Immutable Unveils New $500M Web3 Gaming Fund

Immutable launches $500 million fund

Immutablethe company to whom we owe the second layer solution (layer 2) Immutable X dedicated to the Ethereum (ETH) blockchain, unveiled a fund of $500 million to drive adoption of its platform by developers.

Baptized ” Immutable Ventures », this development fund will be used to support companies wishing to structure themselves around the non-fungible and Web 3.0 tokens on Immutable X. These new assets will be deployed both in the form of IMX tokens (Immutable’s token) and cash.

This fund benefits from the support of major players in the ecosystem, such asAnimoca Brands (The Sandbox), BITKRAFT Ventures, GameStop, Arrington Capital, King River Capital, Air Tree and Double Peak.

According Robbie Fergusonthe president and co-founder of Immutable, NFTs are still in their infancy, and Immutable has all the tools necessary to promote their development:

“Immutable Ventures will target NFT projects that engage with our growing digital ecosystem, knowing that we have only just begun to scratch the surface of this ecosystem’s massive potential. »

In addition to promoting its own development tools, Immutable Ventures has also made several strategic investments in companies also evolving on Web 3.0 and NFTs, such as Starkware, Stardust, Topology and PlanetQuest.

👉 To deepen – NFT: what is it and what is it for?

Gaming-focused development

Immutable X, the layer 2 of Immutable, integrates the technology zero knowledge proof of StarkExwhich allows thousands of transactions to be grouped into a single “package” before being validate them on Ethereumwhich allows to benefit from the security of the mother blockchain while ensuring almost zero transaction fees.

This combination of benefits allows networks like Immutable X to be particularly suitable for blockchain games and those based on NFTs, the latter requiring a large number of simultaneous transactions.

This is why, last February, Immutable announced a partnership with GameStop in order to encourage the development of the gaming sector on its platform, with already in parallel a $100 million support fund.

Benefiting from a substantial experience in this environment, in particular thanks to games Gods UnchainedGuild of Guardians or Illuvium, Immutable and its partners will be able to provide solutions and advice to future developers wishing to build on the network.

This concerns in particular tokenomics, the development itself, marketing or financing methods. This is intended to drive adoption of this emerging type of game, according to Immutable’s president:

“We’re learning from the creation of two of the biggest blockchain games – Gods Unchained and Guild of Guardians – and hiring the smartest people from web2 studios like Riot Games, to make the entry into the gaming world Simple and rewarding NFT for game studios. »

Thus, in a context where the cryptocurrency market is strongly stirred, certain companies in the ecosystem keep building through the storm. Last March, Immutable had seen its valuation reach the 2.5 billion dollars following a fundraising of 200 million dollars.

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Source: PR Newswire

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About the Author : Maximilien Prue

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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make the blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
All articles by Maximilien Prué.

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