NFT Platform Immutable Launches $500M Venture Fund for Web3 Games
Immutable Ventures will work with groups including Animoca and GameStop.
Jun 17, 2022 at 5:09 p.m. UTCUpdated May 11, 2023 at 5:44 p.m. UTC
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Non-fungible token (NFT) scaling platform Immutable launched a $500 million venture fund focused on Web 3 games and NFT projects, according to a statement Friday.
- The new venture fund will also build on the Immutable X protocol through token grants and investments. IMX is Immutable X’s native token.
- Immutable said the fund will collaborate with crypto and gaming investors including BITKRAFT, Animoca, Arrington Capital, Double Peak, Airtree, King River Capital and GameStop.
- Immutable Ventures has invested in Web3 companies and NFT startups including Starkware, Stardust, PlanetQuest and Topology.
- Some of the names already building on Immutable include GameStop (GME), TikTok, Opensea, Ember Sword and more.
- In March, Immutable raised $200 million in a Series C funding round that was led by Singapore state investment fund Temasek at a $2.5 billion valuation.
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Earlier this year, GameStop partnered with Immutable X for the launch of its NFT marketplace.
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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.