Web game developer Kongregate and Immutable launch $40 million fund for blockchain games

Gaming and Metaverse • May 25, 2022, 6:20PM EDT
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Game developer Kongregate and Ethereum scaling startup Immutable announced a $40 million fund to develop blockchain-based games. 

Launched in 2006, Kongregate’s website Kongregate.com became a home for free-to-play independent web games. With this new fund, comprised of the IMX token pool, Kongregate.com will begin incorporating blockchain-based games later in 2022 and ultimately rebranding to a web3-oriented gaming site.

Kongregate.com’s blockchain-based rebrand also includes tools for blockchain-based game developers, such as through tokenomic consultations.

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“With the relaunch of Kongregate.com for web3, we’re once again creating a destination unlike any other for developers and gamers to come together to discover, chat about and play games,” said Kongregate’s Chief Technology Officer Max Murphy in a statement. 

Kongregate partnered with Immutable in February of this year to implement non-fungible tokens (NFTs) into web games.

Kongregate platforms have more than 128,000 free games with over a billion gameplays, according to its website. Immutable is a startup founded in 2018 that had a $2.5 billion valuation as of March 7, 2022.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.