Immutable Announces $60M Funding Raise
Funding To Scale Network NFT Gaming Projects
Immutable has raised $60M from several corporate venture firms. The layer-two NFT built on the ETH blockchain announced the Series B funding. The funding was done in partnership with gaming investment platform Bitkraft Ventures. Some of the corporate ventures that participated in the fundraiser include VaynerFund and Alameda Research.
The $60 M will support Immutable’s growth plans, such as expanding the engineering and sales department, facilitating industry collaborations, and scaling the network’s native NFT gaming projects.
Immutable will offer foundational structure for various business markets to exchange and distribute NFT on the ETH system with the scaling.
The platform has seen tremendous growth in the last couple of years. Two years ago, the platform supported the launch of Gods Unchained, a blockchain-focused trading card game. The native token of the platform, GODS, is the currency in the game.
Immutable X is the scaling platform of Immutable, and it is fully NFT focused. It claims it can allow as much as 9,000 transactions each second for ERC-20 and ERC-271 tokens. In addition, it boasts of instantaneous transactions, zero to negligible gas fees, and more scaling abilities thanks to StarkWare’s zk-Rollup. It does all of these and more with complete carbon neutrality.
Platform for growth
According to Robbie Ferguson, the co-founder of Immutable, NFT trading experience has the capacity to grow in the next few years.
“It’s expensive, illiquid, and the only existing scaling solutions compromise on the most important thing — the security and user-base of Ethereum,” Robbie said. “We want businesses to create their game, marketplace, or NFT application within hours via APIs, with a mainstream user experience. No blockchain programming required.”
The protocol reduces its carbon footprints by employing zero-knowledge proofs (this method makes transactions anonymous). The protocol archives these by bulking mint and trading activity into a compressed validity proof resent into the original blockchain. Overall, the product is energy-friendly, as it requires less gas.
With the carbon credits, the protocol works on environmental initiatives by agreeing to neutralize the carbon output of all assets under the platform (this includes games, marketplace, and NFT assets).
Carbon credits is an industry certification that permits carbon emission up to a particular amount.