Immutable, the world’s largest NFT and gaming-focused crypto firm, has announced the formation of a $500 million ecosystem development fund to promote GameFi adoption and the crypto gaming industry in general.
The company’s first venture investment fund was revealed in a news release on Friday.
The cash will be used to create and construct web3 games and NFT-focused firms using Immutable X, the company’s layer-2 Ethereum-focused platform, according to the company’s President and co-founder, Robbie Ferguson.
These projects, he said, will be the driving force behind the organization’s primary goal of allowing the next generation of web3 gaming.
The company’s consistent investment in the area stems from its belief in its potential as one of the most significant opportunities ever to exist on the internet3. He further added,
“The total addressable market will be enormous and much bigger than what gaming is today – a $100 billion industry for in-game items alone.”
The third generation of internet services for applications and websites is known as Web3. To synthesise and create a data-driven semantic web, it focuses on artificial intelligence. It also aspires to create websites that are more intelligent, linked, and open. Users would engage with one another without the necessity of middlemen in Web3. As a result, information will be shared and censorship by governments and companies will be reduced.
Immutable to join hands with other NFT investors
BITKRAFT, Animoca Brands, Arrington Capital, Double Peak, AirTree, and other NFT-focused investors will be partnered with the fund, according to Ferguson.
He backed this up by claiming that the gaming industry’s total addressable market has grown by 10% every year.
He went on to say that, based on the notion that events like movies, TV series, and music will end up in the gaming world, the sector might be worth $1 trillion in the near future only for ownable assets.
Immutable capital was raised, according to Ferguson, through a variety of sources, including the company’s venture partners, balance sheets, and VC allocations.