NFT platform Immutable launches $500M venture fund to boost web 3 gaming adoption
Immutable X, the leading Layer 2 scaling solution for NFTs that enable gas-free minting and trading, announced the launch of a $500 million fund to focus on Web3 games and NFT projects.
The fund will invest in projects that build on Immutable X using IMX, Immutable X’s native token, and cash in partnership with an array of VC funds and ecosystem allies.
In order to build up ecosystem, the Australia-based company will collaborate with crypto and gaming investors including GameStop, Animoca Brands, BITKRAFT Ventures, Arrington Capital, King River Capital, AirTree, and Double Peak.
Many firms, including GameStop, TikTok, NFT collectible platform VeVe, esports league ESL, have already built on Immutable X’s scaling solutions.
Immutable X conducts transactions on a separate chain, and then uses rollup technology to bundle the transactions and commit them to the Ethereum blockchain.
In March, Immutable has raised US$200 million in a series C round led by Temasek, with participation from Animoca Brands and Tencent. After the financing round, the market value of the Australian firm reached $2.5 billion.
“We see huge business opportunities in web 3 games, the total market size is going to be enormous and much bigger than the size of gaming today. We’re hiring the smartest people from Web2 studios like Riot Games, to make entering the NFT gaming world simple and rewarding for gaming studios,” said Robbie Ferguson, president and co-founder of Immutable.
Immutable X is a scaling solution that enables faster, cheaper, and more energy-efficient transactions for NFT and web 3 games.
Web 3 games is blockchain-based games build on decentralized networks. A non-fungible token (NFT) is a digital asset that represents real-world objects like art, music, videos, and videos, buyer’s ownership of NFTs recorded on that blockchain, meaning the digital commodities are unique and cannot be exchanged, depreciated and stole.
Most NFT marketplace such as OpenSea, Rarible, Dapper Labs, require users to trade and auction NFTs using ether, the native token of the Ethereum blockchain that has emerged as the technical standard for NFT.
Ethereum requires scaling solution to handle a large number of transactions, making Layer 2 scaling solutions like Immutable well suited to the situation.