Immutable launches $500 million development fund for web3 game adoption

The Ethereum Layer 2 development startup Immutable has launched a $500 million development fund to build out blockchain-based games and projects. 

The fund will parcel out token grants and investments to blockchain-based games and NFT companies, according to Immutable’s Friday announcement on Twitter. To get funded, projects must be building on Immutable X, the Layer 2 protocol designed to speed up and reduce the cost of non-fungible token (NFT) transactions, to get funded. 

Immutable partnered with firms such as Bitkraft, Animoca Brands, Airtree, King River and GameStop to establish the fund. 

“We’ve taken insights via Gods Unchained and Guild of Guardian, hiring the best people from leading studios like Riot Games to provide applicants with extensive necessary knowledge on tokenomics, game design and marketing to launch world-class blockchain games on our protocol,” Immutable wrote on Twitter.

Immutable raised $200 million in Series C funding on March 7, reaching a $2.5 billion valuation.