Immutable, a blockchain infrastructure platform, has announced the creation of a $500 million fund for innovative gaming protocols and non-fungible token (NFT) firms in the Web3.0 ecosystem. According to TechCrunch, the new fund will be used to support protocols that are developing web3 games and NFT-focused firms on Immutable X, its layer-2 Ethereum-focused platform.
“We consider gaming as one of the most significant opportunities in web3 history,” said Robbie Ferguson, president and co-founder of Immutable. “The overall addressable market will be tremendous and far larger than what gaming is today — a $100 billion business for in-game stuff alone,” a statistic that underscores the importance of the industry and why Immutable is going all in to assist this new niche.
The funds came from a variety of sources, including “venture partners who are using their balance sheets and VC allocations to come in on these deals, cash-backed on Immutable balance sheet, and the foundation’s grants, which are specifically designed for this purpose to incentivize and build the Immutable ecosystem,” according to Ferguson.
Immutable, a division of Immutable, is quickly becoming the go-to spot for Web2 and Web3 enterprises interested in blockchain gaming and NFTs. While the protocol already has partnerships with companies like GameStop, OpenSea, TikTok, and Illuvium, it aims to expand its support for its chosen businesses by partnering with a few more.
Immutable aims to seek new collaborations with BITKRAFT, Animoca Brands, Arrington Capital, Double Peak, AirTree, and King River Capital, according to the article. Immutable expects to become a major platform that will assist in the onboarding of more businesses into Web3 in the future years, when more names will be hoping to make a splash in the ecosystem.
The new investment fund is similar to those of other prominent Web3.0 players such as Avalanche and Binance Labs, and it demonstrates that Immutable is well-funded by venture capital firms to pursue its goals.