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Immutable adds $60M funding for its carbon-conscious NFT platform
Layer-two nonfungible token (NFT) protocol Immutable raised $60 million in a Series B funding round from a multitude of corporate venture firms, including Gary Vaynerchuk’s VaynerFund and Bankman-Fried’s Alameda Research.
The funding round was co-led by venture firm King River Capital and gaming investment platform Bitkraft Ventures.
The new capital will support Immutable’s growing ambitions, such as scaling the network’s native NFT gaming projects, expanding its global engineering and sales departments, and fostering industry partnerships.
Immutable has now raised $77.5 million across two funding rounds.
The protocol, through its scaling solution, Immutable X, provides a foundational infrastructure for the distribution and exchange of NFT digital assets on the Ethereum ecosystem.
Immutable X allows 9,000 transactions per second for ERC-20 and ERC-721 tokens, zero gas fees, near-instant transactions, and greater scaling by utilizing StarkWare’s zk-Rollup, while sustaining carbon neutrality.