Immutable launches $500 million fund to boost Web3 games and NFT projects
Australia-based tech unicorn Immutable has launched a $500 million fund to drive the growth of web3 games and NFT-based projects, further solidifying its position as a key player in the crypto ecosystem.
Introducing the Immutable Developer and Venture Fund
The Immutable Developer and Venture Fund is designed to support web3 games and NFT-focused companies building on Immutable X. Launched in June 2022, the fund has quickly become one of the largest crypto investment funds, offering a combination of cash and the platform’s native token, $IMX. The fund is set to work with developers, IP holders, and strategic partners to drive the success of projects on the Immutable X platform.
The fund will allocate cash and milestone-based $IMX to developers, ensuring long-term incentive alignment. Collaborating with notable crypto and gaming investors such as BITKRAFT, Animoca, Arrington Capital, and GameStop, the fund will offer partners deep expertise in blockchain gaming, as well as advisory services for tokenomics, game design, and marketing support. The goal is to make the transition to NFT gaming seamless and rewarding for gaming studios.
Since its launch in June 2022, the fund has played a pivotal role in nurturing the growth of the crypto ecosystem. As of April 13th, it has provided invaluable financial support and resources to builders, enabling them to develop innovative projects and advance the potential of web3 and NFT technologies. The fund’s substantial backing has already spurred the creation of groundbreaking projects and is expected to continue shaping the future of the digital landscape.
Big names and strong partnerships
Immutable is already collaborating with major gaming developers and IP holders, including GameStop, TikTok, and OpenSea. Earlier in 2022, GameStop announced a strategic partnership with Immutable to launch its NFT marketplace on the Immutable X platform. Immutable Ventures has also made investments in web3 companies and NFT startups, such as Starkware, Stardust, and PlanetQuest.
Immutable X, the first Layer 2 protocol scaling solution on Ethereum, is specifically designed for the rapidly growing NFT ecosystem. It boasts 9000 TPS, zero gas fees, and easy on-and-off ramps in a fully carbon-neutral environment. The protocol leverages StarkWare’s StarkEx zero-knowledge proof technology, allowing for massive scalability and enhanced liquidity.
The future of Web3 and NFTs
As the gaming industry continues to grow at a rapid pace, Immutable aims to support the development of a trillion-dollar ownable economy over the next decade. With its $500 million fund, Immutable Ventures will target NFT projects that contribute to the digital ecosystem, recognizing the massive potential of this emerging category.
Immutable’s rapid ascent to a $2.5 billion valuation, fueled by a $200 million Series C fundraising round, demonstrates the company’s commitment to driving global expansion and supporting the crypto ecosystem. As the fund continues to invest in and support web3 games and NFT-based projects, it is well-positioned to play a crucial role in the future of the digital economy.
As Immutable continues to cultivate the digital frontier, one thing is certain: with its $500 million fund, the game has changed, and the possibilities for web3 and NFTs are as boundless as the metaverse itself.