Immutable, a blockchain game publisher, has unveiled the Inevitable Gaming Fund (IGF), a $100 million investment fund dedicated to blockchain games. Partnering in this endeavor are venture capital firms King River Capital and Polygon Labs, as announced in a statement shared by Cointelegraph. Spearheading the investment process is King River, while Immutable and Polygon will act as advisors.
The initial round of funding for IGF reached $30 million, with contributions from various entities such as venture capital firm Alpha Wave Ventures, the Web3 gaming association Merit Circle, TechCrunch co-founder Michael Arrington, former Algorand CEO Steve Kokinos, Polygon co-founder Sandeep Nailwal, and Immutable founders James and Robbie Ferguson. These funds will be allocated to support blockchain games originating from ImmutableX or Polygon, including titles like Pixelmon, Guild of Guardians, Metalcore, and My Pet Hooligan.
Among the games backed by IGF is Pixelmon, which initially raised $70 million. However, it faced criticism for its artwork in a February 2022 art show. Despite setbacks, Pixelmon has undergone a rebranding effort and secured $8 million in seed funding last month. Robbie Ferguson, one of the Immutable founders, emphasized the potential of blockchain games to break into the mainstream market, highlighting the importance of offering an onboarding experience comparable to traditional games.
Zeb Rice, co-founder of King River, noted that the gaming industry is ripe for a technological transformation, with Web3 technology poised to play a significant role. The IGF aims to capitalize on this shift by investing in innovative blockchain gaming projects. Despite a funding decline in 2023, blockchain gaming witnessed significant user activity, particularly on platforms like Polygon, which emerged as a leading blockchain for gaming.
According to a January report from DappRadar, investments in Web3 gaming and Metaverse projects totaled $2.9 billion in 2023, reflecting a decrease compared to the previous year. However, blockchain gaming continued to thrive, with Polygon recording over 400,000 unique active wallets per day in March 2024. Supported by strategic partnerships, Polygon remains a key player in the gaming blockchain space, fostering growth and innovation in the industry.
