Bittime - A major breakthrough for the blockchain-based gaming industry occurred when Immutable, Polygon Labs, and King River Capital announced the formation of a new fund called the Inevitable Games Fund (IGF). These funds will support high-potential web3 gaming startups in the early stages.
Funds Invested Through King River Capital
This IGF fund will be invested by King River Capital, with the support of resources and expertise from Immutable and Polygon Labs. Brendan Ma, chief investment officer at Immutable, stated that this fund has raised $30 million (around Rp426 billion) out of a target of $100 million (around Rp1.5 trillion).
The fund's main commitment comes from Alpha Wave Ventures, which is backed by Alpha Wave Global and Chimera Capital. Other commitments include the Merit Circle and notable individuals such as Mike Arrington and Sandeep Nailwal, as well as Immutable founders James and Robbie Ferguson.
The launch of IGF is considered strategic amid the development of web3 games. Ma stressed that game studios that have secured funding are expected to show the results of their development to players this year.
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IGF Investments
IGF has invested in seven projects, including Pixelmon and the Guild of Guardians. The relationship between Immutable, Polygon, and King River dates back a long time, with Polygon's support of the Immutable blockchain and King River's investment in Immutable.
In 2022, Immutable launched a $500 million fund to support gaming and NFT startups, while Polygon Labs has launched various funds to support startups in the gaming and other sectors.
Zeb Rice of King River Capital compared the growth of web3 games to mobile games, emphasizing the huge potential of web3 technology. The launch of IGF coincides with a growing crypto market and new funding trends, including an investment program of 200 million ARB tokens by the Arbitrum Foundation for blockchain gaming projects.
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