Immutable announced the launching of Immutable Ventures, its first development fund. Immutable X-based web3 games and NFT-focused businesses are the focus of the Immutable Developer and Venture Fund. By giving token grants and investments to the most promising games and companies developing on the Immutable X platform, the initial $500 million fund will hasten the evolution of the Immutable X protocol.
Immutable Launches $500 Million Developer and Venture Investment Fund
As one of the biggest cryptocurrency investment funds in the world, the Immutable Developer and Venture Fund will make investments and grants using a combination of cash and $IMX. In order to invest in and encourage developers to create profitable games and projects on the IMX platform, the investment fund will collaborate with developers, IP owners, and strategic partners.
Funds will be used to meet financial requirements for scaling projects, and milestone-based $IMX with designated vesting schedules will be used to support long-term incentive alignment. In short, this mix of assets will be used to meet the demands of various developers.
Immutable’s fund will work with well-known cryptocurrency and gaming investors, such as BITKRAFT, Animoca, Arrington Capital, Double Peak, Airtree, King River Capital, and GameStop, who are focused on web3 games and NFTs, as well as top strategic gaming publishers, to provide developers with access to more investment opportunities.
“We’re taking the lessons learned from building two of the blockchain’s biggest games – Gods Unchained and Guild of Guardians – and hiring the smartest people from web2 studios like Riot Games, to make entering the NFT gaming world simple and rewarding for gaming studios,”
James Ferguson, CEO & Co-Founder at Immutable.
What is Immutable X?
Immutable X, created for the developing NFT ecosystem, is the first and top Layer 2 protocol scaling solution on Ethereum. The protocol promises 9000 TPS, no gas taxes, simple on-and-off ramps, and an entirely carbon-neutral environment. Moreover, it was designed for high-frequency minting and trading of NFTs, large scalability, and better liquidity.
StarkWare’s StarkEx zero-proof-of-knowledge technology is used by Immutable X. As a result, it roll-ups thousands of transactions on its network effortlessly. Scalability, zero gas fees, and a carbon-neutral environment are all provided while transferring them to Ethereum in a single transaction.
“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.”
Robbie Ferguson, President & Co-Founder, Immutable.
What is Immutable?
In collaboration with Sydney-based StarkWare, Immutable was established in 2018. Immutable X, a market pioneer in NFT technology, specializes in Layer 2 solutions that give the Ethereum NFT ecosystem scale, accessibility, and strength. Moreover, the company creates and publishes well-known web3 projects, such as Guild of Guardians and Gods Unchained.
Immutable, which earlier this year completed a $200 million series C financing round headed by Temasek and included Tencent and Animoca Brands, is the fastest-growing Australian company to achieve unicorn status. Thus, the company, which has a $2.5 billion market cap, intends to use the money to further its international growth.
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