- The grants and investments will be given out to games and projects building on Immutable X.
- The mix of assets will be used to service the needs of different developers.
- The venture fund will also provide partners with blockchain support and expertise.
Immutable today announced the launch of its $500 million Developer and Venture Fund dedicated to Web3 games and NFT-centric companies building on Immutable X, the company’s Layer 2 for NFTs on Ethereum.
The venture fund will be allocating grants and investments to the most promising games and NFT projects on Immutable X, which will accelerate the growth of the protocol. Investments and grants will be distributed in a combination of $IMX, Immutable X’s native token, and cash.
By providing a mix of assets, the venture fund will be servicing the needs of different developers. Cash will be used to meet funding requirements for scaling projects while the milestone-based IMX token with designated vesting schedules will facilitate long-term incentive alignment.
The investment fund will work with developers, IP holders and strategic partners to invest in and incentivise developers to build successful games and projects on the IMX platform.
It will also collaborate with prolific crypto and gaming investors including BITKRAFT, Animoca, Arrington Capital, Double Peak, Airtree, King River Capital and GameStop, which are focused on web3 games and NFTs, as well as leading strategic gaming publishers, giving developers access to additional investment opportunities.
Besides monetary support, the venture fund will also provide developers with deep blockchain gaming support and expertise; including direct access to advisory for tokenomics, game design, community and marketing support.
“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, President & Co-Founder, Immutable. “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.
Some of the biggest gaming developers and IP holders are building on Immutable X, including GameStop, TikTok, Opensea, Illuvium, Ember Sword, GreenPark Sports, ESL, Gary Vee (Vee Friends), Playco and many more.
Additionally, Immutable Ventures has already made several strategic investments in web3 companies and NFT startups, including Starkware, Stardust, PlanetQuest and Topology.
In February, GameStop announced a strategic partnership with Immutable to launch its new NFT marketplace on the Immutable X platform.
Immutable reached unicorn status in March following a $200 million Series C funding round. The company is now valued at $2.5 billion and plans to use the fund to drive its global expansion.
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