Friday (June 17), NFT Scaling Platform Immutable announced the launch of a new $500 million fund to help NFT developers fund NFT development through crypto investments.
According the press releasethe company’s inaugural $500 million fund will accelerate the growth of the Immutable X protocol, Immutable’s development platform, by allocating token grants and investments to games and projects built on the company’s platform .
By including cryptocurrency as part of the investment fund, the Immutable Developer and Venture Investment Fund will be able to invest with a combination of $IMX, the native token of Immutable X, and silver, opening the door to more types of businesses that the company can contribute to.
The fund also aims to provide partners with in-depth support and expertise in blockchain gaming, a growing industry for NFT development.
As James FergusonCEO and co-founder of Immutable said in the statement, “We are learning from building two of the biggest blockchain games – Gods Unchained and Guild of Guardians – and hiring the smartest people from web2 studios. like Riot Games, to make entering the world of NFT gaming simple and rewarding for game studios.
The company has previously invested in NFT startups and Web3 developers, including Starkware, Stardust, PlanetQuest and Topology.
Related: Sheffield, head of Visa Crypto, touts NFTs to speed up trade
NFT developments and its relationship to cryptocurrency are nothing new. Just this week, Visa VP and Chief Crypto Officer Cuy Sheffield said he believes NFTs could be set up to boost the speed of commerce in the future and impact the world. digital payments industry as we know it.
“If NFT as a technology can really start to increase the speed of commerce and bring in more people around the world…we think that’s a big opportunity for the whole payments ecosystem, and we think a lot of it is going to be driven and built by individual creators, who we kind of see as the next generation of small businesses,” Sheffield said.
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