Bullish – Immutable launches a new fund in favor of NFT and crypto games. It thus contributes to the development of web3, in full bear market for cryptocurrencies.
Immutable X: half a billion for video games and NFTs
Immutable X is a second layer ofEthereum (ETH) dedicated to NFT projects and web3 games. The platform allows in particular the scaling of these.
Concretely, transactions carried out on Immutable X are faster and cheaper. The protocol would have the additional advantage of being carbon neutral.
Immutable X is thus positioned as the blockchain for rapidly growing decentralized applications. Thanks to these arguments, the platform has managed to seduce giants like OpenSea or TikTok for their web3 projects.
The company is currently continuing to grow despite the bearish context in the crypto markets. In this context, Immutable announced in a communicated from June 17, 2022, the launch of a development fund for web3 projects hosted on its platform.
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Besides, Hollywood would be a featherweight?
The bottom Immutable Developer and Ventures of $500 million, will be used to fuel the growth of Immutable X. Specifically, it will fund in the form of subsidy or investment in tokensthe “most promising projects” on the platform.
Immutable Ventures has already invested in web3 companies such as Starkware, Stardust, PlanetQuest and Topology. However, according to its co-founder Robbie Ferguson, the fund only started “in scratch the surface of the digital ecosystem.
Robbie Ferguson further pointed out the strong growth of 10% video games. This sector would weigh according to the founder of Immutable Ventures, heavier “than films and music combined”.
Bear market: Immutable and web3 on their way
To achieve its mission, the fund will collaborate with various investors in the cryptocurrency and gaming sectors such as: BITKRAFT, Animoca, Arrington Capital, Double Peak, Airtree, King River Capital, and GameStop.
This launch ofImmutable Ventures comes about three months after Immutable had raised $200 million. The valuation of the company was then $2.5 billion after this Series C round.
Immutable therefore proves its solidity via this new fund, while the bear markets have revealed the weakness of certain crypto companies. If Immutable X has already successfully attract giants like GameStopNFT projects and crypto games now have another half billion reasons to call it home.
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500 million for web 3 and NFTs – Immutable X’s new fundraiser
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