Immutable raises $ 60 million for its carbon-conscious NFT platform

Immutable, a Layer 2 non-traceable token (NFT) protocol built on top of the Ethereum blockchain, has announced a $ 60 million Series B funding round from a variety of 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. New capital will be provided to support Immutable’s growing ambitions, including expanding its global sales and engineering departments, building industry partnerships, and expanding NFT gaming projects.

With its scaling solution Immutable X, the protocol offers a basic infrastructure for the global business marketplace for the distribution and exchange of digital NFT assets in the Ethereum ecosystem.

In 2019, the platform responsible for supporting the launch of the blockchain-based trading card game Gods Unchained. GODS ‘native ERC-20 token acts as a valuable vehicle for the game’s ecosystem.

Immutable X is an NFT-specific blockchain protocol that claims to allow 9,000 transactions per second for ERC-20 and ERC-721 tokens, near-instant transactions, no gas fees, and the ability to scale. Roll up. to maintain CO2 neutrality.

Immutable Co-Founder Robbie Ferguson believes the NFT trading experience has the potential to improve on what is currently on offer:

“It’s expensive, illiquid, and the only current scaling solution that threatens what is most important – Ethereum’s security and user base. We want companies to build their game, marketplace or NFT app within hours via API with a mainstream user experience. No blockchain programming required. “

Using zero-knowledge evidence – a method of anonymizing transactions – the protocol offsets its carbon footprint by bringing transaction and imprinting activity into compressed valid evidence, which is then uploaded back to the original blockchain. This process requires less gas – and therefore less energy.

Using a Twitter thread, the log also added context to the data: “To put that [the carbon figure of 844kg CO2] A one-way flight from LAX to NYC costs 807 kWh = 662 kg CO2.

By purchasing CO2 certificates – an industry certification that allows CO2 emissions to reach a certain limit – the protocol implements its environmental initiative by committing to reduce the CO2 emissions of all assets, markets or NFTs that build on it. Neutralize games.