Groups behind main web3 gaming networks launch “ecosystem-agnostic” GameFi fund.
Immutable, Polygon Labs, and King River Capital have teamed as much as launch a $100 million web3 gaming fund.
Introduced on March 19, the Inevitable Video games Fund (IGF) goals to establish high-growth alternatives throughout the net gaming sector for buyers. IGF is a privately supplied fund accessible to “sure varieties of progressional and complex buyers” capped at $100 million.
King River Capital might be tasked with heading the fund’s funding course of, whereas Polygon and Immutable will lean on their expertise and experience within the GameFi sector.
Nevertheless, an announcement described the fund as “ecosystem-agnostic,” suggesting the IGF will look to make investments into web3 video games working on networks apart from these throughout the Immutable and Polygon ecosystems.
“The mixture of King River Capital’s experience in enterprise and digital asset investing, along with Immutable and Polygon Labs’ web3 gaming deal circulate and digital belongings experience, uniquely positions the fund to establish best-in-class funding alternatives throughout the multi-hundred billion greenback international online game business,” IGF stated.
King River Capital is not any stranger to the web3 sector, with the agency backing Consensys, Aztec, LayerZero Labs, and Immutable since launching in 2019.
The information follows GameFi tasks posting a powerful restoration in latest months, with the mixed capitalization of gaming tokens surging 170% since late October to $24.34 billion, in accordance with CoinGecko. The sector is down 22% since tagging an area excessive of $31.3 billion per week in the past.
Immutable is the most important GameFi protocol with a $3.57 billion market cap. The venture launched the mainnet rollout of its zero-knowledge rollup, Immutable zkEVM, in January.
Zeb Rice, the co-founder and managing companion at King River Capital, likened the potential of web3 video games to the explosive development of cell video games over the previous decade and a half.
“Simply as cell gaming went from nearly zero in 2008 to 79% of avid gamers enjoying cell at present, we imagine the same shift has solely simply begun to web3 know-how,” Rice stated. “[IGF] is designed to learn from this multi-hundred billion greenback shift in spending to this disruptive new know-how.”
IGF has already secured commitments from main entities within the web3 house together with Benefit Circle, a gaming focussed DAO, Mike Arrington, the founding father of Arrington Capital, Immutable co-founder Robbie and Hames Ferguson, and Polygon Labs co-founder, Sandeep Nailwal.
Alpha Wave Ventures, an funding agency backed by the Abu Dhabi Royal Group’s Chimera Capital, has additionally pledged to again IGF.
IGF stated it preemptively made seven early-stage investments previous to its formal institution, together with allocations backing Pixelmon, Metacore, Guild of Guardians, and My Pet Hooligan.
In accordance with Sport 7’s State of Web3 Gaming 2023 report, the blockchain gaming sector has attracted $19 billion price of investments since 2018, together with $1.7 billion price of investments throughout 2023.
