Polygon Labs Team to Announce Immutable Games Fund with Immutable, King River Capital

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The Web3 gaming sector is on the verge of going mainstream and notable game publishers are now turning their attention towards the latest emerging technologies. In order to attract Web3 game developers to do their best, three parties have formed an alliance. Venture firms Immutable and King River Capital have tied up with blockchain firm, Polygon Labs, to set up a $100 million (roughly Rs. 83 crore) fund named Immutable Games Fund (IGF).

According to the research done on this topic, the future of the Web3 gaming market is predicted to be bright. A recent study by Fortune Business Insights states that the blockchain gaming market is expected to reach $614 billion (approximately Rs 51,07,086 crore) over the next seven years.

With the IGF, all three parties are testifying to their commitment to trying to develop the potentially promising Web3 gaming sector. Other medium and large-sized investors are also joining the initiative. These include Alpha Wave Ventures, Chimera Capital by Abu Dhabi Royal Group, as well as family offices such as CrunchFund co-founder Mike Arrington and Arrington Capital; steve kokkinos

In fact, a group of Web3 gaming firms have already received investment from the IGF. These include Pixelmon, Metalcore, Guild of Guardians and My Pet Hooligan. King River Capital has been entrusted with the responsibility of overseeing all investment related processes. These will include the deployment of IGF capital into game studios, Web3 infrastructure developers and immersive gaming projects.

“Spending on video games exceeds the combined global revenues of movies, streaming TV, and the music industry, and it is poised for a major technology shift,” Zeb Rice, co-founder and managing partner of King River Capital, said in a statement.

Meanwhile, as part of the deal, Polygon Labs and Immutable will provide key sourcing and Web3 gaming expertise. As of 2023, Alchemy's dapp store lists 62 Web3 games supported on the Polygon blockchain. Crypto market intelligence firm Messari claims that Immutable and Polygon's combined market share accounts for 70 percent of total blockchain gaming growth.

Robbie Ferguson, co-founder of Immutable, said, “Our combined expertise, global relationships and industry reach place the fund ideally placed to identify and invest in the best Web3 gaming and gaming infrastructure opportunities globally.”


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