Immutable has announced the launch of its new $500 million fund called “Immutable Ventures”. Mainly aimed at developers, this fund will financially encourage companies wishing to build projects related to NFTs and blockchain gaming through Immutable X, a second layer solution of the Ethereum blockchain.
Immutable launches $500 million fund
Immutable, the company behind the Immutable X layer 2 solution dedicated to the Ethereum blockchain (ETH), has unveiled a $500 million fund to boost developer adoption of its platform.
Dubbed “Immutable Ventures,” this development fund will be used to support companies looking to structure themselves around non-fungible tokens and Web 3.0 on Immutable X. This new capital will be deployed both in the form of IMX tokens (Immutable’s token) and cash.
The fund is backed by major ecosystem players including Animoca Brands (The Sandbox), BITKRAFT Ventures, GameStop, Arrington Capital, King River Capital, Air Tree and Double Peak.
According to Robbie Ferguson, Immutable’s president and co-founder, NFTs are in their infancy, and Immutable has all the tools necessary to foster their development:
“Immutable Ventures will target NFT projects that engage with our growing digital ecosystem, knowing that we have only begun to scratch the surface of the massive potential of this ecosystem.”
In addition to promoting its own development tools, Immutable Ventures has also made several strategic investments in companies also operating in Web 3.0 and NFTs, such as Starkware, Stardust, Topology and PlanetQuest.
A development focused on gaming
Immutable X, Immutable’s layer 2, incorporates StarkEx’s zero-knowledge proof technology, which allows thousands of transactions to be aggregated into a single “package” before being validated on Ethereum, thus benefiting from the security of the parent blockchain while ensuring near-zero transaction fees.
This combination of advantages makes networks such as Immutable X particularly suitable for blockchain and NFT-based games, which require a large number of simultaneous transactions.
That’s why, last February, Immutable announced a partnership with GameStop to encourage the development of the gaming sector on its platform, with already in parallel a support fund of 100 million dollars.
Benefiting from a significant experience in this field, thanks to the games Gods Unchained, Guild 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 includes tokenomics, development, marketing and financing methods. This aims to promote the adoption of this type of emerging game, according to the president of Immutable:
“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 entering the world of NFT games simple and rewarding for game studios.”
So, amidst the cryptocurrency market’s heavy turmoil, some companies in the ecosystem continue to build through the storm. Back in March, Immutable saw its valuation reach $2.5 billion following a $200 million fundraising.
