Foremost NFT and gaming-focused crypto company, Immutable has announced the launch of a new ecosystem development fund worth $500 million to drive the adoption of GameFi and boost the crypto gaming industry generally.
The venture investment fund is the company’s first and was announced in a press statement on Friday.
Speaking on the development, the company’s President and co-founder, Robbie Ferguson, explained that the fund would be used for developing and building web3 games and NFT-focused companies on Immutable’s layer-2 Ethereum-focused platform, Immutable X.
These projects, he noted, would be the driving force to achieve its primary aim of creating an enabling environment for the next generation of web3 gaming.
The company’s consistent investment in the sector is driven by its confidence in its potential as one of the biggest opportunities that have ever existed on the web3.
In his words,
The total addressable market will be enormous and much bigger than what gaming is today — a $100 billion industry for in-game items alone.
Immutable to Partner with Other NFT Investors
Ferguson revealed that the fund would be used to partner with other NFT-focused investors like BITKRAFT, Animoca Brands, Arrington Capital, Double Peak, AirTree, and others.
To buttress this point, he said the gaming industry’s total addressable market has risen by 10% yearly.
He continued that this indicates that when viewed from the argument that events like movies, TV shows, and music will end up inside the gaming world, the industry could have a $1 trillion price for ownable assets alone in the near future.
According to Ferguson, Immutable fund was raised from several places, including the company’s venture partners, through its balance sheets and VC allocations.
There’s going to be a huge influx of web3 games in eight to 12 months, and there’s going to be hundreds of Triple A games over the next few years.