Immutable X the ZK (Zero knowledge) roll-ups on Ethereum has launched a $500 million fund to boost the adoption and growth of its GameFi and NFT-focused ecosystem. This is the biggest investment in crypto industry after the FTX and Binance investment of $1.5b combined, last month to expand their ecosystems.
Immutable X is the first layer-2 scaling solution for NFTs on Ethereum, with instant trade confirmation, massive scalability, and zero gas fees without compromising user custody. The NFT and Web3 gaming focused, Immutable X announced in press release that it has launched a $500 million ecosystem development fund to accelerate the adoption of promising Web3 projects building on its Ethereum Layer 2 scaling platform, Immutable X.
The Immutable Developer and Venture Fund is now one of the world’s largest crypto investment funds and will be providing investments and grants with a combination of $IMX (Immutable X native token) and cash. The investment fund will work with developers, IP holders and strategic partners to invest in and incentivize developers to build successful games and projects on the IMX platform.
Commenting on the fund’s launch, Immutable co-founder and president Robbie Ferguson stated:
“We’re prepared to advance the immense, untapped potential in today’s Web3 economy by providing the necessary funding and infrastructure these ambitious NFT projects need to be successful. While we see strategic investments happening in this space every day, 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.”
“We’re taking the lessons learned from building two of the blockchain’s biggest games—Gods Unchained and Guild of Guardians—and hiring the smartest people from Web2 studios like Riot Games, to make entering the NFT gaming world simple and rewarding for gaming studios,”
Immutable X claims that can support over 9,000 transactions per second while boasting zero gas fees and near-instant transaction finality. It hosts some of the world’s biggest crypto games and NFT projects, including Illuvium, Ember Sword, Gods Unchained, Guild of Guardians, and OpenSea.
Besides providing capital, Immutable X says the fund will connect projects and developers with blockchain gaming experts, including advisors in tokenomics, game design, community building, and marketing.
Immutable X has also raised funds $200 million capital injection in a Series C funding round in March.