Immutable launches $500 million fund for web3 games and projects

The Ethereum Layer 2 development startup Immutable has launched a $500 million development fund to build out blockchain-based games and projects. 

Track live crypto price of 10000+ coins!

The fund will parcel out token grants and investments to blockchain-based games and NFT companies, according to Immutable’s Friday announcement on Twitter. To get funded, projects must be building on Immutable X, the Layer 2 protocol designed to speed up and reduce the cost of non-fungible token (NFT) transactions, to get funded. 

Immutable partnered with firms such as Bitkraft, Animoca Brands, Airtree, King River and GameStop to establish the fund. 

“We’ve taken insights via Gods Unchained and Guild of Guardian, hiring the best people from leading studios like Riot Games to provide applicants with extensive necessary knowledge on tokenomics, game design and marketing to launch world-class blockchain games on our protocol,” Immutable wrote on Twitter.

Related:  Bitcoin Miner Genesis Digital Assets Secured 708 MW in Capacity During the First Half of 2022 – Mining Bitcoin News

Immutable raised $200 million in Series C funding on March 7, reaching a $2.5 billion valuation.

About Author

MK Manoylov is a reporter for The Block covering NFTs, blockchain-based gaming and cybercrime. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP).

Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: