Wednesday, September 28

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

Immutable, a layer two non-fungible token (NFT) protocol built on the Ethereum blockchain, has announced a $ 60 million Series B funding increase from a multitude of corporate venture firms, including Sam’s Alameda Research. Bankman-Fried and VaynerFund by Gary Vaynerchuk.

The funding round was co-led by gaming investment platform Bitkraft Ventures and venture firm King River Capital. The new capital will be allocated to support Immutable’s growing ambitions, including expanding its global engineering and sales departments, fostering industry partnerships, and expanding network-native NFT gaming projects.

Through its scaling solution, Immutable X, the protocol provides a fundamental infrastructure for the global enterprise market to distribute and exchange NFT digital 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 GODS token acts as a means of value with the gaming ecosystem.

Immutable X is a blockchain protocol dedicated to NFT that claims to allow 9,000 transactions per second for ERC-20 and ERC-721 tokens, near-instantaneous transactions, zero gas fees, and increased scale capabilities by utilizing zk-Rollup from StarkWare, all while maintaining carbon neutrality.

Related: Ethereum layer-two allegedly processes more transactions than Bitcoin

Immutable co-founder Robbie Ferguson believes that NFT’s business experience has the potential to improve from the status of its current offering:

“It is expensive, it is illiquid and the only existing scaling solutions compromise what is most important: the security and user base of Ethereum. We want companies to create their NFT game, marketplace or application in a matter of hours via API, with a conventional user experience. No blockchain programming required. “

Using zero-knowledge proofs, a method to anonymize transactions, the protocol offsets its carbon footprint by bundling mint and business activity into a compressed proof of validity that is then reloaded onto the original blockchain. This procedure requires less gas and, in turn, less energy consumption.

With a Twitter thread, the protocol also added context to the data: “To put this [the carbon figure of 844kg CO2] In perspective, a one-way flight from LAX to New York costs 807 kWh = 662 kg of CO2. “

By purchasing carbon credits, an industry certification that allows carbon emission up to a certain limit, the protocol is working on its environmental initiative by committing to neutralize carbon production from any NFT asset, market, or game built on top of its platform.