Ornella Hernandez

<div id="highlights-block_62aca92055048" class="highlights">
 <ul>
 <li>The new fund seeks to establish co-funds with VC partners and issuing grants to developers</li>
 <li>GameFi Investment in the first half of 2022 has reached $3.7 billion, up 99% year over year</li>
 </ul>
 
</div>



Layer-2 Ethereum scaling solution Immutable plans to launch a $500 million fund to allocate token grants and investments into the Immutable X protocol with the two-fold intention of incentivizing game developers and spurring user adoption of Web3 projects building on the platform.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Building on IMX is some of the biggest gaming developers &amp; IP holders: GameStop, TikTok, Opensea, Illuvium, Ember Sword, VeeFriends &amp; more. We can&#39;t wait to help developers onboard the next billion mainstream users. 🌟Apply at <a href="https://t.co/D1cEyyBiBp">https://t.co/D1cEyyBiBp</a> 6/6&mdash; Immutable | $IMX ⓧ (@Immutable) <a href="https://twitter.com/Immutable/status/1537768355691925504?ref_src=twsrc%5Etfw">June 17, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The fund, which is a mix of both cash and Immutable X’s native token IMX, combines assets from Animoca Brands, GameStop and VC firms such as Airtree, BITKRAFT, Arrington Capital, Double Peak and King River Capital.&nbsp;



From meeting funding requirements for scaling projects to designating a milestone-based IMX vesting schedule, the focus is on developers.



Current gaming developers and intellectual property holders on Immutable X include TikTok, Illuvium, Ember Sword, GreenPark Sports, ESL, Gary Vee’s Vee Friends, Playco and GameStop, which launched its NFT marketplace via the platform.



The Immutable Developer and Venture Fund also plans to provide partnering game studios with advisory support when it comes to the NFT (non-fungible token) gaming world, tokenomics, game design, community and marketing.



“We’re taking the lessons learned from building two of the blockchain’s biggest games — Gods Unchained and Guild of Guardians — and hiring the smartest people from Web2 studios like Riot Games,” Immutable CEO James Ferguson said in a statement.&nbsp;



The scaling solution&#8217;s other co-founder and president, Robbie Ferguson, added that “gaming is bigger than movies and music combined, and is compounding by 10% every year” with the potential of growing into a trillion dollar ownable economy over the next decade.



In terms of volume for the week gone by, the Harmony blockchain-based game DeFi Kingdoms takes the crown, peaking on June 12 at over $17 million transacted within the game, <a href="https://www.footprint.network/@Bond/GameFi-Overview" target="_blank" rel="noreferrer noopener">according</a> to Footprint Analytics. Gaming and decentralized finance (GameFi) fundraising remains steady, up 0.8% month over month, with a total of $7.7 billion raised.



Immutable previously <a href="https://cms.blockworks.co/now-is-not-the-time-to-take-our-foot-off-the-pedal-says-immutable-co-founder/" target="_blank" rel="noreferrer noopener">told</a> Blockworks that the company anticipates to continue “aggressive” hiring, thanks to more than four years of funding runway. In March, the Australian unicorn raised $200 million in a series C fundraising round led by Temasek, bringing its valuation to $2.5 billion.



Founded in partnership with StarkWare in 2018, Immutable incorporates StarkWare’s StarkEx zero-knowledge proof technology to roll up thousands of transactions on its own network and commit them to Ethereum with a single transaction.



On Thursday, Immutable <a href="https://twitter.com/Immutable/status/1537573316000894976" target="_blank" rel="noreferrer noopener">announced</a> a corporate rebrand that includes an updated logo to more clearly differentiate between Immutable, Immutable X and the Immutable Studio, the company said.



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Funding

Immutable Earmarks $500M Fund for Gaming, Web3 Development

Shalini Nagarajan

<div id="highlights-block_62a1cfdc842bc" class="highlights">
 <ul>
 <li>Immutable has a four-year funding runway, co-founder Robbie Ferguson told Blockworks</li>
 <li>Top-tier tech talent is flooding into Web3 gaming this year, he said</li>
 </ul>
 
</div>



As traditional crypto companies pause hires, high-profile investors are pouring hundreds of millions of dollars into blockchain games and NFT projects. Immutable, <a href="https://cms.blockworks.co/tag/immutable/" target="_blank" rel="noreferrer noopener">a layer-2 scaling solution</a> for NFTs (non-fungible tokens) on Ethereum, is on a hiring spree and has expanded earlier plans to grow its workforce. This year, it intends to more than double its headcount from 170 to 400.



“Immutable is on a mission to power the next generation of Web3 games — and now is not the time to take our foot off the pedal,” Robbie Ferguson, president and co-founder, told Blockworks.



“From a cash perspective, we are fortunate enough to have more than four years’ runway projected even with aggressive hiring, so we feel comfortable with this approach,” he added.&nbsp;



The company is currently focused on building its gaming studio, engineering and partnerships team as its growth accelerates.


<div class="wp-block-image">
<figure class="alignright size-full is-resized"><img loading="lazy" decoding="async" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/06/2022-06-09-GodsUnchained-card.png" alt="" class="wp-image-22669" width="236" height="335" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/06/2022-06-09-GodsUnchained-card.png?w=314 314w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/2022-06-09-GodsUnchained-card.png?w=211 211w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/2022-06-09-GodsUnchained-card.png?w=181 181w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/2022-06-09-GodsUnchained-card.png?w=184 184w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/2022-06-09-GodsUnchained-card.png?w=154 154w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/2022-06-09-GodsUnchained-card.png?w=56 56w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/2022-06-09-GodsUnchained-card.png?w=35 35w" sizes="auto, (max-width: 236px) 100vw, 236px" /><figcaption>Archimea, Arthmancer card; Source: <a href="https://blog.godsunchained.com/2021/03/04/immutable-x-gu-rollout/" target="_blank" rel="noreferrer noopener">GodsUnchained</a></figcaption></figure></div>


Asked about the knock-on effects of the recent market downturn, Ferguson said companies involved in blockchain gaming are fundamentally uncorrelated to the broader crypto market. He said a player&#8217;s decision to trade a card in Gods Unchained, or a character in <a href="https://cms.blockworks.co/?s=Illuvium" target="_blank" rel="noreferrer noopener">Illuvium</a>, or a planet in Ember Sword should be driven by how many players the game has and the utility of those items.



