Gaming has been one of the most popular uses for blockchain technology, and with the launch of Immutable X’s $500 million Web3 gaming fund, we can expect some massive games to be developed in 2018.
The “Immutable X Launches $500 Million Web3 Gaming Fund” is a new fund that will use blockchain technology to help developers create games and other digital content. Read more in detail here: immutable x crypto.
Immutable, an NFT scaling platform, has established a $500 million “Immutable Ventures” fund for the creation of Web3 games and NFT ventures. Just three months ago, Immutable secured $200 million in a Series C fundraising round, headed by Singaporean investment firm Temasek, raising its total value to an astounding $2.5 billion. This devoted sum of money, which serves as the company’s first development fund, was raised.
The main objective of the new fund will be to expand the Immutable X ecosystem by giving grants and investments in $IMX tokens to programmers, IP owners, and key partners participating in the most exciting initiatives based 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.
The fund’s sources of support that aren’t directly monetary will come from hiring some of the brightest Web2 game developers, as stated by 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 g.