Wednesday, September 27, 2023

Immutable targets Web3 gaming adoption with $500M fund

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Immutable, the firm behind Ethereum’s leading NFT scaling solution Immutable X, has announced a $500 million fund aimed at boosting Web3 gaming development, according to details shared on Friday.

Immutable will count on experience gained from the development of Gods Unchained and Guild of Guardians to help new developers. New talent is also being added to the team from leading game studios like Riot Games in a bid to provide the best in terms of game design, tokenomics, and marketing.

Venture and Grants program

According to the platform, the fund will be split into two – ventures and grants – with both layered on the objective of accelerating the global adoption of Web3 games.

The venture side of the fund will see Immutable partner with leading venture funds to provide developers access to the support they need to build on the platform. Firms already in the mix include BITKRAFT, Airtree, Animoca Brands, GameStop and King River Capital among others.

Grants will also involve Immutable X (IMX), the native token on the L2 platform. All token-related investments will be unlocked after 24 months.

Immutable says their goal is to help onboard the next big project on Immutable X, joining the likes of TikTok, GameStop, Illuvium, Opensea, Ember Sword and VeeFriends among other top gaming platforms and IP holders.


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