Ethereum Layer-2 Immutable X Plots $500M Fund for NFT, Game Developers - Aliens: AI Crypto News & Markets Updates
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Ethereum Layer-2 Immutable X Plots $500M Fund for NFT, Game Developers

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Decrypt

Fri, Jun 17, 2022

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Immutable X is used by firms like GameStop, TikTok, and ESL for NFT collectibles and crypto-powered video games.

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.

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.

GameStop is one of the most prominent firms building on Immutable X, as its upcoming NFT gaming marketplace will use the platform.

In February, Immutable and GameStop announced a $100 million token grant fund for crypto game developers.

Immutable X is also being used by partners like social video platform TikTok , NFT collectibles platform VeVe , entrepreneur and NFT creator Gary Vaynerchuk, and esports giant ESL.

Just recently, role-playing game (RPG) Illuvium sold $72 million worth of virtual land plot NFTs on Immutable X.

Last summer, players pledged $203 million worth of cryptocurrency to purchase land plots in upcoming RPG Ember Sword, which is also building on Immutable X.

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