Immutable, a Layer Two Nonfungible Token (NFT) protocol based on the Ethereum blockchain, has announced $ 60 million Series B funding from a variety of corporate venture firms, including Sam Bankman-Frieds Alameda Research and Gary Vaynerchuk’s VaynerFund.
The financing round was jointly led by the gaming investment platform Bitkraft Ventures and the risk company King River Capital. The new capital will be used to support Immutable’s growing ambitions, including expanding its global development and sales departments, promoting industry partnerships, and scaling the network’s native NFT gaming projects.
With its scaling solution Immutable X, the protocol offers a basic infrastructure for the global business market to distribute and exchange digital NFT assets in the Ethereum ecosystem.
In 2019, the platform was responsible for supporting the launch of the blockchain-based trading card game Gods Unchained. The native ERC-20 token GODS acts as a medium of exchange within the game’s ecosystem.
Immutable X is an NFT dedicated blockchain protocol that claims to enable 9,000 transactions per second for ERC-20 and ERC-721 tokens, near-instant transactions, no gas fees, and greater scalability through the use of StarkWare’s zk rollup Maintain CO2 neutrality.
Related: Ethereum Layer Twos, which reportedly process more transactions than Bitcoin
Immutable Co-Founder Robbie Ferguson believes the NFT trading experience has the potential to improve over how much it currently offers:
“It’s expensive, illiquid and the only scaling solutions in existence compromise what is most important – Ethereum’s security and user base. We want companies to build their games, marketplace or NFT application within hours through APIs with a mainstream user experience. No blockchain programming required. “
Using zero-knowledge proofs – a method of anonymizing transactions – the protocol offsets its carbon footprint by bundling mint and trading activities into one compressed proof of validity that is then uploaded back to the original blockchain. This process requires less gas – and therefore less energy consumption.
4 / Example, historically on L1, minting 8 million @ GodsUnchained cards on Ethereum would use around 490 million kWh.
On Immutable X, we minted 8 million NFT cards with only ~ 1,030 kWh = 844 kg CO2. That is 475,000 times less energy consumption.
– Immutable (@ Immutable) March 31, 2021
Using a Twitter thread, the log also added context to the data: “To put that [the carbon figure of 844kg CO2] In perspective, a one-way flight from LAX to NYC is 807 kWh = 662 kg CO2. “
By purchasing carbon credits – an industry certification that allows CO2 emissions up to a certain limit – the protocol is working on its environmental initiative by committing to carbon emissions from NFT assets, marketplaces or games that based on its platform to neutralize.