{"id":339120,"date":"2021-09-14T17:00:00","date_gmt":"2021-09-14T14:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/immutable-raises-60m-for-its-carbon-conscious-nft-platform\/"},"modified":"2021-09-14T17:00:00","modified_gmt":"2021-09-14T14:00:00","slug":"immutable-raises-60m-for-its-carbon-conscious-nft-platform","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/immutable-raises-60m-for-its-carbon-conscious-nft-platform\/","title":{"rendered":"# Immutable raises $60M for its carbon-conscious NFT platform"},"content":{"rendered":"

“# Immutable raises $60M for its carbon-conscious NFT platform <\/strong>”
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Immutable, a layer-two nonfungible token (NFT) protocol built on the Ethereum blockchain, has announced a $60 million Series<\/a> B funding raise from a multitude of corporate venture firms, including Sam Bankman-Fried\u2019s Alameda Research and Gary Vaynerchuk\u2019s VaynerFund.<\/p>\n

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 supporting Immutable\u2019s growing ambitions, including expanding its global engineering and sales departments, fostering industry partnerships and scaling the network\u2019s native NFT gaming projects.<\/p>\n

Through its scaling solution, Immutable X, the protocol provides <\/strong>a foundational infrastructure for the global business market to distribute and exchange NFT digital assets on the Ethereum ecosystem. <\/p>\n

In 2019, the platform was responsible for supporting the launch of the blockchain-based trading card game<\/a> Gods Unchained. The native ERC-20 token GODS acts as the medium of exchange within the game’s ecosystem.<\/p>\n

Immutable X is an NFT-dedicated blockchain protocol that claims to allow 9,000 transactions per second for ERC-20 and ERC-721 tokens, near-instant transactions, zero gas fees and greater scaling capabilities through the utilization of StarkWare\u2019s zk-Rollup, all while sustaining carbon neutrality.<\/p>\n

Related:\u00a0Ethereum layer-twos reportedly processing more transactions than Bitcoin<\/em><\/strong><\/p>\n

Immutable co-founder Robbie Ferguson believes that the NFT trading experience has the potential to improve from the state of its current offering:<\/p>\n

\u201cIt\u2019s expensive, illiquid, and the only existing scaling solutions compromise on the most important thing \u2014 the security and user-base of Ethereum. We want businesses to create their game, marketplace, or NFT app<\/a>lication within hours via APIs, with a mainstream user experience. No blockchain programming required.\u201d<\/p><\/blockquote>\n

Utilizing zero-knowledge proofs \u2014 a method of anonymizing transactions \u2014 the protocol offsets its carbon footprint by bulking mint and trading activity into a compressed validity proof that is then reuploaded to the original blockchain. This procedure requires less gas \u2014 and in turn, less energy consumption. <\/p>\n

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4\/ Example, historically on L1, minting 8 million @GodsUnchained<\/a> cards on Ethereum would consume approximately 490 million kWh.<\/p>\n

On Immutable X, we\u2019ve minted 8 million NFT cards with only ~1,030kWh = 844 kg CO2. That\u2019s 475,000x less energy consumption.<\/p>\n

\u2014 Immutable (@Immutable) March 31, 2021<\/a><\/p><\/blockquote>\n