As far as pioneering blockchain companies go, Immutable has led the way thanks to its creative investments and many successes. The firm is behind the creation of the Immutable X scaling solution and has now turned its attention towards drawing investment for the platform. This is not the company’s first foray into Web 3.0 investment. Earlier this year, we talked about the firm’s collaboration with web gaming giants Kongregate to create a $40 million NFT game fund. Yet, this new fund eclipses the former in so many ways, offering new avenues of opportunity for other firms to jump on board and invest in the platform. So, what exactly can we expect to see from this new fund? Read on below to find out.
Immutable X Leads the Way
Based on the Ethereum blockchain, Immutable X is a scaling solution which fights against the cons that the blockchain presents. The solution pushes for more cost effective, energy efficient transactions that are performed at lightning speed on the Ethereum blockchain. The technology offered by Immutable X is incredibly necessary for large scale blockchain projects. This provides a solution to on of the biggest issues that Ethereum faces. Cryptocurrency and NFT games fall under this category and Immutable looks to push this reality further.
The tech is gathering plenty of support, with the likes of GameStop making use of the platform for their upcoming NFT gaming marketplace. Another fund of $100 million was announced as a collaboration between GameStop and Immutable, pushing for new NFT games to be developed. Plenty of existing NFT games already use Immutable X, including Gods Unchained, Guild of Guardians, Ember Sword and Illuvium. The latter recently made over $72 million from NFT land plots, showing just how rewarding the technology can be.
$500 Million Towards NFT Gaming Projects
Immutable says the fund will be spread across the next four years, with token investments between $100,000 and $500,000. The total figure is made up of around 500 million IMX tokens, which will be distributed by the company. Immutable has already aided projects like StarkWare, PlanetQuest and Stardust.
Of course, we must address the elephant in the room. Unfortunately, the recent crypto market crash has impacted the value of IMX tokens. The value for an IMX token has reduced to around $0.76. This provides a stark comparison from the peak value of $9.52 that it held in November of 2021. Hopefully, as the market finds its feet again, the investment will yield more value, leading to more substantial projects.
Investing in The Future
Despite the recent crash in the crypto market, companies like Immutable are braving on. With incentives like these, Immutable hopes to stoke the fire of the blockchain platform. This will hopefully creating more investment and activity which can in turn stabilise the market. As more eyes focus on Web 3.0 technology, we hope to see more top NFT games being produced in the near future.