Immutable Launched USD500M Fund
Immutable, powering the next generation of web3 games, has launched a USD500M fund to boost web3 gaming adoption.
Immutable Developer and Venture Fund launched a USD500M fund to accelerate Web3 games and project adoption.
About the Raised Capital
Indeed, the capital will be used to fund projects building web3 games and NFT-focused companies on its layer-2 Ethereum-focused platform, Immutable X.
Robbie Ferguson, President and co-founder of Immutable, said that Immutable’s main goal is to enable the next generation of web3 gaming at scale. While, Gaming developers and IP holders already building on its platform include GameStop, TikTok, OpenSea, and Illuvium, to name a few.
“We see gaming being one of the biggest opportunities in web3 to have ever existed,” he said. “The total addressable market will be enormous and much bigger than what gaming is today — a $100 billion industry for in-game items alone.”
Ferguson noted that the total addressable gaming market is compounding 10% year over year, so the industry could have a $1 trillion price tag for ownable assets under the assumption that movies, TV shows, and music will end up inside games.
Its fund will also collaborate with other web3 gaming and NFT-focused investors, including BITKRAFT, Animoca Brands, Arrington Capital, Double Peak, AirTree, King River Capital, and GameStop strategic gaming publishers, for additional investment opportunities.
About Immutable
Immutable is advancing the world of NFTs through Immutable X, an industry-leading NFT minting and trading platform and Immutable Studios, an NFT game development studio.
SOURCE
techcrunch.com/2022/06/17/immutable-launches-500m-fund-to-boost-web3-gaming-adoption/
