The Australia-based Web3 gaming company Immutable has announced the launch of an inaugural $500 million developer and venture investment fund.
As per an exclusive report by Techcrunch, the president and co-founder of the company Robbie Ferguson, said that the capital amount will be used to fund and support projects in Web3 gaming and NFT-focused startups working on its layer-2 Ethereum-based platform, Immutable X. Ferguson says:
“We see gaming being one of the biggest opportunities in web3 to have ever existed. The total addressable market is going to be enormous and much bigger than what gaming is today – a $100 billion industry for in-game items alone.”
The primary goal of the company is to enable the next generation of Web3 gaming at scale. Notably, several big names including TikTok, GameStop, OpenSea, and Illuvium, are already building projects on its platform.
According to Ferguson, the total addressable gaming market is growing at a 10% annual rate, implying that the industry’s ownable assets might be worth $1 trillion if movies, TV shows, and music are included in games.
Ferguson explained that the half-billion-dollar sum came from a “mixture of places.”
“There’s obviously all our venture partners who are using their balance sheets and VC allocations to come in on these deals, there’s cash backed on [Immutable’s] balance sheet, and there’s also the foundation’s grants, which are specifically designed for this purpose to incentivize and build the Immutable ecosystem,” says the CEO.
Web3 gaming sector touching skies
The crypto gaming industry continues to grow despite the sluggish behavior of general crypto market. Recently, crypto-focused venture capital firm based in San Francisco, Framework Ventures, raised $400 million in a funding round. Interestingly, it allocated 50% of the fund or $200 million to Web3 gaming, as TheCoinRise reported.
Solana has also expressed its bullish stance towards the industry. Solana Ventures collaborated with the Solana Foundation to launch a $100 million fund to invest in a Web3.0 startup emerging out of South Korea.