Invariable, Polygon’s new $100M fund to throw money at Pixelmon and more.
Blockchain game publisher Immutable has launched a $100 million fund to invest in blockchain games, the “Immutable Game Fund” – IGF for short.
Venture capital company King River Capital and Polygon Labs have contributed to the launch of an “eco-agnostic fund”, a statement shared with Cointelegraph.
King River will lead the investment process, with Immutable and Polygon as advisors.
The fund's first close, $30 million, was raised for IGF from VC firm Alpha Wave Ventures, Web3 Game Guild Merit Club, TechCrunch founder Michael Arrington, former Algorand CEO Steve Kokinos, Polygon founder Sandeep Nilwal, and Inexorable founders James and Robbie Ferguson. .
The IGF launched with seven blockchain game titles, all including Immortal X or Polygon, Pokemon Reminiscent Pixelmon, fantasy role-playing game Guardians of the Galaxy, and shooter games Metalcore and My Pet Hooligan.
Pixelmon initially raised $70 million and the following February 2022 art show was so well received that many accused the project of pulling the rug.
So @Pixelmon just raised over $70m with 3 ETH to reveal. I think it's fair to say that all buyers were aggressive.
Stop supporting money grabbing NFT projects. pic.twitter.com/8VShQxNlgl
— ZachXBT (@zachxbt) February 26, 2022
He tried to make a comeback and replaced his artwork and management team in 2022. Last month, he also secured an $8 million seed round from investors including Animoka Brands and Inflexible founder Robbie Ferguson.
“It's a hit,” Ferguson told Cointelegraph. [blockchain] A game breaking into the mainstream” or a leader in the gaming space migrating to blockchain with an onboarding experience “on par with mainstream games” as ways Web3 games can bounce back in this market cycle.
King River founder Zeb Rice said in a statement that video games are “ripe for a major technology shift” and that such a shift “believes that Web3 technology is just beginning,” and the fund is set to benefit.
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Last year saw Web3 Games and Metaverse projects invest $2.9 billion across 163 deals — down 62% and 19%, respectively, from 2022, according to a January Dapradar gaming report.
The 2023 funding cuts did not affect players; Because blockchain games had the highest UAW in the decentralized application (DApp) space in 2023.
Polygon was the leading blockchain for games with an average of more than 400,000 unique active wallets (UAW) per day, according to a Dapradar report on March 14.
Polygon With 1 million unique active wallets in the year 2023, it was the third largest blockchain for gaming, which Dapradar said was “supported by strategic partnerships”, including the one with Immutable.
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