If you are following the non-fungible token (NFT) industry, then you would know it is also experiencing a constant downtrend. Despite all the efforts, the combined efforts of the investors and users are not able to do much in favor of NFTs.
This is the time when NFTs is in desperate need of support from major entities. These entities can be from within the cryptocurrency universe or can be from the mainstream industry.
If you are an investor in NFTs and are worried about the future of NFTs, then there is a good news for you. In these desperate times, it is very important for the major entities to make a move. This way, the reputation and the lost worth of the NFT sector can be retained.
I could say that a day back, the NFT news had nothing promising to share with the entire NFT community. However, Immutable has given a lifeline to the NFT sector with the latest announcement.
Immutable makes a Promising Move in Favor of NFTs
One of the well renowned personalities in the NFT sector, Ido Fishman, NFTs have received a huge boost with the latest announcement made by Immutable.
Immutable has announced that it has launched a venture fund in favor of NFTs. The officials at Immutable, a major NFT scaling platform, have announced that the venture fund will be worth $500 million.
However, the amount of the fund may be increased given the amount of growth and developments that are achieved in the NFT sector. The officials have confirmed that the main focus of the venture fund would be the expansion of the NFT sector.
The fund will provide support and back up to so many projects that are currently existing and are in development in the NFT industry. The funding will also be focused towards the incorporation of NFTs into the games that will be developed in Web 3.
Immutable wants to Introduce IMX as utility token in the games that will be developed and created with funding from the venture fund. Moreover, Immutable is also ambitious in forming partnerships with several cryptocurrency and gaming companies.
By doing this, Immutable wants to bring in more support and huge investments to aid the NFT industry in the long run.
Huge Investments Imminent from Major Platforms
Immutable is planning to bring in more major platforms to help support the NFT sector. So far, it has brought major platforms such as GameStop, Ember Sword, and OpenSea on the same page.
These platforms have also vowed to provide their full support to the NFT sector. OpenSea is already a major contributor in the advancement of the NFT sector.
It currently has the largest NFT marketplace in terms of daily trading volume. The platform is making many improvements in its protocol to make things more convenient for the NFT users. The major concern it is addressing is reducing gas fees for processing NFT transactions between 30%-70%.
GameStop, one of the largest game retailers is also showing its support for NFTs by launching its own marketplace for NFTs in near future.
More Information from Ido Fishman
According to Ido Fishman, Immutable has also provided supported to several upcoming and startup NFT projects. These projects include Starkware, PlanetQuest, Stardust, and Topology.
This is not the first time, Immutable has held a fundraiser for NFTs. It already held one back in the month of March, where it had generated around $200 million.
Other major companies are also sharing their support for the NFT sector. The major advantage to the NFT developers that these tokens are incorporable with several other sectors such as metaverse, gaming, collectibles, artworks, and so much more.
With so much support coming in for the NFT sector, the industry is bound to gain a lot of growth and become very profitable for the entire investment community.