Australia’s ‘Immutable X’ Launches $500 Million Fund to Accelerate Web3 Game Development

June 21, 2022, 11:30 AM AEST - 1 week ago

Immutable, the Sydney-based company behind the NFT-focused Ethereum scaling solution Immutable X, has announced the launch of its new US$500 million developer and investment fund:

The so-named Immutable Developer and Venture Fund will help accelerate the growth of Immutable X by providing grants to, and investing in, the most promising projects building on the protocol, with a particular focus on fostering the growth of Web3 game development.

New Fund to Supercharge Adoption

The fund will provide investment and grants in both cash and crypto, with crypto funding in the form of Immutable X’s native token, IMX.

The ventures side involves partnerships with several large VC firms including BITKRAFT, Animoca, AirTree, GameStop and others. The fund will look to invest in the most promising projects building on Immutable X, providing them with the necessary resources to help them scale and launch successfully.

Grants will provide developers with financial support tied to project milestones, as well as technical and educational support to help them realise their project goals. Drawing on its experience in blockchain-based game development, Immutable X will provide guidance to grant recipients to support them to transition to blockchain gaming:

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.

James Ferguson, CEO and co-founder, Immutable

Web3 Gaming Presents Huge Opportunity

James’s brother Robbie Ferguson, president and co-founder of Immutable, sees Web3 gaming as an enormous growth area moving forward that Immutable X will be well placed to benefit from with the launch of this fund:

Gaming is bigger than movies and music combined, and is compounding by 10 percent 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.

Robbie Ferguson, president and co-founder, Immutable

Immutable X Focuses on Gaming

Founded in Sydney in 2018, Immutable X was designed specifically to bring scalability and affordability to Ethereum’s NFT ecosystem. The protocol is fast – able to process up to 9,000 transactions per second – and has zero gas fees and is carbon neutral. 

Immutable X works by leveraging StarkWare’s zero-knowledge proof technology, which allows it to ‘roll-up’ thousands of transactions on its own network separate from Ethereum, and then commit them to the Ethereum blockchain in a single transaction.

Immutable X has had a busy few months, having raised $US200 million in its most recent funding round in March and in May partnering with gaming company Kongregate to launch a US$40 million developer grant fund.

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