Immutable launches $500 million eco-fund to boost GameFi adoption

This article comes fromCrypto Briefingsecondary title

Odaily Translator | Nian Yin Si Tang

Summary:

Summary:

- Immutable launched a $500 million ecosystem development fund to support projects built on Immutable X, its Ethereum Layer 2 scaling platform.

- The fund will use a combination of cash and its native token, IMX, to fund Web3 developers and incentivize their long-term engagement with the ecosystem.

Immutable, a crypto unicorn focused on NFTs and games, announced the launch of a $500 million fund to support Web3 games and NFT-focused companies based on its Ethereum Layer 2 scaling solution Immutable X.

secondary title

Immutable launches $500 million venture fund

Immutable, an encryption startup focused on NFTs and Web3 games, said in a press release on FridayAnnounceAnnounce

, the company has launched a $500 million ecosystem development fund to accelerate the adoption of Web3 projects based on Immutable X, its Ethereum Layer 2 scaling solution.

The fund, called "The Immutable Developer and Venture Fund," represents a mix of assets including cash and Immutable X's native token, IMX, from Immutable and a number of well-known crypto venture capital firms, including Animoca Brands, BITKRAFT, Airtree, GameStop and Arrington Capital. According to the statement, the fund will use these assets to meet different ecosystem needs—cash to meet developers’ financing needs, and allocate IMX to incentivize their long-term cooperation. Commenting on the fund’s launch, Immutable co-founder and president Robbie Ferguson said:

"We are poised to advance the vast, untapped potential in today's Web3 economy by providing the necessary funding and infrastructure for these ambitious NFT projects to succeed. While we see strategic investments in this space every day, Immutable Ventures will target NFT projects working on our growing digital ecosystem, as we know the enormous potential in this space is only just beginning to be realized.”

Immutable X is the first NFT-focused Layer 2 scaling solution on Ethereum. It uses StarkWare's zero-knowledge Rollup solution to batch thousands of transactions on its network and submit them to the Ethereum mainnet, increasing throughput and reducing transaction costs. The protocol claims to support more than 9,000 transactions per second, while having the advantages of zero gas fees and near-instant transaction settlement. Immutable X powers some of the largest crypto games and NFT projects, including Illuvium, Ember Sword, Gods Unchained, Guild of Guardians, and OpenSea.

In addition to providing funding, Immutable said the fund will connect projects and developers with blockchain gaming experts, including advisors in token economics, game design, community building and marketing. "We have taken lessons from developing two of the biggest blockchain games 'Gods Unchained' and 'Guild of Guardians' and hired top talent from Web2 studios like Riot Games to enable game studios to easily Enter the world of NFT games," Ferguson added.Immutable’s $500 million fund is just the latest in a string of nine-figure Web3 funds to launch over the past few months, showing that despite the crypto market downturn, VCs still see value in the space. In May, Andreessen Horowitz (a16z) launched the record-breaking$4.5 Billion Crypto Fund$725 million Eco Fundandand。

Immutable, which also raised funding separately, plans to expand its team and build this year. In March, Immutable was valued at $2.5 billionCompleted $200 million in financingCompleted $200 million in financing