Wednesday, October 5, 2022

ImmutableX Unveils $500M Investment Fund For Web3 Gaming Startups

Immutable, a Web3 gaming company based in Australia has announced an investment fund of $500 million for Web3 gaming startups. This announcement was made by Robbie Ferguson, the firm’s President and Co-founder.

According to Ferguson, the announced fund is expected to drive growth and infrastructural development in the Web3 gaming arena. In addition to Web3 games, blockchain companies that develop Non-Fungible Tokens (NFTs) are also open to benefiting from this investment fund.

Immutable is known for some well-known IP holders and gaming developers such as TikTok, GameStop, OpenSea and Illuvium which are building atop its platform. The firm is however bullish on seeing the rise of a new wave of Web3 gaming firms.

Speaking on how the $500 million investment fund came through, Ferguson said that the fund was pooled from a combined number of places. “We received funds from our venture partners, cash was drawn against Immutable’s balance sheet, and grants meant for developing our ecosystem were also brought in,” he said.

To be candid, an investment fund worth half a billion dollars could seem rather too much. Ferguson, however, opines that the gaming sector is the biggest possible driver of Web3, and the industry is set for the $100 billion mark.

According to Ferguson, Immutable would be working with a couple of reputable NFT and Web3 investment firms. Some of them are King River Capital, Animoca Brands, Double Peak and a few others. And with these partnerships, ImmutableX expects to see greater investment opportunities open up.

Although this is not the first time Immutable would be stepping out to invest in firms. The Web3 gaming firm has a record of having invested in the likes of StarkWare, Topology and PlanetQuest. Immutable is however excited to see more gaming and NFT-centered firms latch on to its layer-2 Ethereum (ETH) Platform known as Immutable X.

Interest in Web3 and NFT Gaming on the rise

While working at taking Web3 gaming mainstream, Immutable rose to clinch the status of a Unicorn. This status the company achieved after it secured the sum of $200 million in a Series C funding round led by Temaesk earlier this year.

LootRush, is another platform which provides gamers friendly and easy access to crypto games. The firm also recently received funding worth $12 million through a seed financing round. According to LootRush’s CEO, Anderson Ferminiano, LootRush is focused on making NFT gaming accessible with cheaper NFTs.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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