First Layer-2 NFT Protocol, Immutable Gets $60M Investment to Propel its Carbon-Neutral NFT Projects
Incredible things are happening on the blockchain, NFTs shaking up the way we engage with art, and digital media. NFTs, which stands for non-fungible tokens, give a user a way to express ownership of anything from art, music, video, metaverse gaming items, and collectible trading cards.
NFTs are not going away any time soon, with more volume of selling and buying taking place in the last month alone, than in the whole of 2020. Celebrities, sporting legends, notable artists, and musicians are all in on the NFT craze and one protocol is making this sector better for our planet too.
Immutable is a Layer-2 protocol, which neatly integrates with Layer-1 chains like Ethereum. Because of its infrastructure, minting of NFTs is cheaper, faster, and much more energy-efficient. Collectors can move their NFTs to the Layer-1 chain at any time they want.
The blockchain is seeing massive investment from VCs and financial institutions, and in the latest show of its popularity, Immutable has raised a monumental $60m for its Series B funding round.
Carbon neutral and zero gas fees for minters
Immutable, which is the first-ever Layer-2 protocol for NFTs, promises creators zero gas fees, instant trades, and scalability for games, applications, and for their NFT marketplaces.
Immutable X is an NFT exchange, which enables trading over the blockchain. It is a decentralized chain, which allows users to set their own trading fees for ERC20 and ERC-721 tokens. It promises massive scalability up to 9,000+ TPS, and reaps the benefits of being secured by Ethereum, in a best of both world architecture.
Minters can fast-track their product with Immutable X Mint, which is a secure way to create and then distribute assets on a mammoth scale for both single and bulk minting, with no gas costs.
The noteworthy funding round was led by both BITKRAFT Ventures and King River Capital, with participation from Prosus Ventures, Galaxy Interactive, Fabric Ventures, Alameda Research, AirTree Ventures, Reinventure, Apex Capital, and VaynerFund. The money will help develop this amazing protocol and expand collaborations with gaming partners, as well as grow the capability of Immutable’s own popular NFT games, Gods Unchained and Guild of Guardians.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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