E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Closing Bell: Nifty near 16,000, Sensex gains over 600 points; Auto, FMCG, Realty shine

July 6, 2022

Macroeconomic Factors to Blame for Crypto Crash With More Pain Likely to Come: Coinbase Report

July 6, 2022

Samsung Galaxy M13 series India launch set for July 14

July 6, 2022
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
Facebook Twitter Instagram
E Amazings
You are at:Home»Crypto»Immutable Raises $500 Million to Support Web 3 Gaming and NFT Projects
Crypto

Immutable Raises $500 Million to Support Web 3 Gaming and NFT Projects

Paul EasterBy Paul EasterJune 17, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email


The Australian NFT scaling platform – Immutable – introduced an inaugural $500 million developer and venture investment fund. The financing will be distributed to companies developing the Web3 ecosystem and non-fungible token (NFT) projects.

The Half-Billion-Dollar Fund

In a recent interview for TechCrunch, Robbie Ferguson – Co-Founder and President of Immutable – asserted that the company’s primary goal is to integrate innovations in the Web3 gaming sector. As such, the firm will allocate the $500 million fund to developers that build blockchain-based games and NFT startups.

“We see gaming being one of the biggest opportunities in Web3 to have ever existed. The total addressable market is going to be enormous and much bigger than what gaming is today – a $100 billion industry for in-game items alone,” Ferguson stated.

Moreover, the executive believes the sector could be worth $1 trillion in the future, assuming that the film and music industry show interest and join its ecosystem.

The fund in question was amassed from venture partners of Immutable and cash backed on the firm’s balance sheet:

“There’s obviously all our venture partners who are using their balance sheets and VC allocations to come in on these deals, there’s cash-backed on [Immutable’s] balance sheet, and there’s also the foundation’s grants, which are specifically designed for this purpose to incentivize and build the Immutable ecosystem.”

Prominent investors like Animoca Brands, GameStop, BITKRAFT, Arrington Capital, and Double Peak also collaborated on the financing.

Ferguson believes that in the following years, middle-sized gaming studios will catch up and become the fastest-growing companies in the market. As a result, additional blockchain-based games will join the Web3 universe:

“The main thing is that it takes time to integrate Web3 and takes time to build a good game. 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.”

Robbie Ferguson
Robbie Ferguson, Source: YPO

The Previous Fund

In March this year, Immutable closed a $200 million funding round led by the Singaporean investment giant Temasek. Other renowned investors, including Arrington Capital, Princeville Capital, and ParaFi Capital, took part, too.

Immutable said it will use the funds to expand its team and reinforce its gaming studio, which includes popular blockchain games like Guild of Guardians and Gods Unchained. The initiative boosted the company’s valuation to $2.5 billion.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.



Source link

Paul Easter

Related Posts

Macroeconomic Factors to Blame for Crypto Crash With More Pain Likely to Come: Coinbase Report

By Paul EasterJuly 6, 2022

CryptoCom CEO Denies Imposing Withdrawal Restrictions

By Paul EasterJuly 6, 2022

SOL Stuck in a Range, Breakout Inbound?

By Paul EasterJuly 6, 2022

Bitcoin Reclaimed $20K Following Extreme Volatility, AVAX Jumps 7% (Market Watch)

By Paul EasterJuly 6, 2022
Add A Comment

Comments are closed.

Our Picks

Closing Bell: Nifty near 16,000, Sensex gains over 600 points; Auto, FMCG, Realty shine

By Paul EasterJuly 6, 2022

Macroeconomic Factors to Blame for Crypto Crash With More Pain Likely to Come: Coinbase Report

By Paul EasterJuly 6, 2022

Samsung Galaxy M13 series India launch set for July 14

By Paul EasterJuly 6, 2022
Recent Posts
  • Closing Bell: Nifty near 16,000, Sensex gains over 600 points; Auto, FMCG, Realty shine July 6, 2022
  • Macroeconomic Factors to Blame for Crypto Crash With More Pain Likely to Come: Coinbase Report July 6, 2022
  • Samsung Galaxy M13 series India launch set for July 14 July 6, 2022
  • CryptoCom CEO Denies Imposing Withdrawal Restrictions July 6, 2022
  • Housing sales in Jan-Jun at 9-year high in top 8 cities; sales see 60 per cent annual growth: Knight Frank July 6, 2022
  • SOL Stuck in a Range, Breakout Inbound? July 6, 2022
  • Bajaj Auto looks to sell Chetak from 75 locations in current fiscal July 6, 2022
Archives
  • July 2022
  • June 2022
Facebook Twitter Instagram Pinterest TikTok
  • Home
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.