Immutable Launches 0M Investment Fund for Web3 Games
NFT scaling platform Immutable released a statement on Friday, announcing the launch of a $500 million venture fund focused on Web 3 games and NFT projects.
The fund will be collaborating with notable crypto and gaming investors including BITKRAFT, Animoca Brands, Arrington Capital, Double Peak, Airtree, King River Capital and GameStop.
The venture fund will build on the Immutable X protocol following token grants and investments. IMX is the plaform’s native token.
Immutable Ventures has invested in Web3 companies and NFT startups including Starkware, Stardust, PlanetQuest and Topology.
Robbie Ferguson, President & Co-Founder of Immutable, said:
“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.
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. While we see strategic investments happening in this space every day, 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.”
Some of the names already working with Immutable include GameStop, TikTok, Opensea, Ember Sword, Kinguin and more. Immutable is developing GameStop’s upcoming NFT marketplace and will provide the technology for trading and minting NFTs. Kinguin is launching its NFT marketplace, in partnership with Immutable X, featuring 40+ collections and over 200,000 unique NFTs
Three months ago, the NFT platform raised $200 million in a Series C funding round, leading to a $2.5 company valuation.
We’re launching the @Immutable Developer & Venture Fund worth $500M to accelerate the adoption of Web3 games & projects.
Learn more ➡️ https://t.co/iUs5uYQsIq
Continue the thread below. 🧵 pic.twitter.com/u5rPPsApAt
— Immutable | $IMX ⓧ (@Immutable) June 17, 2022
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Source: igaming
