Web3 company, Immutable is launching a $500 million fund to support the growth of Web3 games and the companies that build on the Immutable X platform.
Immutable plans to offer token grants to Web3 games, NFT projects and other Web3 efforts that use Immutable X. Animoca, GameStop and King River Capital are also contributing to the fund, among others.
The Immutable Developer and Venture Fund is among one of the largest cryptocurrency investment funds yet announced. Investment and grant funds will be given out as a combination of cash and the Immutable X token, $IMX. Cash will be given to developers to facilitate scaling, while $IMX will be given to encourage companies to stay loyal to the Immutable X platform.
President and Co-Founder of Immutable, Robbie Ferguson, stresses that the gaming industry surpasses the music and film industries in size and is growing by ten percent each year. Ferguson explains that the company will be utilizing the knowledge it acquired in building Gods Unchained and Guild of Guardians, two of the most popular blockchain games.
“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” said Ferguson.
Gaming on the Blockchain
Blockchain gaming is a developing industry and was even mentioned on NewZoo’s list of metaverse and gaming trends to watch in 2022. Additionally, Wildlife Studios brought its flagship title, Castle Crush, to the blockchain earlier this year. Likewise, Yosuke Matsuda, president of Square Enix, has spoken out about his wishes to enter the blockchain gaming realm.
Several big names are already utilizing the Immutable X platform, including GameStop, TikTok, Playco and Opensea. In fact, GameStop is partnering with Immutable in launching its upcoming NFT marketplace on Immutable X.
According to CEO & Co-Founder of Immutable, James Ferguson, the company is hiring valued employees from Web2 games studios to aid companies using the Immutable platform in transitioning into blockchain game development.