Michael Bellusci is CoinDesk’s crypto payments reporter.
NFT scaling platform Immutable launched a $500 million venture fund focused on Web 3 games and NFT projects, according to a statement Friday.
The new venture fund will also build on the Immutable X protocol through token grants and investments. IMX is Immutable X’s native token.
Immutable said the fund will collaborate with crypto and gaming investors including BITKRAFT, Animoca, Arrington Capital, Double Peak, Airtree, King River Capital and GameStop.
Immutable Ventures has invested in Web3 companies and NFT startups including Starkware, Stardust, PlanetQuest and Topology.
Some of the names already building on Immutable include GameStop, TikTok, Opensea, Ember Sword and more.
In March, Immutable raised $200 million in a Series C funding round that was led by Singapore state investment fund Temasek at a $2.5 billion valuation.
Earlier this year, GameStop partnered with Immutable X for the launch of its NFT marketplace.
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Michael Bellusci is CoinDesk’s crypto payments reporter.
Michael Bellusci is CoinDesk’s crypto payments reporter.