Key Takeaways:
- Immutable and Polygon launch a $100 million “Inevitable Games Fund” (IGF) with the support of venture capital firms and industry influencers to promote blockchain gaming, starting with seven games on ImmutableX and Polygon networks.
- The fund, in collaboration with King River Capital, aims to revolutionize the gaming industry by integrating Web3 technology, marking a significant step towards transforming gaming with blockchain.
- Despite a downturn in investment from the previous year, blockchain gaming continues to lead in decentralized application (DApp) activity, with Polygon emerging as a top platform for gaming, underscoring a sustained interest in the fusion of blockchain technology and gaming.
Immutable and Polygon have joined forces to establish a groundbreaking $100 million fund dedicated to supporting blockchain gaming initiatives, inaugurating this venture with an initial batch of seven games developed on their platforms.
Titled the “Inevitable Games Fund” (IGF), this financial powerhouse was brought to life with the help of venture capital heavyweight King River Capital, alongside contributions from Polygon Labs, aiming to foster growth across blockchain gaming landscapes without favoring any single ecosystem.
This initiative was detailed in a communication circulated to the media.
King River Capital, assisted by Immutable and Polygon Labs, has combined forces to launch the $100M Inevitable Games Fund.
— Immutable (@Immutable) March 19, 2024
Set to pioneer investment in web3 gaming with early-stage investments already made in category winners.
The Inevitable Games Fund leverages deep insights… pic.twitter.com/18DV9PFp14
With King River at the helm of investment activities and Immutable along with Polygon providing strategic advice, the fund celebrated its first milestone by securing $30 million.
This initial capital injection was bolstered by financial commitments from notable entities and individuals including Alpha Wave Ventures, Web3 gaming consortium Merit Circle, TechCrunch’s Michael Arrington, former Algorand CEO Steve Kokinos, Polygon’s Sandeep Nailwal, and Immutable’s co-founders James and Robbie Ferguson.
Over 270 well-funded games that have attracted $1B+ in investor funding are building in the Immutable ecosystem.
— Immutable (@Immutable) March 19, 2024
Each game taps into our robust ecosystem crafted specifically for players and growth.
We have simplified the game-building process, allowing all game developers to… pic.twitter.com/E9RDfmXz5g
The IGF’s initial foray into the blockchain gaming sector encompasses investments in seven distinct titles, all hosted on the ImmutableX or Polygon networks. Highlighted among these are Pixelmon, reminiscent of Pokémon; Guild of Guardians, a fantasy RPG; and action titles like Metalcore and My Pet Hooligan.
Pixelmon, in particular, garnered attention with a $70 million funding round before its artwork unveiling in February 2022, which faced significant criticism, leading to accusations of a potential scam.
So @Pixelmon raised over $70m at 3 ETH per mint just for them to reveal like this. I think it’s fair to say all the buyers were rugged.
— ZachXBT (@zachxbt) February 26, 2022
Stop supporting cash grab NFT projects. pic.twitter.com/8VShQxNlgl
The project has since undergone a transformation, revamping its artwork and leadership in an effort to regain trust.
Furthering its resurgence, Pixelmon recently secured an $8 million seed investment, attracting support from industry giants such as Animoca Brands and Immutable’s Robbie Ferguson.
We at @Delphi_Ventures are proud to be backing @monprotocol who are powering @Pixelmon.
— Jeremy Storm Parris (@Jeremystormsky) February 2, 2024
Pixelmon is aiming to redefine the way brands and IP are created in the world of web3 and decentralization. They are accomplishing this by developing multiple different games and transmedia.… pic.twitter.com/FXI0WAVwjM
Zeb Rice, co-founder of King River, emphasized the video game industry’s readiness for transformative technological advancements, suggesting that the integration of Web3 technology is just beginning and poised to revolutionize the gaming landscape. This fund is strategically positioned to capitalize on these emerging trends.
In a broader context, the blockchain gaming and metaverse sectors attracted $2.9 billion across 163 deals in the previous year, though this represented a downturn from 2022’s figures. Despite this investment contraction, blockchain-based games continued to dominate user activity within the decentralized application (DApp) ecosystem throughout 2023.
Notably, Polygon emerged as a leading platform for gaming in the recent period, boasting over 400,000 daily unique active wallets (UAW), as reported in a February study by DappRadar.
Furthermore, Polygon secured its position as the third-largest gaming blockchain over the year, thanks in part to strategic alliances, including its collaboration with Immutable, indicating a strong and growing interest in the intersection of blockchain technology and gaming.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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