Immutable X, the Ethereum layer 2 sidechain that made possible projects such as Gods Unchained and the recent Illuvium Land Sale, is launching a $500m fund to support web3 game development.
In March, Immutable closed a $200 million Series C round led by Singapore-based Temasek, which valued the firm at $2.5 billion. The company is now part of the ever-growing list of unicorns in the web3 space. Animoca Brands, the leading blockchain game distribution and venture capital company, also entered into the unicorn category after raising US$88.8 million in May, which valued the company at $1b.
The newly created fund is in collaboration with giants of the play to earn space such as Animoca Brands, GameStop, and more. Co-funds will increase the total audience and cash incentives. Alongside the new fund, Immutable X also announced a rebranding of the platform, which now includes a gaming studio department. The new website looks incredibly modern and very attractive to newcomers.
Immutable Developer & Venture Fund
Immutable Developer & Venture Fund will distribute the funding in a 4-years period. The vesting schedule for these investments will be in accordance with their existing policies—milestone-based (i.e. performance-based) with 24-month unlocks post milestone achievement.
Around 500m $IMX tokens will be allocated to the fund. Funds will be made available over 4 years as outlined in the whitepaper. The actual circulating supply will be dependent on milestone achievement and unlocks. $IMX has been heavily impacted by the recent crypto crash, but it’s staying strong and gaining back its value slowly but steadily.
The average investment size will be from $100,000 to $500,000 in cash, but token allocation might be in the millions for the right project.
If a project fails to deliver on its milestones, Immutable reserves the choice of granting the allocation to other projects, making the fund more dynamic and less prone to losing money than other popular alternatives in the field.
According to Immutable’s CEO, Robbie Ferguson, “We see gaming being one of the biggest opportunities in web3 to have ever existed,“ he told TechCrunch. “The total addressable market is going to be enormous and much bigger than what gaming is today — a $100 billion industry for in-game items alone.”
For more information and to apply, visit immutable.com/fund.
What is Immutable X
Immutable X is an Ethereum layer 2 scaling solution for NFTs. Developed as an offshoot from Gods Unchained, when the team realized that high gas fees were a major hindrance to card trading, Immutable X has grown quickly. Over the past year, Immutable X has managed to attract a growing array of projects to its platform. Some notable names include Gods Unchained, Guild of Guardians, Illuvium, and Ember Sword. But it’s not just for gaming NFTs. Immutable X also hosts dozens of other NFT projects.
The platform went live in 2021 and launched its token later that year. There are no gas fees when trading on IMX. However, there are ‘protocol’ fees of 1% (increasing to 2% in July) on every trade and sometimes market fees as well. And though the platform supports holding multiple tokens, ETH, IMX, GODS, and GOG, most sales are in ETH.
Also, if you want to remove or add funds to your IMX account, then you have to pay Ethereum gas fees for the transfer. Immutable X is growing quickly and developing more name recognition. Illuvium minted the NFTs from their recent land sale directly onto the platform. And Ember Sword is in the process of encouraging their land owners to migrate over as well. With their recent partnership with Gamestop, Immutable X could find themselves at the forefront of mass adoption for blockchain gaming!