Funding is an integral part of almost any development project. NFT, blockchain, and using these technologies to empower the gaming world, could be the key to the success of the Web 3.0 era.
While there has been remarkable growth in concepts, innovations, and ideas for Web 3.0, there has often been a lack of funding. Therefore, many projects have to rely on growing their funds through methods like Pre-Sales, NFT sales, and other membership bonuses.
Immutable, an Australia-based company, is now working on empowering Web 3.0 developers worldwide. Immutable has launched a $500 million venture fund which focuses on Web 3 Games and NFT Projects.
There’s no denying that gaming is a critical part of the Web 3.0 era. Similarly, VR and AR will make a vital contribution, but in a way, they are also gamified. Incentives like Play-To-Earn, Run-To-Earn, etc., will take an essential role in sustaining the Metaverse.
According to the experts, the game item market alone could grow past $100 billion in the blockchain world. That doesn’t include the items outside the game, like the crypto tokens and more.
So, what does this fund mean for game developers?
An Insight Into The Funds
Immutable has been working rigorously to provide us with a layer-2 protocol on Ethereum, known as Immutable X. There will be token grants and investments that should help IMX (native tokens) grow to the next level.
There are going to be countless collaborations. These will be with well-known names in the market or those that acknowledge the potential of Immutable X. For instance, the list includes:
- Animoca
- Arrington Capital
- Airtee
- ESL Gaming
- BITKRAFT
- GameStop
- King River Capital
- Together Labs
According to Immutable, ‘the $500m fund is set up to exponentially accelerate the growth and success of web3 projects & games built on Ethereum’s leading Layer 2 protocol’.
Is Immutable A Worthy Investor?
There are many top-grade companies like GameStop (GME), TikTok, Ember Sword, and Open Sea that are working on adopting Immutable X. These companies are already working on building sustainable projects on Immutable X.
Meanwhile, Immutable has also invested in various startup projects. It is also going to help many Web 3 companies that are in the start-up phase. These include:
- Starkware
- Stardust
- PlanetQuest
- Topology
- Embersword
As for the track record and credibility, the company knows where to invest and how to make a fortune. Immutable raised around $200 million for a Series C funding round. Which ended up with a valuation of around $2.5 billion.
Building on the success of NFT games such as Guild of Guardians and Illuvium, Immutable aims to help more game developers succeed in bringing new and exciting games to players.
What Does It Mean For The Metaverse And Web 3.0?
Initially, it means that many developers from Web 2.0 could look towards porting to Web 3.0 and building on it. Any promising project will receive the grant it requires to sustain a well-developed economy.
Immutable is also ensuring that the projects with promising prospects will receive these funds. While these funds might give an impression that they are for everyone, there will be a careful evaluation.
The result could be a remarkable growth in Web 3.0 gaming. As big companies and AAA-rated game developers are discovering the potential in the Web 3.0 market. Every company, even automobile companies like MG, is working on entering the Metaverse, becoming part of the Web 3.0 revolution.
Hence, there could be a fantastic line-up of games in the next couple of years.
The Need Of The Market
As mentioned earlier, most developers and Web 3.0 games had to rely on themselves or their NFTs to raise funds. However, the recent condition of the market, with the downfall of Bitcoin and Ethereum, hasn’t been all that positive.
Many games have slowed down their development. There has been a notable under-delivery on many NFT projects that seemed promising.
Immutable’s funding is the need of the hour. It is essential to sustain all the projects, dreams and hopes. There are many promising projects out there and this half-a-billion-dollar fund will help the Metaverse Game developers sustain themselves.
The Bottom Line
Immutable has contributed tremendously to blockchain and NFT development. This fund venture will be the most significant seen in the Metaverse. This could push Immutable X into mainstream adoption as a gaming blockchain. It could very well surpass other options like Solana and Polygon. If this continues, we are looking at favourable growth for the Web 3.0 games.
Romina
NFT aficionado, dissecting the evolving tapestry of blockchain assets with a fine lens on real-world implications.
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