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.”

IMX price reacted positively to the above news, however, the current market situation is not so positive which led to a decline over the past 24 hours with Bitcoin breaking the $20,000 support mark.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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