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.
Immutable revealed the $500m endeavor today, which includes assets from firms including Animoca Brands, BITKRAFT Ventures, GameStop, Arrington Capital, King River Capital, AirTree, and Double Peak.
« 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, » said co-founder and President Robbie Ferguson in a release.
Immutable X is a scaling solution that enables faster, cheaper, and more energy-efficient transactions than Ethereum’s own mainnet can handle. The platform conducts transactions on a separate chain, and then uses StarkWare’s StarkEx rollup technology to bundle the transactions and commit them to the Ethereum blockchain.
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.
An NFT is a blockchain token that works like a proof of ownership, and is often used for digital goods like artwork, collectibles, and video game items. Potential video game use cases for NFTs include player avatars, virtual land plots, rare weapons, and apparel.
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.