Immutable launches US$ 500 million venture fund for NFTs and gaming
NFT and Web3 gaming platform Immutable announced a US$ 500 million developer and venture fund to boost developer adoption. This inaugural fund is called the Immutable Developer and Venture Fund.
The fund will be used to support projects building Web3 games and NFT-focused on its Layer 2 Ethereum focused protocol, the Immutable X. The fund is a mix of its native token IMX and cash in collaboration with several VC firms and game companies, including Animoca Brands, BITKRAFT, GameStop, King River Capital, Arrington Capital, Double Peak and Airtree.
Gaming developers and IP holders already building on Immutable include GameStop, TikTok, OpenSea, Ember Sword, Illuvium and more.
Immutable’s goal is to attract and support game developers on the Immutable games platform and accelerate Web3 games adoption.
‘Immutable Ventures will target NFT projects that are committed to our growing digital ecosystem with the understanding that we have just begun to scratch the surface of the massive potential for this category,’ said President and co-founder Robbie Ferguson.
In addition to financial support, Immutable will also provide deep guidance and expertise in creating NFT communities, reward and gaming infrastructures as well as offering direct access to advisory for token designs and marketing support.
Australia-based Immutable X is a Layer 2 Ethereum-based scaling solution. The platform processes transactions on a separate chain, then rolls up thousands of transactions by leveraging StarkWare’s StarkEx zero-knowledge proof technology and commits them to the Ethereum Blockchain with a single transaction. This achieves faster, cheaper, and more carbon-neutral transactions than Ethereum’s mainnet.
In March, Immutable raised $200 million in a Series C funding round that was led by Singapore state investment fund Temasek alongside Tencent and Animoca Brands. The company is valued at a US$ 2.5 billion valuation and intends to use the funds to expand its global presence.
Photo: Immutable X