The Australian startup Immutable, creator of the NFT-focused Ethereum Layer 2 protocol Immutable X, has raised $60 million in a new funding round — bringing its total raised to $77.5 million.
BITKRAFT Ventures and King River Capital co-led the round, according to a press release. Other participants included Prosus Ventures, Galaxy Interactive, Fabric Ventures, Alameda Research, AirTree Ventures, Reinventure, Apex Capital, and VaynerFund.
Immutable X tackles the high cost of minting NFTs on Ethereum due to high transaction fees. ETH transaction costs are around $40 per The Block’s Data Dashboard — roughly double the fees of early April when Immutable first launched Immutable X.
By using zero-knowledge proofs to validate transactions off-chain, Immutable X removes gas fees for minting NFTs, according to the startup's website. Immutable also claims Immutable X is carbon neutral through the purchasing of carbon credits.
“NFT trading is a terrible mainstream user experience right now. It’s expensive, illiquid, and the only existing scaling solutions compromise on the most important thing — the security and user-base of Ethereum,” Robbie Ferguson, co-founder at Immutable, said in a press statement. “We want businesses to create their game, marketplace, or NFT application within hours via APIs, with a mainstream user experience. No blockchain programming required.”
Immutable intends to use its Series B funding to grow its engineering and sales team, bolster collaborations with gaming firms, and continue building its NFT-based games Gods Unchained and Guild of Guardians.