In a groundbreaking move within the blockchain gaming industry, Immutable and Polygon have jointly announced the launch of a $100 million fund to support blockchain games. This initiative, known as the “Inevitable Games Fund” (IGF), marks a significant step forward in developing and promoting games native to their blockchains.
Partnership and fund details
A prominent blockchain game publisher, Immutable spearheads the IGF alongside the venture capital firm King River Capital and Polygon Labs. The fund, described as “ecosystem-agnostic,” has garnered substantial support from various stakeholders. King River Capital will oversee the investment process, with Immutable and Polygon providing advisory roles.
The fund’s initial phase raised $30 million, with contributions from notable entities such as Alpha Wave Ventures, Merit Circle, Michael Arrington, Steve Kokinos, Sandeep Nailwal, and the founders of Immutable, James and Robbie Ferguson.
Investments in native blockchain games
The IGF primarily invests in blockchain games native to ImmutableX or Polygon blockchains. Seven such games have already been identified as beneficiaries of the fund, including Pixelmon, Guild of Guardians, Metalcore, and My Pet Hooligan.
Pixelmon, reminiscent of the popular Pokémon franchise, experienced initial challenges, including the negative reception of its artwork in February 2022. However, recent efforts to revamp the project, including leadership changes and artwork revisions, have sparked renewed interest. Notably, Pixelmon secured an $8 million seed round, with support from prominent investors like Animoca Brands and Immutable founder Robbie Ferguson.
Zeb Rice, co-founder of King River Capital, emphasized the transformative potential of Web3 technology in the gaming sector. Rice believes that video games are poised for a significant technological shift driven by advancements in Web3 technology. The IGF is strategically positioned to capitalize on this evolving landscape to foster innovation and growth within the blockchain gaming space.
Industry insights and prospects
Despite a funding decrease in 2023, blockchain games continue to attract significant interest and investment. Blockchain games boasted the highest number of daily unique active wallets (UAW) within the decentralized application (DApp) space last year. Polygon emerged as a leading blockchain for gaming, recording over 400,000 daily unique active wallets in a recent report by DappRadar.
In 2023, Polygon ranked as the third-largest blockchain for gaming, with one million unique active wallets over the year. Strategic partnerships, including collaborations with Immutable, have contributed to Polygon’s rise as a prominent player in the blockchain gaming ecosystem.
The collaboration between Immutable and Polygon, supported by the launch of the Inevitable Games Fund, underscores a shared commitment to advancing blockchain gaming. With a substantial investment pool and a focus on native blockchain games, the IGF is poised to drive innovation and propel the industry forward. As the gaming sector continues to evolve, stakeholders anticipate further growth and opportunities within the burgeoning realm of blockchain games.
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