Australia-based Web3 game company Immutable has announced the launch of a $500 million developer and venture investment fund .
The funds will be used to support the launch of Web3 games and NFT-specific products on the Ethereum Layer 2 platform “Immutable X”.
This year’s fund is divided into two categories: “venture” and “grant”.
“Venture” established an investment fund in partnership with BITKRAFT, Animoca, Airtree, King River, GameStop, etc.
Applicants who successfully build a product based on IMX are eligible for additional investment opportunities.
For the ‘Grants’, we recruit top talent from major studios like Riot Games and provide applicants with a wide range of necessary knowledge of Immutable’s tokenomics, game design and marketing.
This seems to aim to launch world-class blockchain games on IMX.
In addition to financial support, grant applicants will receive $IMX upon reaching milestones.
President and CEO Robbin Ferguson told Tech Church, “The purpose of this fund is to enable the next generation of Web3 games at scale . “
According to Ferguson, the value of ownable assets could reach $1 trillion, assuming that movies, TV, music, etc. make their way into games.
We will continue to work with BITKRAFT, Animoca Brands, Arrington Capital, etc. to explore ways to support Web3 games and NFTs.
What is Immutable?
Based in Sydney, Australia, Immutable is the creator of the popular online games Gods Unchained and Guild of Guardians.
It also provides an Ethereum Layer 2 platform built in partnership with StarkWare called “ImmutableX”. It costs near zero gas and can process 9,000 transactions per second. It is highly secure because it inherits the security of Ethereum layer 1.
In March of this year, Temasek in Singapore announced a $2.5 billion funding round. Participants include Mirae Asset, ParaFi Capital, Declaration Partners and Tencent Holdings.