Immutable X Plans $500 Million Fund for NFTs and Game Developers

Other categories related to this article:

Immutable X aims to draw more builders to its platform

Immutable, the company behind the layer 2 solution Immutable X, last week announced its new $500 million fund for developers. The Australian-based web3 gaming firm told the world last week that it wants to be at the center of the blockchain gaming revolution. To this end, it will work with game and NFT developers to deploy half a billion dollars of capital over the next two to four years.

Build in a bear market. That’s how the saying goes. Immutable X seems to be adhering to this maxim as it recently announced plans for a $500 million fund.

The fund aims to support the development of games and NFTs on its blockchain. You can see which games and NFTs use the Immutable X network using DappRadar’s dapp rankings page.

Immutable’s $500 million development fund

Immutable, the company behind the Immutable X layer scaling solution, announced last week that it plans to create the development fund. The goal is to support, with resources and advice, the growth of web3 developers. 

Ultimately, Immutable wants studios and creators to develop their content on Immutable X. But even by supporting developers that don’t form a lifelong partnership with the network, Immutable stands to gain by helping the overall gaming industry to grow.

‘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,’ said co-founder and President of Immutable, Robbie Ferguson.

Ferguson expects the gaming industry to keep growing at such a pace in a few years, it could be worth over $1 trillion, assuming that movies, TV shows and music are combined with gaming platforms. 

This sounds like the metaverse model, which is still gaining traction, despite the current drop in crypto prices. 

‘The total addressable market is going to be enormous and much more than what gaming is today – a $100 billion industry for in-game items alone.’

Other firms involved in the fund include Animoca Brands, BITKRAFT Ventures, GameStop, AirTree, Arrington Capital, Double Peak and King River Capital.

DappRadar rankings for Immutable X

To see for yourself how games and platforms perform on Immutable X, DappRadar’s rankings pages show user numbers and the amounts of money that move through the dapps’ smart contracts.

Looking at a 30-day view gives an idea of how many people visit these dapps and how much money they spend on them. So we can already see that Immutable X is a serious player with a big community.

DappRadar’s rankings for dapps on Immutable X over 30 days

Illuvium is a collecting and battle game that moved from the Ethereum mainnet to Immutable X in Q3 of 2021. Transactions through the game’s smart contracts amounted to $3.09 million over the past 30 days.

Gods Unchained, another major hit, attracted more than 11,000 users over the past month and processed $865,520 through its smart contracts during that period.

It’s not just the Immutable X network that DappRadar has information for. We have over 40 blockchains and layer 2 solutions for which we collect on-chain data. And all together, we’ve integrated 11,357 dapps onto our platform.

DappRadar’s data can be broken down by individual blockchain

Every day, we’re adding more dapps, more data and more utility for our users. You can become a DappRadar PRO member today, which gives you access to more detailed search options, filters and data points. You can also read exclusive analytical reports from our research team and access every DappRadar Signal through our Discord channel.

Read more about DappRadar PRO in our DappRadar Docs.

Share this post on social media

Share this Article

Related articles

Related articles

Sushi Integrates GameStop NFT Wallet

The move extends the company’s reach into web3