The situation of the overall cryptocurrency market has been weakening/worsening with every passing week. During these difficult times, each space and sub-sector within the crypto-verse needs support more than ever.
The investors and users of the cryptocurrencies seem to have halted their activities on the crypto platforms. They want to know exactly which side the cryptocurrency industry leans in the upcoming days.
Out of all the sectors impacted in the crypto-verse, the most affected sector is decentralized finance (DeFi). It is constantly facing losses in its overall valuation and other growth factors.
The investors are hoping that something new happens to the sector and boosts its value. In times like these, one of the major platforms within the decentralized finance sector has decided to help the sector. It has decided to do it by supporting the non-fungible tokens sector.
Immutable Aims to Introduce Advancements in the NFT Sector
Immutable, which is a major scaling platform for non-fungible tokens has made an announcement regarding a venture fund. The firm has announced that it has launched a venture fund that will be worth $500 million.
The particular fund will be focused on supporting projects and advancements in the NFT projects as well as Web 3 games. This is like a huge boost that Immutable has given to the DeFi and NFT sector backing it up with a huge investment.
Immutable wants to Do More Than Funding
Immutable has announced that the venture fund is not the only support it will provide the DeFi sector. It is also going to do much more than that.
The funding will be used for the advancement of the Immutable X protocol (IMX). It aims to do it with the help of token investments and grants. The native token on the Immutable protocol is IMX.
In addition to the direct investments and funding, Immutable will also bring in more support for the decentralized finance sector. It will be bringing in huge investors who are gaming and cryptocurrency oriented.
These major investors would include GameStop, King River Capital, Airtree, Double Peak, Arrington Capital, Animoca, and BITKRAFT.
Achievements of Immutable
Immutable Ventures has already made its investment in several NFT and Web3 startups. These companies include Topology, PlanetQuest, Stardust, and Starkware.
It has also provided its support to several projects who wanted to gain exposure in particular sectors. These platforms include Ember Sword, Opensea, TikTok, GameStop, and many more.
Immutable had already held and fundraiser for the NFT industry back in March, where it successfully generated $200 million. Just recently, Immutable announced its partnership with GameStop to help it launch its NFT marketplace.
As of now, the overall valuation of the DeFi sector is worth over $45 billion experiencing a 6.02% rise in the past 24 hours. The overall valuation for the NFT sector is almost $16 billion experiencing a 7.47% rise in the past 24 hours.
This means that the overall performance of both sectors has gained some positive momentum. Their growth can somewhat be attributed to the recent announcements made by Immutable. It has literally brought back hope into these sectors that were facing huge tumbles more than 24 hours ago.