Ethereum-built NFT protocol, Immutable, has revealed that it raised $65m from its latest fundraising round. It also revealed that some notable names that supported this funding round included Gary Vaynerchuk and Sam Bankman-Fried. However, the top investor in this round was Bitkraft Ventures.
Utilizing The Funds Raised
The firm stated that it would use the funds to expand its service offerings and better equip its sales and marketing department. Immutable X (Immutable’s scaling solution) enables the distribution and exchange of digital artworks across the Ethereum community.
Two years ago, Immutable the development of gods unchained (a blockchain-built trading game). Top players of this game were rewarded with the project’s token, $gods. According to the Immutable X website, the protocol can complete 9,500 transactions per second and uses ZK-rollups for scaling functionalities without charging any transaction fees.
A top-level executive of the firm opined that there is more to the NFT space than what currently obtains in it. She further said, “our goal is to enable small merchants to develop their NFT application without any coding knowledge but only using APIs.”
The ZK-technology compresses all mint and trade actions into a validity proof which is retransferred to the initial blockchain. Thus, less gas is expended, and less energy is consumed. Immutable purchases carbon credits which give it the incentive to eliminate using carbon in its facility.
Algorand Takes Over Title Rights For Drone Racing League
Digital asset platform, Algorand, has reached an agreement with the drone racing league to be its sole sponsor for the upcoming season. The agreement will be the league’s highest sponsorship to date. Per the announcement, the partnership is valued at over $120m for six years.
However, further details about this sponsorship were not revealed. The only aspect of the deal made public was that Algorand has title rights to the league’s tournament. Also, the league will leverage Algorand’s network for a larger audience to watch happenings in the league.
The CEO of the crypto platform stated that the two firms are leaders of modern technology in their respective sectors. Hence, their collaboration will bring untold possibilities to the blockchain and cryptocurrency space.
More Drone Racing Fans
Drone racing involves competition among several drone pilots across tough courses. Part of the league’s official comment about this partnership is that the early adopters into this emerging form of entertainment stand to gain a strong foothold in the industry and enjoy far more profits, including an increased social media fan base than the latecomers.
The league’s president also commented, “We share common values of inclusivity and innovation with Algorand. But we remain committed to providing the best virtual sports experience for the blockchain ecosystem. We are hugely happy about what the future of this partnership holds.”
The next season will start later this month. It will combine real and virtual worlds’ drone racing in one league season. The league will be streamed live on Twitter for those interested to enjoy their viewing pleasure.