Immutable Raises $500 Million to Support Web 3 Gaming and NFT Projects

The financing was led by venture partners of Immutable and prominent companies, such as Animoca Brands and GameStop.

The Australian NFT scaling platform – Immutable – introduced an inaugural $500 million developer and venture investment fund. The financing will be distributed to companies developing the Web3 ecosystem and non-fungible token projects.for TechCrunch, Robbie Ferguson – Co-Founder and President of Immutable – asserted that the company’s primary goal is to integrate innovations in the Web3 gaming sector.

Moreover, the executive believes the sector could be worth $1 trillion in the future, assuming that the film and music industry show interest and join its ecosystem. “There’s obviously all our venture partners who are using their balance sheets and VC allocations to come in on these deals, there’s cash-backed on [Immutable’s] balance sheet, and there’s also the foundation’s grants, which are specifically designed for this purpose to incentivize and build the Immutable ecosystem.”

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