Immutable Initiates $100M Inevitable Games Fund for Blockchain Gaming Ventures
Summary:
Immutable has launched a $100M blockchain game investment fund called the "Inevitable Games Fund" (IGF). Backed by venture capital firm King River Capital and Polygon Labs, the fund has already raised $30M in its first close from multiple contributors. The IGF has commenced funding seven blockchain games, amongst which figures Pixelmon, despite its initial controversy. The firm's co-founder believes that the video game sector is on the brink of a considerable technological transformation towards Web3, and that this shift holds promise for their fund. Polygon led blockchain gaming last year despite fewer deals and investment in this field.
Immutable, a company specializing in blockchain games, has inaugurated a $100 million investment fund known as the "Inevitable Games Fund" or IGF. This fund has been established thanks to the collaboration of venture capital firm King River Capital and Polygon Labs and is designed to be "ecosystem-agnostic," as revealed in a statement to Cointelegraph. The investment decisions will be guided by King River, while Immutable and Polygon will function as consultants. The initial close of the fund secured $30 million with contributions from Alpha Wave Ventures, Web3 gaming team Merit Circle, and prominent personas such as TechCrunch's co-founder Michael Arrington, ex-Algorand CEO Steve Kokinos, Polygon's co-founder Sandeep Nailwal, as well as the founders of Immutable, James and Robbie Ferguson.
IGF has commenced funding seven blockchain games, native to either ImmutableX or Polygon. These gaming ventures include Pokémon-like Pixelmon, fantasy RPG Guild of Guardians, and shooting games Metalcore and My Pet Hooligan. However, Pixelmon's initial $70 million raise and successive artwork revelation in February 2022 were met with skepticism, causing some to doubt the project's validity. Since these accusations, the game has strived to regain credibility, with a refreshed visual style, leadership alterations, and an $8 million seed round investment led by parties including Animoca Brands and Robbie Ferguson, Immutable's founder.
Zeb Rice, King River's co-founder, expressed in the statement that video games are on the brink of a major technological transformation, and this imminent shift to Web3 technology is expected to yield benefits for the fund. Despite a 62% and 19% comparative decrease in invested sums and deals across Web3 games and metaverse projects in the past year, gamers remain relatively unaffected and blockchain games have retained the highest UAW in the decentralized app (DApp) arena in 2023. Blockchain for gaming was led by Polygon last month with over 400,000 daily UAW on average, as per a DappRadar report on March 14. Over the entire year of 2023, Polygon maintained third place in blockchain gaming, attaining 1 million UAW, a dynamic greatly boosted by smart partnerships, including its alliance with Immutable.
Published At
3/20/2024 1:00:00 AM
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