Immutable X, Ethereum’s tier 2 sidechain, is launching a $500 million fund. As per the developers announcement, the fund is earmarked for play-to-earn (P2E) game development.
It is noted that great games like, for example, Gods Unchained and Illuvium are already using Immutable X.
Additionally, in March of this year, Immutable X closed a $200 million Series C round led by Singapore-based Temasek. The round valued the company at $2.5 billion. As such, the company is now part of the growing list of unicorns in the web 3.0 space.
The newly created fund is in collaboration with industry giants such as Animoca Brands.
Alongside the new fund, Immutable X also announced a rebranding of the platform. In addition, announced a new game studio department.
The fund will be called the Immutable Developer & Venture Fund and will distribute the funding over a four-year period. In all, around 500 million IMX tokens were earmarked for the fund.
The average investment size will be from $100,000 to $500,000.
If a project fails to meet its milestones, Immutable X reserves the option to award the allocation to other projects. This will make the fund more dynamic and less likely to lose money.”
About Immutable X
Immutable X is an Ethereum tier 2 scaling solution for NFTs. Developed as an offshoot of the play-to-earn game Gods Unchained last year, Immutable X has managed to attract a growing variety of projects to its platform.
But the platform is not just for gaming NFTs. After all, Immutable X also hosts dozens of other NFT projects.
The platform launched in 2021 and released its token later that year. There are no GAS fees when trading on IMX. However, there are ‘protocol’ rates of 1% (rising to 2% in July).
Although the platform supports various tokens like ETH, IMX, GODS and GOG, most sales are in ETH.