Immutable X is used by firms like GameStop, TikTok, and ESL for NFT collectibles and crypto-powered video games.
Funds will support development, building upon success with blockchain games Gods Unchained and Guild of Guardians.
Immutable, the firm behind the Immutable X layer-2 scaling solution for Ethereum, announced the launch of a $500 million fund to boost developer adoption of the platform. The Immutable Ventures fund will invest in and provide grants to projects that build on Immutable X using a mix of IMX tokens and cash in partnership with an array of VC funds and ecosystem allies.
Immutable revealed the $500 million endeavor today, 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 just begun to scratch the surface of the massive potential for this category,” said co-founder and President Robbie Ferguson in a release.
Immutable X is a scaling solution that enables faster, cheaper, and more energy-efficient transactions than Ethereum’s own mainnet can handle. 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.
That makes Immutable X well suited to applications that require a large number of transactions, including potential low-value purchases—such as crypto-powered games and NFT projects.