According to a March 20 news release, Ethereum ecosystem projects Polygon and Immutable have collaborated on Web3 gaming.
Immutable and Polygon band together
According to the joint announcement, the two projects will form a strategic collaboration to accelerate Web3 gaming development and adoption.
The collaboration will center on Immutable zkEVM, which is built on zk-rollups and powered by Polygon technology. This will allow developers to enjoy faster and lower transaction costs than if they built natively on Ethereum.
One sort of Web3 gaming is using blockchain to provide users with complete, transferable ownership of in-game assets, similar to how they might own crypto or NFTs.
Robbie Ferguson, President and Co-Founder of Immutable, applied the concept specifically to gaming skins used with characters and stuff. He stated:
“Billions of dollars in skins are sold each year with no rights for gamers; we’re changing that so players have power and ownership is expected.”
Web3 gaming, according to Polygon and Immutable, has been hampered by a lack of high-quality games and enterprise-grade developer tools. The two projects think that their efforts will make working with blockchain easier for both major and small game producers.
In 2022, projects raised over $2 billion in total
Immutable and Polygon reported that in 2022, projects produced on their platforms got $2 billion in investor backing. According to recent Delphi Digital estimates, Immutable X games raised $900 million in 2022, while Polygon games raised $850 million.
The two blockchain organizations have also collaborated with well-known companies such as Square Enix, Unity, and GameStop, as well as several other businesses and initiatives.
Despite each company’s apparent success, ImmutableX fired off 11% of its employees in February as its spending exceeded its earnings. Polygon had also let off 20% of its workforce, totaling 100 individuals, earlier that month.
These firms have generated cryptocurrencies that are among the top sixty most widely used tokens. Polygon (MATIC) is ranked ninth, with a market capitalization of $10.2 billion. ImmutableX (IMX) is ranked #51 with a market capitalization of $1.1 billion.
Following the announcement, neither asset had a major price shift.