Immutable Establishes A Fund Of $500 Million To Develop The Web3 Game
The layer-2 startup on Ethereum Immutable has just announced a $500 million development fund to fund blockchain projects, especially the gaming segment.
The foundation will provide grants and investments in blockchain titles, especially NFT projects. To be funded, projects must be deployed on Immutable X, a layer-2 protocol designed to speed up and reduce transaction costs for NFTs.
Immutable has partnered with Bitkraft, Animoca Brands, Airtree, King River, and GameStop to set up the fund.
Immutable’s main goal is to enable the next generation of Web3 gaming at scale, Ferguson, president, and co-founder of Immutable said. 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. The total addressable market is going to be enormous and much bigger than what gaming is today — a $100 billion industry for in-game items alone.”
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