In Series B funding Immutable raises $60M for its carbon-conscious NFT platform
The Australian Blockchain gaming platform behind the NFT-focused Ethereum Layer 2 scalability protocol, Immutable X has raised $60 million in a Series B funding round, increasing its total funding to $77.5 million.
According to a press release, the investment round was co-led by gaming investment platform BITKRAFT Ventures and venture capital firm King River Capital, including Sam Bankman- Fried's Alameda Research and Gary Vaynerchuk's VaynerFund, Prosus Ventures, Reinventure, Galaxy Interactive, AirTree Ventures, Fabric Ventures, and Apex Capital.
The Immutable X protocol provides the core infrastructure for the global commercial market to distribute and exchange NFT digital assets on the Ethereum ecosystem through its scaling solution.
The funding will increases the Blockchain gaming firm's total funding to $77.5 million, which the company will use to grow the project's global engineering and sales teams, to deepen its partnerships with gaming businesses.
The company also intends to channel the funds to further develop its NFT-based games, Gods Unchained and Guild of Guardians.
“NFT trading is a terrible mainstream user experience right now. It’s expensive, illiquid, and the only existing scaling solutions compromise on the most important thing — the security and user-base of Ethereum,” Immutable co-founder Robbie Ferguson stated in a press release.
He adds, “We want businesses to create their game, marketplace, or NFT application within hours via APIs, with a mainstream user experience. No blockchain programming required.”
Immutable X, with 9,000 transactions per second, zero-fee for creating/trading NFT and instant transactions, allows users to enter a lucrative NFT market while maintaining full carbon-neutrality. The protocol is the first layer-2 NFT scaling solution on the Etherum blockchain.
Many critics have expressed concerns about the environmental effect of mining NFTs on energy-intense Proof-of-Work blockchains, such as Ethereum. The company has assured to buy carbon credits until 2025 when it is scheduled to transition to an environmentally-friendly proof of stake.
CBW - External Analyst