The Web3 gaming industry is approaching a significant breakthrough as major game publishers increasingly explore new technologies. To encourage developers in this sector, three entities have joined forces to create a dedicated initiative. Venture capital firms Immutable and King River Capital have partnered with blockchain company Polygon Labs to establish a $100 million fund, named the Inevitable Games Fund (IGF).
Research indicates a promising outlook for the Web3 gaming market. A recent report by Fortune Business Insights forecasts that the blockchain gaming sector could reach approximately $614 billion (around Rs. 51,07,086 crore) in value over the next seven years.
The formation of the IGF underscores the commitment of these three organizations to foster growth within the emerging Web3 gaming landscape. Several other investors, including both medium and large players, are also participating in this initiative. Notable contributors include Alpha Wave Ventures, Chimera Capital, affiliated with the Abu Dhabi Royal Group, as well as prominent family offices such as Mike Arrington, Co-Founder of CrunchFund and Arrington Capital, and Steve Kokinos.
Several Web3 gaming companies have already received funding from the IGF, including Pixelmon, Metalcore, Guild of Guardians, and My Pet Hooligan. King River Capital will oversee all investment processes, including the allocation of IGF resources to game studios, Web3 infrastructure developers, and immersive gaming projects.
“Expenditure on video games surpasses the total revenue generated by the film, streaming television, and music industries combined, indicating a ripe environment for significant technological advancements,” stated Zeb Rice, Co-Founder and Managing Partner at King River Capital.
In conjunction with the fund establishment, Polygon Labs and Immutable will leverage their expertise in sourcing and Web3 gaming. According to the 2023 Alchemy Dapp Store, there are currently 62 Web3 games operating on the Polygon blockchain. Furthermore, Messari, a crypto market analysis firm, reports that Immutable and Polygon together control 70 percent of the blockchain gaming development market.