Immutable raised $60 million for its carbon-aware NFT platform

Immutable is a second-tier non-fungible token (NFT) protocol built on the Ethereum blockchain. It has announced that it has raised US$60 million in Series B financing from many corporate venture capital companies, including Sam Bankman-FriedAlameda Research and Gary Vaynerchuk’s VaynerFund.

This round of financing was jointly led by game investment platform Bitkraft Ventures and venture capital firm King River Capital. The new funds will be used to support Immutable’s growing ambitions, including expanding its global engineering and sales departments, promoting industry partnerships, and expanding the network of local NFT game projects.

Through its extended solution Immutable X, the agreement provides The infrastructure of the global commercial market is used to distribute and exchange NFT digital assets on the Ethereum ecosystem.

In 2019, the platform is responsible for supporting the launch of the blockchain-based trading card game Gods Unchained. The native ERC-20 token GODS acts as a medium of exchange in the game ecosystem.

Immutable X is a NFT-specific blockchain protocol that claims to allow ERC-20 and ERC-721 tokens to perform 9,000 transactions per second, near-instant transactions, zero gas fees, and greater expansion through the use of StarkWare’s zk-Rollup Ability while maintaining carbon neutrality.

related: According to reports, the second layer of Ethereum processes more transactions than Bitcoin

Robbie Ferguson, the co-founder of Immutable, believes that the NFT trading experience may be improved from the state of its current product:

“It is expensive, has poor liquidity, and the only existing scaling solution compromises on the most important thing-the security and user base of Ethereum. We hope that companies can create their games, markets or markets within a few hours through APIs. NFT application and provide mainstream user experience. No blockchain programming is required.”

Utilizing zero-knowledge proof-a method of anonymous transactions-this protocol offsets its carbon footprint by batching mint and transaction activities into compressed proofs of validity, and then re-uploading to the original blockchain. This process requires less gas-in turn, less energy consumption.

Through the Twitter thread, the protocol also adds context to the data: “Put this [the carbon figure of 844kg CO2] From a perspective, the one-way flight from Los Angeles International Airport to New York City is 807 kWh = 662 kg of carbon dioxide. “

By purchasing carbon credits-an industry certification that allows carbon emissions to reach a certain limit-the agreement is working on its environmental initiatives, promising to neutralize the carbon output of any NFT assets, markets or games based on its platform.