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Ethereum's Immutable X Plans $500M Fund for NFTs and Game Developers

NFT, crypto
Published 1 week ago
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Ethereum's Immutable X Plans $500M Fund for NFTs and Game Developers
NFT, crypto,
Published 1 week ago

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Immutable Ventures will offer investments and grants in IMX tokens and cash for developers building on its Ethereum scaling solution.

Immutable, the company behind the Immutable X layer 2 scaling solution for Ethereum, has announced the launch of a $500 million fund to drive developer adoption of the platform.

The Immutable Ventures fund will invest and provide grants to projects building on Immutable X using a mix of IMX tokens and cash in partnership with a number of venture capital funds and ecosystem allies.

Immutable today disclosed the $500 million effort, which includes assets from firms including Animoca Brands, BITKRAFT Ventures, GameStop, Arrington Capital, King River Capital, AirTree and Double Peak.

Immutable Ventures will target NFT projects that are committed to our growing digital ecosystem with the understanding that we have only just begun to scratch the surface of the huge potential in this category, co founder and president Robbie Ferguson said in a statement.

Immutable X is a scaling solution that enables faster, cheaper, and more energy efficient transactions than the Ethereum mainnet itself.

The platform conducts transactions on a separate chain, and then uses StarkWare's StarkEx rollup technology to bundle the transactions and commit them to the Ethereum blockchain.

Including potential low-value purchases such as cryptocurrency powered games and NFT projects.

Virtual plots, rare weapons and clothes.

This makes Immutable X very suitable for applications that require a large number of transactions,An NFT is a blockchain token that functions as proof of ownership, and is often used for digital goods such as artwork, collectibles, and video game items.

Potential use cases for NFT in video games include player avatars.

GameStop is one of the most prominent companies building on Immutable X


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    NFT, crypto
    Ethereum Immutable X Game Developer NFT WEB3 METAVERSE