NFT platform Immutable launches $500m fund to back Web 3.0 start-ups
The capital will support the growth of Web 3.0 firms and NFT-focused start-ups
Australian-based NFT start-up Immutable has launched a $500m ecosystem fund to support the growth of Web 3.0 games and NFT-focused companies building on its Ethereum layer-2 scaling solution, Immutable X.
The company confirmed the fund in a press release, stating that the inaugural $500m fund will “accelerate the growth of the Immutable X protocol by allocating token grants and investments to the most promising games and projects building on the Immutable X platform.”
Immutable became the fastest Australian company to reach unicorn status in history, following a $200m Series C fundraising round earlier this year that was led by Temasek, and included participation from Tencent and Animoca Brands.
The company’s valuation soared past $2.5bn at the time.
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Driving adoption
Immutable's ecosystem fund is set to exponentially accelerate the growth of Web 3.0 projects and games built on its Ethereum layer-2 protocol, Immutable X, via two features: Ventures and Grants. The firm confirmed that the capital will be provided through a combination of $IMX, Immutable X’s native token, and cash.
Besides providing capital, Immutable’s CEO and co-founder James Ferguson said that the firm will also focus on “hiring the smartest people from Web2 studios like Riot Games, to make entering the NFT gaming world simple and rewarding for gaming studios.”
Robbie Ferguson, Immutable’s president and co-founder, said that Immutable will capitalise on the untapped potential in today’s Web 3.0 economy by “providing the funding, expertise and infrastructure needed to grow this to a trillion-dollar ownable economy over the next decade”.
“Immutable Ventures will target NFT projects that are committed to our growing digital ecosystem, with the understanding that we have just begun to scratch the surface of the massive potential for this category,” he said.