“Of course, there will be some impact, but the goal is the same: to change the $100 billion players spend on in-game items every year into assets they can truly own and trade with,” he said. “That number is not going to go down despite the markets, and therefore neither should our mission.”



The layer-2 protocol scored $200 million in a <a href="https://cms.blockworks.co/immutable-notches-2-5b-valuation-after-series-c-funding/" target="_blank" rel="noreferrer noopener">Series C funding round</a> at a $2.5 billion valuation in March. At the time, the company announced plans to grow its team to 350 people, but that goal has recently been bumped to 400, Ferguson told Blockworks. Layer-2 solutions are networks that help relieve some of the pressure off the Ethereum blockchain by handling transactions off the mainnet.



Immutable has recruited a flood of talent from tech companies including Uber, Unity and other leading software and gaming businesses. Recent hires include Chief Studio Officer Justin Hulog, a former Riot Games exec, and Senior Vice President Jason Suen, an ex-Shopify regional head. 



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“People are coming to the realization that Web3 is the next internet,” Ferguson said.</blockquote>



The firm expects to release a flurry of games on its platform in the next three months and make marketplace integration announcements similar to its partnerships with GameStop and Rarible.



“Our global order book is growing in integrations exponentially since the start of the year,” the co-founder said.



Immutable is among a string of firms in the crypto space that are still hiring. Fidelity Investments’ digital asset arm is looking to <a href="https://cms.blockworks.co/fidelity-digital-assets-to-double-headcount/" target="_blank" rel="noreferrer noopener">double</a> its headcount by the end of the year, while crypto exchange FTX plans to continue hiring at a “<a href="https://twitter.com/SBF_FTX/status/1533946729661349889">sustainable rate</a>.”&nbsp;



DeFi lending protocol Maple, which recently gave a <a href="https://cms.blockworks.co/maple-finance-originates-1b-of-loans-in-10-months/" target="_blank" rel="noreferrer noopener">$77.5 million loan</a> to Alameda Research, is <a href="https://jobs.lever.co/maple-finance" target="_blank" rel="noreferrer noopener">hiring</a> across operations, product design and marketing. Singapore-based <a href="https://www.lmnl.app/" target="_blank" rel="noreferrer noopener">Liminal</a>, which just raised $4.7 million in a seed round, has openings in engineering, marketing, product and security.



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Ethereum

‘Now Is Not the Time To Take Our Foot Off the Pedal,’ Says Immutable Co-founder

Morgan Chittum

<div id="highlights-block_622623f1e5b17" class="highlights">
 <ul>
 <li>Staff will go from 170 to 350 full-time employees over the next year, co-founder Robbie Ferguson told Blockworks</li>
 <li>Immutable raised $60 million in Series B funding in September</li>
 </ul>
 
</div>



Immutable, creator of the NFT-focused layer-2 scaling protocol Immutable X, secured $200 million in Series C funding, launching the Sydney-based startup to a $2.5 billion valuation.



Led by Temasek, investors in the financing round include Animoca Brands, Tencent, ParaFi Capital, Princeville Capital, Arrington Capital, Mirae Asset and Liberty Global.



King River Capital, Prosus Ventures, AirTree Ventures, Declaration Partners, Fabric Ventures, Possible Ventures and Alameda Research all raised their existing investments in Immutable.



&#8220;We&#8217;ll be growing from 170 to 350 people over the next year — investing in a global partnerships and gaming advisory team and tripling our product and engineering teams,” Robbie Ferguson, co-founder of Immutable, told Blockworks.



Immutable made headlines in October for creating Immutable X, which powered TikTok’s NFT (non-fungible token) collection. It was billed as the first layer-2 protocol on Ethereum that allowed instant trading and zero gas fees, which often served as a roadblock for minting NFTs.



Earlier this month, Immutable announced a $100 million joint fund with GameStop for blockchain gaming startups.



The company was founded in 2018 by brothers Robbie and James Ferguson.



“In 2017, we saw NFTs come out with CryptoPunks and [my brother and I] said, ‘This is it,’” Robbie said. “This is going to be massive because there is more uniquely ownable stuff in the world than there is currencies. The ability to have digital property rights is going to be the most important thing.”



In its early years, Immutable was known for creating “<a href="https://godsunchained.com/" target="_blank" rel="noreferrer noopener">Gods Unchained</a>,” which Robbie described as “the first multiplayer game with NFTs on Ethereum, [all] completely on-chain.”



The company has since expanded, launching tokens such as IMX in September, which sold out on CoinList in under an hour and raised over $12.5 million.



That same month, Immutable <a href="https://cms.blockworks.co/layer-2-solution-immutable-closes-60m-series-b-round/" target="_blank" rel="noreferrer noopener">announced</a> a $60 million Series B funding round to boost NFT trading. BITKRAFT Ventures and King River Capital co-led the round, with participation from Alameda Research, Galaxy Interactive, VaynerFund and Apex Capital.



Along with the Monday announcement, Immutable announced new C-suite hires such as former Riot Games exec Justin Hulog. The startup also tapped ex-Shutterfly chief marketing officer, John Boris, as its chief growth officer.



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