Immutable, a Level 2 Non-Decoderable Token (NFT) protocol built on the Ethereum blockchain, has announced a $ 60 million increase in Series B funding from several venture capital firms including Sam Bankman-Fried’s Alameda Research and Gary Vaynerchuk’s VaynerFund.
The funding round was spearheaded by gaming investment platform Bitkraft Ventures and venture capital firm King River Capital. The new capital will be dedicated to supporting Immutable’s growing ambitions, including expanding its global engineering and sales departments, promoting industrial partnerships, and expanding the original NFT gaming projects.
With the scalable Immutable X solution, the protocol provides an essential infrastructure for the global business market for the distribution and exchange of NFT digital assets in the Ethereum ecosystem.
In 2019, the platform was responsible for supporting the launch of blockchain-based card games Gods Unchained. The original ERC-20 GODS token acts as a replacement in the game’s ecosystem.
Immutable X is an NFT-dedicated blockchain protocol that claims to allow 9,000 transactions per second for ERC-20 and ERC-721 tokens, near-instant transactions, zero gas costs, and great scalability using StarkWare’s zk upgrade, while carbon neutrality is maintained.
Related: Ethereum Twos Team Reported To Process More Transactions Than Bitcoin
Longtime co-founder Robbie Ferguson believes the NFT trading experience could be improved over today’s current offering:
“This is expensive, illiquid, and the only current scaling solution threatens the most important thing – the security and user base of Ethereum. We want companies to create their own games, marketplaces or NFT applications in a matter of hours using APIs with a dominant user interface. … No blockchain programming is required. ”
Using zero-knowledge proof – a method of anonymizing transactions – the protocol balances the carbon footprint by increasing mint and trading activity in a compact proof of reality that is then loaded back onto the original blockchain. This procedure requires less gas – and therefore less energy consumption.
Using a Twitter thread, the protocol also added context to the data: “To put this [carbon number 844 kg CO2] in perspective, a one-way flight from Los Angeles to New York is 807 kWh = 662 kg CO2.”
By acquiring carbon credits – an industry certification that allows carbon emissions up to a certain limit – the protocol works with its environmental initiative, pledging to neutralize carbon production for all NFT assets, markets, or games built on the platform.