Immutable and Polygon’s US$100M Fund Paves the Way for Blockchain Gaming Advancements
Immutable and Polygon’s agreement to launch a US$100 million Blockchain Gaming Fund is a big step forward in the convergence of blockchain technology and gaming. This strategic project intends to empower game developers and creators while also supporting innovation and growth within the blockchain gaming ecosystem. The fund’s establishment demonstrates a commitment to furthering the use of blockchain technology in gaming and providing new options for developers to explore this dynamic and fast-growing field. Immutable has partnered with Polygon, a popular layer 2 scaling solution for Ethereum, to fund new blockchain games through the “Inevitable Games Fund” (IGF).
The Genesis of the Inevitable Games Fund
The creation of the Inevitable Games Fund (IGF) is a huge step forward in the advancement of blockchain gaming. Unlike traditional gaming funds, the IGF is intended to be ecosystem-agnostic, which means it will embrace games produced on multiple blockchains, allowing for a more inclusive approach to funding. This effort is a cooperation between King River Financing, a well-known venture financing firm, and Polygon Labs, which has joined forces with Immutable, a blockchain gaming industry pioneer.
In its initial financing round, the IGF raised an outstanding US$30 million, garnering contributions from industry leaders and groups. Alpha Wave Ventures, Merit Circle, and Immutable founders Michael Arrington, Steve Kokinos, Sandeep Nailwal, and James and Robbie Ferguson all contributed to this inaugural round of funding. This diversified group of investors demonstrates the rising enthusiasm and conviction in the potential of blockchain gaming to transform the gaming industry.
The IGF’s unique approach and strong financial backing position it as a key player in fostering innovation and growth in the blockchain gaming sector. By supporting games across different blockchains, the fund aims to catalyze the development of a more interconnected and vibrant gaming ecosystem. With the support of key players in the industry, the IGF is poised to drive significant advancements in blockchain gaming and shape its future trajectory.
Focus on Native Blockchain Games
The IGF has made significant investments in seven blockchain games developed on platforms such as ImmutableX and Polygon. These include Pixelmon, Guild of Guardians, Metalcore, and My Pet Hooligan. Despite its early success with a US$70 million fundraising round, Pixelmon encountered issues with a badly received art reveal in February 2022. However, the project has undergone considerable modifications, including new artwork and leadership, and just received a US$8 million initial financing.
Looking ahead, Immutable’s founder Robbie Ferguson believes that the future of Web3 games depends on developing a successful game that can break into the mainstream. He underlines the significance of providing an onboarding experience similar to traditional gaming to ensure the success of blockchain games. Zeb Rice, co-founder of King River, agrees, stating that the gaming industry is primed for a technological shift towards Web3.
Despite a financing slowdown in 2023, blockchain games continued to draw a big audience. DappRadar said that blockchain games have the most daily active wallets in the decentralized application (DApp) industry in 2023. Polygon has emerged as a pioneer in blockchain gaming, with over 400,000 daily unique active wallets last month alone. Polygon ranks as the third-largest game blockchain in 2023, mainly in part due to smart collaborations like Immutable. The emergence of blockchain gaming on sites such as Polygon and ImmutableX reflects an increasing interest in Web3 gaming experiences.
Conclusion
The establishment of the Inevitable Games Fund is a watershed moment in the growth of blockchain gaming. The fund, which is supported by Immutable, Polygon, and other major stakeholders, is well-positioned to foster innovation and growth in the blockchain gaming industry. As the industry matures, we should expect to see more revolutionary games that push the boundaries of blockchain technology.
