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The NFT protocol has already raised $77.5 million in two fundraising rounds.
Immutable, a layer-two nonfungible token (NFT) technology built on the Ethereum blockchain, has announced a $60 million Series B fundraising round led by Sam Bankman-Alameda Fried’s Research and Gary Vaynerchuk’s VaynerFund.
Bitkraft Ventures, a gaming investment platform, and venture firm King River Capital co-led the funding round. The fresh funds will be used to assist Immutable’s rising aspirations, such as expanding its global engineering and sales units, fostering industry partnerships and scaling the network’s native NFT gaming projects.
Through its scaling solution, Immutable X, the protocol provides a foundational infrastructure for the global business market to distribute and exchange NFT digital assets on the Ethereum ecosystem.
The platform was in charge of assisting with the launch of the blockchain-based trading card game Gods Unchained in 2019. Within the game’s ecosystem, the native ERC-20 token GODS serves as a means of trade.
Immutable X is an NFT-dedicated blockchain technology that claims to support 9,000 transactions per second for ERC-20 and ERC-721 tokens, near-instant transactions, 0% gas fees, and increased scaling potential using StarkWare’s zk-Rollup, all while remaining carbon neutral.
Robbie Ferguson, co-founder of Immutable, believes that the NFT trading experience has the potential to improve from its current state:
“It’s expensive, illiquid, and the only existing scaling solutions compromise on the most important thing — the security and user-base of Ethereum. 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 system balances its carbon footprint by compressing mint and trade activity into a compressed validity proof, which is then reuploaded to the original blockchain using zero-knowledge proofs, a means of anonymizing transactions. This technique uses less gas, resulting in lower energy use.
3/ Via zero-knowledge proofs, we take NFT trades or mints which normally occur directly on Ethereum, and instead have those ethereum keys sign transactions which we batch into a compressed validity proof, and upload to L1.
Less gas = less energy used = less carbon.
— Immutable (@Immutable) March 31, 2021
The protocol also provided context for the data via a Twitter thread: “To put this [the carbon figure of 844kg CO2] in context, a one-way flight from LAX to NYC is 807 kWh = 662 kg CO2.”
The protocol is working on its environmental initiative by purchasing carbon credits — an industry certification that allows carbon emission up to a particular limit — and vowing to offset the carbon output of every NFT asset, marketplace, or game established on its platform.