Kongregate and Immutable Launch $40 Million Fund to Support Blockchain Games

The gaming portal Kongregate and Immutable, an Ethereum startup, have launched a $40 million fund focused on developing blockchain games.

ℹ https://t.co/dwebN5neDA

— Kongregate | We’re Hiring! (@kongregate) May 26, 2022

The structure is built around a pool of IMX tokens. The assets will serve as grants to integrate blockchain games on Kongregate.com.

IMX is positioned as the “Stripe for NFTs”, providing gas-free minting and trading of non-fungible tokens on the L2 solution Immutable X built on Ethereum.

The fund will allow Kongregate to undergo a rebranding and, in the future, position itself as a Web3-focused gaming portal.

The process entails:

• creating tools for game developers;
• consultations on game design and tokenomics;
• providing community-building services.

Since 2006, the company’s website has been a hub for Web2 games — offering more than 128,000 free titles.

In February this year, Kongregate announced a partnership with Immutable to bring NFT integration to games.

Earlier, in March, Immutable raised $200 million at a $2.5 billion valuation.

Earlier, Andreessen Horowitz launched a $600 million fund aimed at “gaming infrastructure and metaverse technologies.”

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