important point
- Immutable has raised $60 million in Series B funding round co-led by BITKRAFT Ventures and King River Capital.
- Immutable’s flagship product is Immutable X. This is his NFT-focused Layer 2 scaling solution for the first time on Ethereum.
- Immutable X uses StarkWare’s zero-knowledge-based rollup technology to deliver instant, cost-free transactions.
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Immutable, the team behind the first Layer 2 scaling solution for NFTs Ethereum has raised $60 million in a Series B funding round jointly led by BITKRAFT Ventures and King River Capital.
The Enduring Goal of Mainstream NFT Adoption
Immutable has raised $60 million in its Series B funding round, bringing the total to $77.5 million.
The funding was co-led by BITKRAFT Ventures and King River Capital, with participation from Alameda Research, Prosus Ventures, Galaxy Interactive, Fabric Ventures, AirTree Ventures, Reinventure, Apex Capital and VaynerFund.
Immutable will use the funding to expand its global engineering and sales teams, strengthen key partnerships with game companies, and expand growth of its in-house NFT games Gods Unchained and Guild of Guardians, the company said. It is
Immutable’s flagship product is Immutable X. This is his NFT-focused Layer 2 scaling solution for the first time on Ethereum. This protocol uses StarkWare’s ZK-Rollup, a zero-knowledge-based rollup solution. It offers up to 9,000 transactions per second, instant transaction confirmations, instant withdrawals to Ethereum, and zero gas fees without compromising security.roll up While adopting the security of Ethereum, polygon It has its own security properties and consensus mechanism.
Immutable X is also carbon neutral, which has become a key issue in the NFT space this year. As the technology gains mainstream attention, many critics have expressed concerns about the environmental impact of issuing NFTs on energy-intensive Proof-of-Work blockchains like Ethereum. To offset environmental costs, Immutable has pledged to purchase carbon credits until 2025. After that, Ethereum is expected to be integrated into a greener proof-of-stake consensus mechanism.
Immutables aim to strengthen the NFT economy by reducing the costs associated with it. Issuing his NFTs on Ethereum can be prohibitively expensive during peak congestion, driving down prices for most retail investors. Immutable X allows Ethereum users to instantly create and trade NFTs without paying any fees.
Commenting on the funding, Immutable co-founder Robbie Ferguson said:
“NFT trading is currently a terrible mainstream user experience. It is expensive, illiquid, and most importantly the only existing scaling solution that compromises Ethereum security and user base. We want businesses to be able to create games, marketplaces or NFT applications within hours via our APIs in a mainstream user experience, no blockchain programming required. “
Zeb Rice, founding partner of King River Capital, said:
Immutable was responsible for launching one of the most successful games on the blockchain, Gods Unchained, and is currently working to scale the largest NFT marketplace on Ethereum. high seasThe project is also in the process of launching its own governance and utility token. IMX.
