Just-In: ETH based Immutable Launches $500M Web3 Gaming Fund

Immutable, an Ethereum (ETH) based web3 gaming firm, has taken the initiative to launch a $500 million development fund. The Developer and Venture Fund will focus on supporting the web3 games and NFT focus firms built on Immutable X.

How IMX can gain momentum?

Robbie Ferguson, Co-founder of Immutable, in a Twitter thread wrote that this investment is done to back the coming generation of web3 games. He mentioned that the next billion users for web3 will emerge from gaming. Ferguson added that beyond financing, the firm will be building the free full service game design. The plan will also include tokenomics advice for IMX games.

The Immutable’s $500 million funds will be giving grants with a combination of IMX, the native token of Immutable, and cash. The aim will be to work with developers, IP holders, and strategic partners who are looking to incentivize developers in building games and other projects. This move can surely increase the utility of the IMX token in the coming future.

Immutable added that the plan to grant investment with a mix of assets will be used to deploy funds. The IMX tokens will be given in order to facilitate long-term incentive alignment. While the cash will eventually meet the funding needs for scaling projects.

IMX token down by 6%

Meanwhile, IMX’s price jumped by 3% to trade at the average price of $0.735. However, as the crypto market continues to trade under the bear condition, Immutable X prices have dropped by 6% in the last 24 hours. The IMX token is trading at an average price of $0.677, at the press time. Meanwhile, its 24 hour trading volume has jumped by around 25% to stand at $80 million.

Earlier, GameStop declared a strategic partnership with Immutable. The deal includes launching a new NFT marketplace on the Immutable X platform. The release mentioned that the firm is already building some big names in industries like TikTok, Opensea, Illuvium, and more.