The staff behind the main web3 gaming community launches the “ecosystem-agnostic” GameFi Fund.
Immutable, Polygon Labs and King River Capital staff as much as launch $100 million web3 gaming fund.
Inevitable Video games Fund (IGF) was introduced on March 19 to hunt high-growth alternatives for traders within the area of internet video games. IGF is a non-public fairness fund for “sure kinds of progressive and complex traders” with a cap of $100 million.
King River Capital will lead the fund’s funding course of, whereas Polygon and Immutable will depend on their expertise and experience within the GameFi area.
Nonetheless, a press release described the fund as “ecosystem-agnostic,” indicating that the IGF will search to put money into web3 video games working on networks exterior of the Immutable and Polygon ecosystems.
“King River Capital’s experience in enterprise capital and digital asset investments mixed with Immutable and Polygon Labs’ web3 gaming deal movement and digital asset experience uniquely positions the fund to speculate throughout the a whole lot of billions of {dollars}. Discover first-class funding alternatives.
King River Capital is not any stranger to the web3 area, having supported Consensys, Aztec, LayerZero Labs and Immutable since its founding in 2019.
The GameFi challenge has seen a powerful restoration in latest months, with complete capitalization of gaming tokens hovering 170% to $24.34 billion for the reason that finish of October, in accordance with knowledge from CoinGecko. The trade has fallen 22% since hitting an area excessive of $31.3 billion every week in the past.
Immutable is the biggest GameFi protocol with a market capitalization of $3.57 billion. The challenge launched the mainnet deployment of its zero-knowledge abstract Immutable zkEVM in January.
Zeb Rice, co-founder and managing companion of King River Capital, likens the potential of web3 gaming to the explosive progress of cell gaming over the previous fifteen years.
“Simply as cell gaming has grown from nearly zero in 2008 to 79% of players taking part in cell video games right this moment, we consider an analogous shift in web3 expertise is simply starting,” Rice stated.[IGF] Intention to learn from the a whole lot of billions of {dollars} in spending shifts on this disruptive new expertise.
IGF has secured commitments from main entities within the web3 area, together with gaming-focused DAO Benefit Circle, Arrington Capital founder Mike Arrington, Immutable co-founders Robbie and Hames Ferguson, and Polygon Labs co-founder Sandeep Nailwal.
Alpha Wave Ventures, an funding agency backed by Abu Dhabi-based Royal Group Chimera Capital, has additionally pledged to help IGF.
IGF stated it made seven early-stage investments earlier than formally launching, together with grants supporting Pixelmon, Metacore, Guild of Guardians and My Pet Hooligan.
In keeping with Recreation 7’s “State of Web3 Video games 2023” report, the blockchain gaming trade has attracted $19 billion price of funding since 2018, together with $1.7 billion price of funding throughout 2023.
