ETH-based Immutable Launches $500M Fund for Web 3 Games and NFT Projects
Cover-Credits:
Web3 gaming company Immutable has launched a $500M USD development fund to boost developer adoption of its layer-2 Ethereum-focused platform, Immutable X. The funds will be invested in projects building web3 games and companies focused on non-fungible token (NFT) technology in the Immutable X platform.
"Gaming is bigger than movies and music combined and is compounding by 10% every year. With the knowledge we have from building two of the blockchain's biggest games in-house, we're going to be providing the funding, expertise and infrastructure needed to grow this to a trillion dollar ownable economy over the next decade," said Robbie Ferguson, co-founder and president of Immutable in a release. "We're prepared to advance the immense, untapped potential in today's web3 economy by providing the necessary funding and infrastructure these ambitious NFT projects need to be successful.”
Immutable also mentioned that the fund will work with investors like BITKRAFT, Animoca, Arrington Capital, Double Peak, Airtree, King River Capital, and GameStop which are focused on web3 games and NFTs. It will also work with "leading strategic gaming publishers,” providing developers with access to additional investment opportunities.
The Fund is Aimed at Growing the Immutable X Platform
The new venture fund will be used to build on Immutable X–a scaling solution that claims to enable more efficient transactions than Ethereum’s own mainnet. The fund will allocate token grants (IMX) and investments to the most promising games and projects building on the Immutable X platform, thus accelerating its growth.
The fund will also provide its chosen partners with blockchain gaming support and expertise; including direct access to advisory for tokenomics, game design, community and marketing support.
According to the Immutable Developer & Venture Fund webpage, the fund is expected to deploy investments and grants over a four-year period, with an average expected investment of $100K to $500K. While most investments will be executed via tokens, there will be select projects who may receive cash investments. These investments will be milestone-based (i.e. performance-based), with vesting unlocks occurring after every 24 months.
The fund has already made some investments, including into StarkWare, game development platform Stardust, and NFT game PlanetQuest.
Projects interested in gaining access to the Immutable X fund will need to fill out an application form on Immutable’s official website.
Prior to this Immutable received $200M in investments in a Series C funding round in March with participation from the likes of Tencent, Animoca Brands, Arrington Capital, Mirae Asset, and Liberty Global. During this round, the company was valued at $2.5B and cemented its status as a crypto unicorn.
