Sydney gaming startup Immutable is hoping to become the world’s leading trading platform for non-fungible tokens (NFTs) after raising $82 million in a series B.
The business, founded by brothers James and Robbie Ferguson, in 2018, already has a reputation for its NFT games, Gods Unchained and Guild of Guardians and earlier this year launched Immutable X, a Layer-2 scaling solution for non-fungible token trading.
It’s carbon-neutral technical infrastructure for NFT trading, with instant trade confirmation and scalability at more than 9,000 transactions per second with zero gas fees, and no compromise on security in an era when more than $600 million was hacked from rival scaling solutions that use centralised “bridges” for their Ethereum connections in the last month alone.
Immutable X is also the first carbon-neutral scaling solution for NFTs on Ethereum. It significantly reduces the fee used (known as gas) per NFT trade or mint, as well as computing energy, and therefore reduces the carbon footprint.
For any residual environmental impact, Immutable has committed to cover the ongoing cost of carbon credits until at least 2025, as NFT volume on Immutable X increases through the growing ecosystem of marketplaces and games.
The latest cash injection, co-led by California’s BITKRAFT Ventures and Sydney’s King River Capital, will be used to expand the global engineering and sales team and strengthen the startup’s partnerships with gaming companies.
Blockchain-based NFTs have become a hot item. Total NFT sales volumes hit US$2.5 billion in the first six months of 2021, with between 10,000 and 20,000 NFTs selling every week since March.
Immutable co-founder Robbie Ferguson said his company wanted to transform the terrible current user experience for NFT trading.
His startup’s next-gen scalability infrastructure has the potential to broaden accessibility for a new wave of blockchain game developers, as well as asset trading of in-game digital items using the blockchain.
The Startup Daily show spoke to Immutable co-founder Robbie Ferguson about his startup and plans for it.
Hear what he had to say clicking below.
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