Aussie NFT Firm Immutable Dumps IMX Tokens via Cayman Islands Entity: Report
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March 7, 2023

Australian NFT-firm Immutable is selling its tokens IMX to private investors through a Cayman Islands-based entity called Digital Worlds Foundation, the Australian Financial Review has learned, citing a pitch distributed between investors.

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The report points out the decision to sell tokens in a non-transparent manner raises questions as Immutable has already raised almost $280 million from such investors as Temasek, Tencent, AirTree Ventures and King River Capital. AirTree Ventures partner John Henderson confirmed in a commentary to the news media that the venture firm was aware of the sale, but declined to elaborate on the matter.

Immutable reportedly said in the presentation to investors that despite the crisis triggered by the market's downturn, liquidity and utility "will turn NFTs into a trillion-dollar asset class." However, it is unclear how many tokens have been sold so far via the Digital Worlds Foundation.

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The sale comes after Immutable laid off 11% of staff, citing the needs to maximize its cash reserves. According to The Sydney Morning Herald, Immutable had a rough year as the Sydney-based firm reported in filings $18.4 million in earnings, while expenses reached a whopping sum of $56.6 million, including about $30.6 million for staff, freelancers and consultants.

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