Ethereum’s Immutable X Plots $500M Fund For NFT Developers

Ethereum’s Immutable X launched a $500 million fund that will be used for games and NFT developers in a form of grants and investments in IMX tokens and cash, so they can continue building on the scaling solution let’s read more today in our latest Ethereum news.

Ethereum’s Immutable X is used by companies like Tiktok, ESL, GameStop, and more for NFT collectibles and crypto-powered video games. The funds will support the development and will build upon success with games like Gods Unchained and Guild of Guardians. Immutable announced the launch of a $500 million fund to boost developer adoption on the paltform and the fund will invest and provide grants to projects that will continue building on the platform using a mix of IMX tokens and cash in partnership with VC funds and ecosystem allies.

Immutable revealed a $500 million endeavor today which includes assets from companies like Animoca Brands, GameStop, Arrington Capital, BITKRAFT Ventures, King River capital, and Double Peak. The co-founder Robbie Ferguson added:

“Immutable Ventures will target NFT projects that are committed to our growing digital ecosystem with the understanding that we have just begun to scratch the surface of the massive potential for this category.”

Immutable X is a scaling solution that enables faster and cheaper transactions than the Ethereum mainnet is able to handle. The platform conducts transactions on a seaprate chain and uses the starkwAre rollup technology to bundle the transactions and then commit them to the Ethereum blockchain. This makes Immutable X a good choice for applications that required a large number of transactions that include potential low-value purchases for games and other NFT projects.

theNFT is a blockchain token that works as a proof of ownership and it is mostly used for digital goods like collectibles, video games, and artwork. The potential video game use cases for NFTs include virtual land plots, rare weapons, and apparel. Gamestop is one of the most popular crypto companies that build on ImmutableX and they even announced a $100 million token grant fund for game developers.

Immutable X is also being used by TikTok, VeVe, and NFT Creator Gary Vaynerchuk. OpenSea also annoucned plans to integrate Immutable X but still hasn’t acted on the idea.
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Immutable Ventures plans to use 500 million IMX tokens and now the IMX is valued at $0.76.  back in March, the platform raised $200 million in Series C that valuing the company at $2.5 billion.