NFT and gaming-focused crypto unicorn Immutable have launched a $500 million fund. The Web3 coin project aims to support NFT-focused companies building on Immutable X.
Web3 coin launches $500M venture fund
As you can follow from the news of Kriptokoin.com , the dominance of bears in crypto continues. However, the seven-month bear market did not prevent venture capital from flowing into the sector. NFT and Web3 gaming-focused crypto startup Immutable released a press release Friday. The Web3 coin project announced that it has launched a $500 million ecosystem development fund to accelerate the adoption of promising Web3 projects built on the Ethereum Layer 2 scaling platform Immutable X. Impacted by the news, Web3 coin price moved a long way in the green amid the market downturn.
The “Immutable Developer and Venture Fund” represents a mix of assets, including cash raised from a number of major crypto venture firms. This includes Immutable X’s IMX token and BITKRAFT, Animoca, Airtree, GameStop and Arrington Capital. According to the announcement, the fund will use the assets to serve different ecosystem needs. It will also encourage developers’ cash and long-term alignments to meet their financing needs. Robbie Ferguson, co-founder and president of Immutable, had this to say about the fund’s launch:
We will provide the necessary financing and infrastructure necessary for these ambitious NFT projects to be successful. In this way, we are ready to advance the enormous, untapped potential in today’s Web3 economy. We see that strategic investments are made in this field every day. At Immutable Ventures, we have only just begun to scratch the surface of the enormous potential for this category. With this understanding, it will target NFT projects connected to our growing digital ecosystem.
“This development shows that venture firms still see value in the field”
The Web3 coin is the first NFT-driven Layer 2 scaling solution on Ethereum. It uses StarkWare’s zero-knowledge aggregation solution to group thousands of transactions across its network. It also commits them to the Ethereum mainnet. Thus, it increases efficiency and reduces transaction costs. The protocol offers zero gas fees and near-instant transaction certainty. It also claims to support over 9,000 transactions per second. Web3 coin is home to some of the world’s biggest crypto games and NFT projects. These include Illuvium, Ember Sword, Gods Unchained, and Guild of Guardians.
In addition to providing capital, Immutable says the fund will connect projects and developers with blockchain gaming experts, including tokenomics, game design, community building and marketing advisors. In this context, Robbie Ferguson says:
We learn from building Gods Unchained and Guild of Guardians, two of blockchain’s biggest games. We also want to make entering the NFT gaming world simple and rewarding for game studios. There are things we learned from hiring the smartest people from Web2 studios like Riot Games.
Immutable’s $500 million fund is just the latest in a string of nine-digit Web3 capital pools launched in the past few months. There is a serious market crash these days touching Ethereum and other crypto assets. According to experts, this development shows that venture firms still see value in the field.
Meanwhile, Silicon Valley giant Andreessen Horowitz launched a record $4.5 billion fund in May. Dapper Labs and Binance recently launched their own $750 million and $500 million Web3-focused funds. Immutable has also raised funds as it plans to scale its team and build it this year. It received a $200 million capital injection in a Series C funding round in March, raising its valuation to $2.5 billion.
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