Ethereum-based NFT scaling platform Immutable has launched a $500 million fund called ‘Immutable Ventures’. The fund aims to work alongside existing partners of the platform, such as Animoca Brands, BITKRAFT, Arrington Capital, GameStop, Airtree, Double Peak, and King River Capital, to ultimately develop games that are already built upon its Immutable X protocol.
To cater to the different needs of each project, Immutable Ventures will offer monetary support via two streams, $ITX (its native token) grants, and cash investments. To ensure projects remain incentivised to continue using the Immutable X protocol, $ITX tokens will be handed out to developers once certain milestones within their game’s development have been met, whilst cash injections will be given to projects which require sums of capital in order to proficiently scale.
Non-monetary support will also be on offer to Immutable X partnering projects, as per the words of the company’s CEO and co-founder James Ferguson, part of the fund will also be dedicated to hiring some of the brightest minds from Web2 gaming, to ensure that entering the NFT gaming world is as simple and rewarding as possible for gaming studios.
Immutable Ventures is the second significant milestone of the company’s 2022 calendar so far, with the first coming when it hit a valuation of $2.5 billion in March after raising $200 million in a Series C funding round.
