Immutable reaches total funding of $77.5M, enables trade of carbon-neutral NFTs

Immutable raised $60 million in a Series B funding round, reaching a total of $77.5 million. The highly reliable layer 2 scalability protocol for NFTs on Ethereum (ETH/USD) has created the underlying technical infrastructure to power NFT trading for any business, not unlike how major payment platforms enable online commerce.

Funds to be invested in expansion and partnerships

The funding from the Series B round, which was co-led by BITKRAFT Ventures and King River Capital with the involvement of Galaxy Interactive, Alameda Research, Apex Capital, and other notable investors, will be used to strength key partnerships with gaming companies and expand the global engineering and sales team.

NFT market sales hit $2.5B this year

The NFT market reached $2.5 billion in sales in 2021, up from $13.7 million in the first two quarters of 2020. Immutable enables businesses to trade and create carbon-neutral NFTs on Ethereum, the world’s most popular blockchain. It features instant transaction times, an impressive 9,000 transactions per second, and zero-gas fees for trading or creating NFTs.

Massive scaling capacity

The Immutable protocol is capable of massive scalability without risks to security, having been built with StarkWare's ZK-rollup. Less secure solutions relying on a connection to Ethereum through centralized “bridges” suffered losses of $600 million from hacking just last month. Instead of bridges, Immutable relies on zero-knowledge proofs.

Robbie Ferguson, Cofounder at Immutable, shared his company’s goals:

Jens Hilgers, Founding Partner at BITKRAFT Ventures, commented:

Zeb Rice, Founding Partner at King River Capital, said: