NFT scaling platform Immutable has launched a $500 million ‘Immutable Ventures’ fund dedicated to developing Web3 games and NFT projects. The dedicated pile of cash, which is Immutable’s inaugural development fund, comes just three months after the company raised $200 million in a Series C funding round led by Singaporean investment fund Temasek, which brought its overall valuation to a whopping $2.5 billion.
The predominant aim of the new fund will be to develop the existing Immutable X ecosystem through issuing $IMX token grants and investments to developers, IP holders, and strategic partners who are involved with the most promising projects built on the protocol. The list of industry figures include the likes of Animoca Brands, GameStop, BITKRAFT, Arrington Capital, Airtree, Double Peak, and King River Capital, who will each be subject to token or cash investments to build out areas of blockchain gaming within their projects such as tokenomics, game design, community, and marketing support.
According to the company’s CEO & co-founder James Ferguson, the decision to use both $IMX token and cash injections was made in order to service the needs of each individual developer, as cash is needed for projects to meet specific funding requirements for scaling, whilst $IMX injections for hitting certain milestones will incentivise developers to continue building on the Immutable X protocol.
With the monetary side of things covered, the fund’s avenues of support which aren’t as explicitly linked to money will come through the hiring of some of the sharpest Web2 gaming minds, as, in the words of Ferguson: “We’re taking the lessons learned from building two of the blockchain’s biggest games – Gods Unchained and Guild of Guardians – and hiring the smartest people from web2 studios like Riot Games, to make entering the NFT gaming world simple and rewarding for gaming studios”.
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