The token sale for Ethereum scaling solution Immutable X on CoinList sold out in less than an hour, raising more than $12.5 million.
Due to high demand, only about 25,000 (3.6 percent) of the 720,000 accounts registered to participate in the sale were able to make purchases, Immutable announced Monday.
Immutable stated that it wants the IMX token to be Ethereum’s “Stripe for NFTs,” providing gas-free NFT minting and trading. Stripe is a company that handles payments.
Non-fungible token (NFT) developers who were unable to purchase tokens during the sale are now encouraged to launch projects on Immutable X by the end of September to earn up to 30,000 IMX.
The protocol is set to integrate with several NFT marketplaces, including OpenSea and Mintable.
Immutable recently raised $60 million in a Series B funding round led by BITKRAFT Venture and King Rival Capital, with participation from Galaxy Interactive, Alameda Research, and Prosus Ventures among others.