Blockchain game publisher Immutable has launched a $100 million fund to invest in blockchain games, dubbed the Inevitable Games Fund (IGF for short).
Venture capitalists King River Capital and #Polygon Labs also contributed to the launch of the "ecosystem-agnostic fund," according to a statement provided to Cointelegraph.
King River led the investment process, while Immutable and Polygon acted as advisors.
IGF includes venture capitalists Alpha Wave Ventures, gaming guild #Web3 Merit Circle, TechCrunch co-founder Michael Arrington, former #Algorand CEO Steve Kokinos, Polygon co-founder Sandeep Nehruval, and Immutable founders James Ferguson and Robbie Ferguson invested in the company.
IGF has invested in seven games owned by ImmutableX or Polygon, including Pixelmon, a Pokemon-like game; Guild of Guardians, a fantasy RPG; Metalcore, a shooter; and My Pet Hooligan, a shooter. It all started with an investment in #blockchain gaming.
Pixelmon initially raised $70 million, and the subsequent release of artwork in February 2022 was received very poorly, with many accusing the project of being gutted.
In other words, @Pixelmon raised over $70 million dollars at 3 ETH per coin, but was released like this. To be fair, all customers were disrespected.
The company has since attempted a comeback, and changed its artwork and management team in 2022. Last month, the company received $8 million from investors including Animoka Brands and Immutable founder Robbie Ferguson.
In a statement, King River co-founder Zev Rice said video games are "ripe for a huge technology shift" and that he believes such a shift is "just beginning toward Web3 technology" and that the fund should capitalize on it.
According to DappRadar's January report on gaming, $2.9 billion was invested in the gaming and meta universe in 163 deals last year, down 62% from 2022 and 19% from 2023.
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