key takeaways
- Immutable has launched a $500 million ecosystem development fund to support the creation of projects on its Ethereum Layer 2 scaling platform, Immutable X.
- The fund will use a mix of cash and its native token, IMX, to fund Web3 developers and encourage their long-term alignment with the ecosystem.
- Despite the gloomy market, Immutable’s fund is only the latest in a series of multimillion-dollar funds launched in recent months.
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NFT and gaming-focused crypto Unicorn Immutable has launched a $500 million fund dedicated to supporting Web3 games and NFT-focused companies building on its Ethereum Layer 2 scaling solution, Immutable X.
Irreversible launches $500M venture fund
A seven-month bear market hasn’t stopped venture capital from pouring into the industry.
NFT and Web3 Gaming-Focused Crypto Startup Irreversible It announced in a press release on Friday that it has launched a $500 million ecosystem development fund to accelerate the adoption of promising Web 3 projects on its Ethereum Layer 2 scaling platform, Immutable X.
The “Irreplaceable Developer and Venture Fund” represents a mix of assets, including cash and the Immutable X’s IMX token, which is immutable and collected from several notable crypto venture firms including BITCRAFT, Animoca, Airtree, Gamestop and Arrington Capital. According to the announcement, the fund will use the assets to meet the needs of various ecosystems – cash to meet the funding needs of developers and IMAX vested to incentivize their long-term alignment. Commenting on the fund’s launch, Irrevocable Co-Founder and Chairman Robbie Ferguson said:
“We are set to unleash the immense, untapped potential in today’s Web3 economy by providing the funding and infrastructure needed for these ambitious NFT projects to succeed. While we see strategic investments in this sector happening every day Invariably, Irreversible Ventures will target NFT projects that are committed to our growing digital ecosystem, with the understanding that we have just begun to scratch the surface of the huge potential for this category.
ImmutableX is the first NFT-focused Layer 2 scaling solution on Ethereum. it uses starkwares The zero-knowledge-based rollup solution allows it to batch thousands of transactions across its network and commit them to the Ethereum mainnet, in turn increasing throughput and reducing transaction costs. The protocol claims to support over 9,000 transactions per second, while boasting zero gas fees and near-instant transaction finality. It hosts some of the biggest crypto games and NFT projects in the world, including Illuvium, Ember Sword, Gods Unchained, Guild of Guardians, and OpenSE.
In addition to providing capital, Immutable says the fund will connect projects and developers with blockchain gaming experts, including advisors in tokenomics, game design, community building, and marketing. “We are taking the lessons learned from building two of blockchain’s biggest games – Gods Unchained and Guild of Guardians – and hiring the smartest people from web2 studios like Riot Games to enter the world of NFT gaming. be easy to do and be beneficial to the gaming studio,” Ferguson said.
Immutable’s $500 million fund is only the latest in a series of nine-figure Web3 capital pools that have launched over the past few months, showing that venture firms still see value in the space, though touching on Ethereum and other crypto assets. Despite a severe market downturn. Silicon Valley Giant Andreessen Horowitz launched a record-breaking $4.5 billion fund in May, while dapper labs And Binance both recently Launched its own $750 million and $500 million Web3-focused funds.
Irreversible has also raised funds separately as it plans to build and build its own team this year. It received a $200 million capital injection in a Series C funding round in March, raising its valuation to $2.5 billion.
Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.