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Immutable president expects "enormous rotation" into web3 gaming
Its platform has 64 new games launching in the next 6 months
Jacquelyn Melinek
May 28, 2024
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Web3 gaming is ready for escape velocity
Web3 gaming has been around for a number of years and while some games have seen an influx of users and high transactions, most haven’t hit mainstream adoption. But in the next six to 12 months, it could hit escape velocity. “It’s looking likely,” Immutable co-founder and president Robbie Ferguson said on the Talking Tokens podcast. (Listen to the episode here on Spotify, Apple or YouTube.)
This month, Immutable, a platform focused on building web3 games on the Ethereum blockchain, had about 800,000 monthly active users and its wallet, Immutable Passport, hit over 1 million sign ups. With that said, it expects more people to onboard as 64 games are launching on its platform in the next six months and it has 340 “highly funded games” signed up to join the platform, Ferguson said.
Outside of the web3 gaming world, Ferguson said he has spoken to 30 Triple A gaming studios and all but one are “open” to web3 gaming and half of them have “active teams working on it,” signaling that it’s not just a fad within the crypto world.
“I think the sector will hit maturity and there will be an enormous rotation into gaming as the first product market fit outside of DeFi and payments,” Ferguson said. “Genuine ordinary people are experiencing the value of web3 and digital ownership in ways that are very meaningful.”
One of the most talked about elements of web3 gaming is the ability for users to own and trade their in-game assets. Ferguson thinks it will change the way those in and outside of the industry will look at all forms of digital ownership. “That’s going to set the precedent for how we own all forms of digital property and all forms of property in the future.”
Check out the next section for more details and the full episode.
The latest Talking Tokens podcast 🎙️
For this week’s Tuesday episode, I interviewed Robbie Ferguson, co-founder and president of Immutable.
We talk about all things in web3 gaming: how the industry is evolving, what types of games he expects to succeed in the near term and major developments on Immutable’s platform.
Talking Tokens episodes are released on Spotify and Apple Podcasts at 6AM EST or YouTube at 10AM EST every Tuesday and Thursday. Listen in!
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Monitoring blockchains
Looking at some of the biggest developments onchain.
Aptos hit a new milestone, hitting 115.4 million transactions in a day on May 25, the highest amount across all layer-1 blockchains
Base memecoin Normie dropped 99% on Sunday after exploit
Taking on the tokens
The total crypto market cap remained steady over the past 24-hours at $2.57 trillion. It is down 1.9% over a 7-day period.
As for the largest cryptocurrencies by market cap…
Token | Price | 24h % | 7-day % |
|---|---|---|---|
Bitcoin (BTC) | $68,189 | - 0.27% | - 4.25% |
Ethereum (ETH) | $3,889 | - 0.08% | + 3.32% |
BNB (BNB) | $600.46 | - 0.14% | - 2.34% |
Solana (SOL) | $169.46 | + 1.18% | - 5.73% |
These metrics were taken at 8:15 AM EST on Tuesday.
Other numbers we’re eyeing…
$320 million — that’s the total value locked on The Open Network (TON) blockchain, which is an increase of 1,204% from its $23 million TVL in early March.
Money and people moves
Latest updates on crypto startups that secured funding and industry players who are starting something new.
Talking points for the road
Here’s some headlines and topics that you can talk about at your next dinner party, crypto event or on a first date to look smart (results may vary.)
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