Immutable and Polygon Labs Team Up to Expand the Web3 Gaming Ecosystem
The strategic partnership is aimed at simplifying the process of onboarding game studios and developers into Web3.
Web3 gaming developer platform Immutable is forming a strategic partnership with blockchain protocol Polygon Labs to accelerate the development of Web3 gaming.
According to a press release, Immutable will power its platform products using Polygon's zero-knowledge technology to simplify the process of onboarding game studios and developers in Web3. The alliance aims to provide an option for businesses "that accelerates time-to-market and gives them access to an ecosystem that will be one of the largest and most liquid for end users," according to the press release.
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"By combining the number one Web3 gaming platform – currently serving hundreds of game studios and millions of players – with Polygon’s best-in-class zkEVM technology, we are building an Ethereum-centric gaming ecosystem that is poised to take Web3 mainstream and bring digital ownership to millions of people around the world,” said Robbie Ferguson, Immutable president and co-founder. “Billions of dollars of skins are sold each year with no rights for players – we’re changing that so players are in control, and ownership is the expectation.”
Immutable X (IMX), the company's native token, dropped roughly 15% to $1.29, a 24-hour low. Prior to the Web3 gaming studio’s announcement, the token was trading at $1.51.
Both Immutable and Ethereum and have focused on expanding the burgeoning Web3 gaming industry with new tools and mainstream partnerships. In June, Immutable launched a $500 million venture fund for Web3 games, while Polygon launched a business unit devoted to advancing Web3 gaming in July.
Immutable also launched an all-in-one passport system in January to make the sign-in and management process easier for Web3 gamers, while gaming engine Unity expanded support for Immutable X in its developer toolkit last month.
Polygon has scored an impressive list of partnerships, including Nike, Reddit and Starbucks, and recently partnered with Square Enix, the company behind the Final Fantasy video games, to develop a non-fungible token (NFT) project. Meanwhile, Immutable has partnered with companies including GameStop, DC Comics and Marvel to build out over 140 new titles building on the existing platform.
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