Australia's Fastest Growing Unicorn Helps Make NFTs Available At Any Price Point, Fostering Mass Adoption In Gaming, Collectibles, Music And Sports, Among Others
SYDNEY , June 17, 2022 /PRNewswire/ -- Immutable, powering the next generation of web3 games as the leading carbon-neutral, scalable platform for trading NFTs on Ethereum, today announced the launch of its inaugural development fund, Immutable Ventures. The Immutable Developer and Venture Fund is dedicated to supporting web3 games and NFT-centric companies that build on Immutable X. The inaugural $500 million fund will accelerate the growth of the Immutable X protocol by allocating token grants and investments to the most promising games and projects building on the Immutable X platform.
The Immutable Developer and Venture Fund is now one of the world's largest crypto investment funds and will be providing investments and grants with a combination of $IMX, Immutable X's native token, and cash. The investment fund will work with developers, IP holders and strategic partners to invest in and incentivize developers to build successful games and projects on the IMX platform.
The mix of assets will be used to service the needs of different developers - cash to meet funding requirements for scaling projects and milestone-based $IMX with designated vesting schedules to facilitate long-term incentive alignment. Immutable's fund will be collaborating with prolific crypto and gaming investors including BITKRAFT, Animoca, Arrington Capital, Double Peak, Airtree, King River Capital and GameStop, which are focused on web3 games and NFTs, as well as leading strategic Gaming publishers, giving developers access to additional investment opportunities.
The Immutable Developer and Venture Fund will provide partners with deep blockchain gaming support and expertise; including direct access to advisory for tokenomics, game design, community and marketing support. "We're taking the lessons learned from building two of the blockchain's biggest games - Gods Unchained and Guild of Guardians - and hiring the smartest people from web2 studios like Riot Games, to make entering the NFT gaming world simple and rewarding for gaming studios," says James Ferguson, CEO & Co-Founder at Immutable.
Building on Immutable are some of the biggest gaming developers and IP holders, including GameStop, TikTok, Opensea, Illuvium, Ember Sword, GreenPark Sports, ESL, Gary Vee (Vee Friends), Playco and many more. Earlier this year, GameStop announced a strategic partnership with Immutable to launch its new NFT marketplace on the Immutable X platform.
Additionally, Immutable Ventures has already made several strategic investments in web3 companies and NFT startups, including Starkware, Stardust, PlanetQuest and Topology. To contact Immutable Ventures and submit an proposal, please visit: www.immutable.com/fund
Immutable X is the first and leading Layer 2 protocol scaling solution on Ethereum, designed for the burgeoning NFT ecosystem. Created for high-frequency minting and trading of NFTs, massive scalability and enhanced liquidity; the protocol boasts 9000 TPS, zero gas fees, and easy on-and-off ramps in a fully carbon neutral environment.
Immutable X incorporates StarkWare's StarkEx zero-knowledge proof technology to roll up thousands of transactions on its own network and commit them to Ethereum with a single transaction, achieving scalability while providing developers with zero gas fees and a carbon-neutral environment.
"Gaming is bigger than movies and music combined, and is compounding by 10% every year. With the knowledge we have from building two of the blockchain's biggest games in-house, we're going to be providing the funding, expertise and infrastructure needed to grow this to a trillion dollar ownable economy over the next decade," said Robbie Ferguson, President & Co-Founder, Immutable. "We're prepared to advance the immense, untapped potential in today's web3 economy by providing the necessary funding and infrastructure these ambitious NFT projects need to be successful. While we see strategic investments happening in this space every day, Immutable 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 massive potential for this category."
Immutable is the fastest Australian company to reach unicorn status — earlier this year, Immutable announced a $200 million series C fundraising round led by Temasek, and included Tencent and Animoca Brands. The company is valued at $2.5 billion and plans to use the funds to help drive its global expansion.
This announcement is in partnership with Digital Worlds NFTS LTD. Immutable Pty. Ltd.is an independent service provider to Digital Worlds, the issuer of IMX Tokens.
About Immutable and Immutable X:
Immutable was founded in 2018 in partnership with StarkWare, Sydney-based Immutable X is an industry leader in NFT technology, focused on Layer 2 solutions that bring scalability, affordability and power to the Ethereum NFT ecosystem. In addition, the company also is a developer and publisher of popular web3 projects, including Gods Unchained and Guild of Guardian.