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- The capital would be utilized for creating web3 games and NFT-focused businesses.
- A 10% annual increase in the gaming industry’s market supports the idea.
A new $500 million ecosystem development fund has been unveiled by Immutable, the leading NFT and gaming-focused crypto firm, in order to spur the adoption of GameFi and improve the crypto gaming sector broadly. The company’s first venture capital fund was revealed in a press release on Friday.
We're launching the @Immutable Developer & Venture Fund worth $500M to accelerate the adoption of Web3 games & projects.
— Immutable | $IMX ⓧ (@Immutable) June 17, 2022
Learn more ➡️ https://t.co/iUs5uYQsIq
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President and co-founder Robbie Ferguson, who spoke about the development, indicated that the capital would be utilized for creating and constructing web3 games and NFT-focused businesses using layer-2 Ethereum-focused platform Immutable X by Immutable.
$100 Billion Industry For In-game Items Alone
In order to fulfil its core goal of providing an enabling environment for web3 gaming, he said these initiatives would serve as the driving force. Consistent investment in the area has been motivated by its belief that it represents one of the greatest possibilities to date on the web3.
Robbie stated:
“The total addressable market will be enormous and much bigger than what gaming is today — a $100 billion industry for in-game items alone.”
Arrington Capital, Double Peak, AirTree, and BITKRAFT are among the other NFT-focused investors that Ferguson said the money would be utilized to collaborate. He said that a 10% annual increase in the gaming industry’s total addressable market supports this claim. As a result, he said, the gaming sector might soon be worth $1 trillion in attainable assets alone, based on the assumption that events like movies, TV series, and music would end up in the gaming world.
According to Ferguson, this Immutable fund was raised from many sources, including the company’s venture partners, the company’s financial sheets, and the capital allocated by venture capitalists (VC).
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