Crypto News

This Web3 Gaming Firm Has Launched A $500M Developer And Venture Investment Fund

Australia-based Immutable, a Web3 gaming firm, has just launched an inaugural $500 million developer and venture investment fund. The company plans to use the capital to fund projects building Web3 and NFT-based games on its layer-2 Ethereum-focused platform, Immutable X. Companies already confirmed to be building on this platform include GameStop, TikTok, OpenSea, and Illuvium, among others.

“It’s the perfect time to start really building long-term games that will have true in-game economies that will get a hundred million to a billion players on Web3,” said Robbie Ferguson, the Co-Founder of Immutable. “I have strong conviction that the first hundred million users will come from a [Web 2.0] game. All it takes is a breakout here and that’s a reasonably sized successful game where NFTs can be used under the hood, completely frictionlessly, and reap the benefits.”

Ferguson added that the half-billion-dollar fund was pooled together from a “mixture of places,” and that it will collaborate with other Web3 gaming and NFT-focused investors including BITKRAFT, Animoca Brands, Arrington Capital, Double Peak, AirTree, King River Capital, and GameStop, as well as strategic gaming publishers for additional investment opportunities.

(All information was provided by TechCrunch)

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