Immutable Launches $500M Ecosystem Fund to Boost GameFi Adoption

Key Takeaways

  • Immutable has launched a $500 million ecosystem development fund to support projects building on its Ethereum Layer 2 scaling platform, Immutable X.
  • The fund will utilize a mix of cash and its native token IMX to fund Web3 developers and incentivize their long-term alignment with the ecosystem.
  • Despite the depressed market, Immutable’s fund is only the latest in a series of multi-million dollar funds launched in recent months.

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The NFT and gaming-focused crypto unicorn Immutable has launched a $500 million fund dedicated to supporting Web3 games and NFT-focused companies building on its Ethereum Layer 2 scaling solution, Immutable X.

Immutable Launches $500M Venture Fund

The seven-month bear market hasn’t stopped venture capital from pouring into the industry.

The NFT and Web3 gaming-focused crypto startup Immutable announced in a Friday press release that it has launched a $500 million ecosystem development fund to accelerate the adoption of promising Web3 projects building on its Ethereum Layer 2 scaling platform, Immutable X. 

“The Immutable Developer and Venture Fund” represents a mix of assets including cash and Immutable X’s IMX token pooled from Immutable and a host of notable crypto venture firms, including BITKRAFT, Animoca, Airtree, GameStop, and Arrington Capital. Per the announcement, the fund will use the assets to service different ecosystem needs—cash to meet developers’ funding requirements and vested IMX to incentivize their long-term alignment. Commenting on the fund’s launch, Immutable co-founder and president Robbie Ferguson said:

“We’re prepared to advance the immense, untapped potential in today’s Web3 economy by providing the necessary funding and infrastructure these ambitious NFT projects need to be successful. While we see strategic investments happening in this space every day, Immutable Ventures will target NFT projects that are committed to our growing digital ecosystem with…

Read more at cryptobriefing.com

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