Polygon and Immutable establish $100 million fund for developments in Web3 games

Polygon and Immutable establish $100 million fund for developments in Web3 games

  Immutable, a web3 game development platform on the Ethereum network, has teamed up with King River Capital and Polygon Labs, forming a powerful alliance to create the Inevitable Games Fund (IGF), a $100 million fund aimed at supporting game development and Web3 technologies.

  According to a study by Fortune Business Insights, the blockchain gaming market is expected to generate astronomical revenues of $614 billion over the next seven years.

Immutable and Polygon continue

  The IGF is a testament to its founders' desire to nurture and expand the Web3 gaming ecosystem.  The fund has already attracted interest and support from other investors, including big-name entities such as Alpha Wave Ventures, Abu Dhabi royal group Chimera Capital, and prominent family offices such as Mike Arrington, co-founder of CrunchFund, and Steve Kokkinos.  Several Web3 gaming companies, including Pixelmon, Metalcore, Guild of Guardians, and My Pet Hooligan, have already benefited from IGF's investments.

  Revenues from this market exceed those generated by the film, television and music industries combined, said Zeb Rice, co-founder and managing partner of King River Capital.

  The deal also sees Immutable and Polygon Labs provide their expertise in Web3 games and blockchain technologies.  Immutable, in particular, stressed the importance of adopting multi-chain strategies to reduce the complexity and risks associated with cryptographic bridges, thus improving security and player experience.  This caution is supported by alarming statistics on financial losses resulting from attacks on these bridges, which reinforces the need for safer and improved solutions.

  On the other hand, Polygon Labs offers dApp Launchpad, a tool that aims to simplify decentralized application development by acting as a bridge between complex blockchain protocols and a more flexible development process.  This makes it easier to create new games and apps, as well as encouraging integration into the Polygon ecosystem.

  MATIC and IMX price

  As for the price of Polygon's token, MATIC, it recently broke through the psychological barrier of $1, reaching a peak of $1 just one week ago.  Currently, the coin is dealing with a slight pullback, struggling to stay above the $1 mark and is trading at $0.9987, according to Coinmarketcap.

  While the immutable token, IMX, also recorded an increase last week, reaching $3.75 and generating an annual return of 75%.  Currently, IMX is showing a 1% increase over the past 24 hours, with a value of $2.93, according to Coinmarketcap.

  Featured Image: Teresa Hernandez – Created using AI

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