On Friday (June 17), NFT scaling platform Immutable announced the launch of a new $500 million fund to help NFT developers fund the development of NFTs through crypto investment.
According to the press release, the company’s inaugural $500 million fund will accelerate the growth of the Immutable X protocol, Immutable’s development platform, by allocating token grants and investments to games and projects built on the company’s platform.
By including cryptocurrency as a part of the investment fund, the Immutable Developer and Venture Investment Fund will be able to invest with a combination of $IMX, Immutable X’s native token, and cash, opening the door for more types of ventures the company can contribute to.
The fund also aims to provide partners with deep blockchain gaming support and expertise, a growing industry for NFT development.
As James Ferguson, Immutable’s CEO and co-founder, stated in the release, “we’re taking the lessons learned from building two of the blockchain’s biggest games — Gods Unchained and Guild of Guardians — and hiring the smartest people from web2 studios like Riot Games, to make entering the NFT gaming world simple and rewarding for gaming studios.”
The company has already invested in NFT startups and Web3 developers, including Starkware, Stardust, PlanetQuest and Topology.
Related: Visa Crypto Head Sheffield Touts NFTs to Speed Commerce
NFT developments and its relation to cryptocurrency is nothing new. Just this week, Visa’s vice president and head of crypto Cuy Sheffield said he believes NFTs could be set to strengthen the speed of commerce going forward, and impact the digital payments industry as we know it.
“If NFTs as a technology can really start to increase the velocity of commerce and bring more people across the world … we think that is a big opportunity for the entire payments ecosystem, and we think a lot of this is going to be driven and built by individual creators, which we kind of see as the next generation of small businesses,” said Sheffield.
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