchase tokens in the sale are now encouraged to launch projects on Immutable X by the end of September thereby earning up to 30,000 IMX.
  • The protocol is poised to integrate with a number of NFT marketplaces, including Mintable and OpenSea.
  • Immutable recently raised $60 million in a Series B funding round that was led by BITKRAFT Venture and King Rivar Capital. Other participants included Alameda Research, Galaxy Interactive and Prosus Ventures.

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Jamie Crawley is a CoinDesk news reporter based in London.