Web3 gaming is mostly compatible with cryptocurrencies, metaverse, NFTs
My Pet Hooligan is a Web3 gaming project that has been funded by IGF
Polygon Labs, Immutable to provide web3 expertise
Pixelmon, Metalcore, Guild of Guardians have already secured IGF funding
Photo Credit: Unsplash
The Web3 gaming sector is on the cusp of going mainstream with notable game publishers now shifting their focus towards emerging fresher technologies. In order to attract web3 game developers to put their best foot forward, three parties have formed an alliance. Venture firms Immutable and King River Capital along have tied up with blockchain firm, the Polygon Labs to set up a fund of $100 million (roughly Rs. 83 crores) under the name – the Inevitable Games Fund (IGF).
The future of Web3 gaming market has been projected to be bright, according to research conducted around the subject. The blockchain gaming market is expected to be churning up to $614 billion (roughly Rs. 51,07,086 crore) in the next seven years, a recent study by Fortune Business Insights had said.
With the IGF, all three parties are testifying to their commitment to try and grow the potentially promising Web3 gaming sector. A bunch of other medium and large sized investors are also joining the initiative. These include Alpha Wave Ventures, the Chimera Capital by the Abu Dhabi Royal Group, as well as family offices like Mike Arrington, Co-Founder of CrunchFund, and Arrington Capital; Steve Kokinos
In fact, a bunch of Web3 gaming firms have already bagged investments from the IGF. These include Pixelmon, Metalcore, Guild of Guardians, and My Pet Hooligan. King River Capital has been tasked with the responsibility of overseeing all investment related processes. These would include the deployment of IGF capital across game studios, web3 infrastructure developers, and immersive gaming projects.
“Spending on video games exceeds the global revenue from movies, streaming TV and the music industry, combined, and it is ripe for a huge technology shift,” said Zeb Rice, Co-Founder and Managing Partner at King River Capital in a statement.
As part of the deal, Polygon Labs and Immutable, meanwhile, will be providing key sourcing and web3 gaming expertise. As of 2023, Alchemy's Dapp Store lists 62 Web3 games supported on the Polygon blockchain. Messari, a crypto market intelligence firm claims that the combined market share of Immutable and Polygon is 70 percent of the total blockchain gaming development.
“Our combined expertise, global relationships, and industry reach ideally position the Fund to identify and invest in the best web3 gaming and gaming infrastructure opportunities globally,” Robbie Ferguson, Co-Founder of Immutable said.
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