- Immutable, an Ethereum (ETH)-based web3 gaming platform, has launched a $500 million development fund. Developer and Venture Fundwill focus on supporting web3 games and NFT-focused firms built on Immutable X.
NFT and gaming focused crypto unicorn(represents startups worth over $1 billion) Immutable, Web3 games and Ethereum layer-2 scaling solution Immutable X launched a $500 million fund dedicated to supporting NFT-focused companies The cryptocurrency has skyrocketed over 16% from the last 24-hour low of $0.66 to $0.77.
$500 million venture fund from Immutable
The bear market that has dominated crypto for the past seven months has not stopped venture capital from flowing into the industry.
NFT and Web3 gaming-focused crypto startup Immutable announced in a press release Friday that the Ethereum scaling platform Immutable X announced that it has launched a $500 million ecosystem development fund to accelerate the adoption of promising Web3 projects built on
The “Immutable Developer and Venture Fund” represents a mix of assets including the IMX token and cash raised from a number of key crypto venture firms including BITKRAFT, Animoca, Airtree, GameStop and Arrington Capital.
According to the statement, the fund uses assets to reward developers’ cash and long-term compliance to meet their financing needs. IMX token will use it to meet various ecosystem needs, including Immutable co-founder and president Robbie Ferguson had this to say about the fund’s launch:
“We are poised to advance the enormous, untapped potential in today’s Web3 economy by providing the necessary funding and infrastructure necessary for these ambitious NFT projects to succeed. Although we witness strategic investments in this space every day, Immutable Ventures will target NFT projects connected to our growing digital ecosystem with the understanding that we have not yet begun to delve into the enormous potential for this category.”
What is Immutable X?
Immutable X is the first NFT-focused Layer-2 scaling solution on Ethereum. To collect and group thousands of processes in its own network, StarkWare’s zero-knowledge proof solution and connects them to the Ethereum mainnet, thus increasing throughput and reducing transaction costs. The protocol claims to support more than 9,000 transactions per second while offering zero gas fees and near-instant transaction certainty. The platform is also home to some of the world’s largest crypto games and NFT projects, including Illuvium, Ember Sword, Gods Unchained, Guild of Guardians, and OpenSea.
In addition to providing capital, Immutable stated that the fund will help projects and developers liaise with blockchain gaming experts, including tokenomics, game design, community building and marketing consultants. Interested in the matter, Ferguson made the following comment:
“We draw on the lessons we learned from building Gods Unchained and Guild of Guardians, some of the most popular games on the blockchain, and using the smartest experts from Web2 studios like Riot Games to make entering the NFT games industry simple and rewarding for game studios.”
Immutable’s $500 million fund is just the latest in a series of nine-digit Web3 capital pools launched in the past few months, showing that the space is still seeing value despite a drastic market plunge tapping into Ethereum and other crypto assets from venture firms.
Immutable also raised funds last March to scale its team. The platform, which raised $200 million in equity funds in its Series C funding round on March 7, increased its valuation to $2.5 billion. Immutable, which employed 165 people at the time of this development, announced that they planned to hire 200 more and announced that they would expand their team significantly next year.
IMX token dropped 10 percent
Despite all these developments, the IMX token price, which is expected to rise under normal market conditions, experienced a small increase of 16 percent and reached the level of $ 0.77. However, as the crypto market continues to trade in bear conditions, Immutable X prices have dropped more than 10 percent in the last 24 hours. The trading volume of the IMX token, which was traded at $ 0,677 at the time of writing, has increased by approximately 25% to $ 80 million in the last 24 hours.
As previously stated by KoinFinans, Immutable had previously announced a strategic partnership with GameStop and the agreement included the launch of a new NFT market on the Immutable X platform. According to the press release, besides GameStop, TikTok, Opensea, Illuvium etc. Many famous brands in various industries are also developing on Immutable.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.