Immutable Announces $500 Million Fund for NFTs and Gaming

The NFT-focused blockchain Immutable X says it will invest $500 million in Web3 gaming projects. Called the ‘Immutable Developer and Venture Fund’, this will be the first official fund managed by Immutable Ventures.

In a recent press release, the Immutable team says its goal is to attract and support game developers in the Immutable X ecosystem. In addition to cash investments, Immutable Ventures will release its IMX tokens to partner NFT projects.

Some game companies and investment firms that work with Immutable Ventures include:

  • Animoca brands
  • BITKRAFT
  • aerial boom
  • King River Capital
  • GameStop

Aside from financial support, Immutable CEO James Ferguson said he would provide companies with expert guidance in creating NFT-based communities, play-to-earn incentives and gaming infrastructure. Ferguson also said many Riot Games employees are now on Immutable’s team.

Based in Australia, Immutable X is a layer 2 Ethereum blockchain that offers faster transactions and lower fees. In addition to launching hit titles like “Gods Unchained” and “Guild of Guardians,” Immutable has prominent NFT partnerships with companies like GameStop and TikTok.

According to the latest funding rounds, Immutable X is valued at approximately $2.5 billion.

Immutable is an undeniable NFT powerhouse

The Immutable X team continues to make great strides in its goal of becoming the leading name in the NFT gaming industry. Most notably, Immutable has worked closely with GameStop as the company adds an NFT market to its physical business model.

About a month ago, GameStop announced a desktop crypto wallet that works in Chrome and Brave browsers. This wallet will eventually be linked to GameStop’s upcoming NFT store, which will live on the Immutable X blockchain.

More recently, Immutable X announced a major deal with Warner Bros. subsidiary Turner Sports. Under this new partnership, Turner Sports will use Immutable X to release NFT games based on its media properties.

There were also rumors that Bored Ape founder Yuga Labs wants to migrate from the main chain of Ethereum to Immutable X. In fact, Immutable X sent a proposal to the ApeCoin DAO detailing how it could help the community to develop its ‘Otherside’ ‘ metaverse to scale.

Although the ApeCoin DAO just voted to stay on the Ethereum blockchain, many community members are still interested in alternative chains. Currently, Immutable X and Avalanche are the clear frontrunners to partner with the Bored Ape Yacht Club.

There’s no doubt that Immutable X is one of the most influential chains in the NFT gaming sector, but it’s not the only player in town. Indeed, Solana Labs recently announced a significant $100 million fund for the South Korean web3 gaming industry. Solana also teamed up with PUBG’s creator Krafton earlier this year.

While no one knows who will lead the NFT gaming market, Bloomberg believes video games will power the emerging metaverse industry. According to Bloomberg’s latest forecasts, gaming will make up $400 billion of the metaverse market’s $800 billion by 2024.

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