ImmutableX Founder: Game Development Lags Despite $18B in Funding
Robbie Ferguson, the founder of the leading platform for building crypto games, ImmutableX, said the Web3 game industry lags in development despite receiving over $18 billion in financing over the last two years.
Ferguson added that many Web3 games would launch in 2023 after hitting two or three years of development. He expressed that just one successful hit with about 50 million gamers could triple the number of Web3 userbase overnight.
$18B has been poured into web3 gaming in the last 2 years, but development lags behind funding significantly.— Robbie Ferguson 🅧 – Hiring! (@0xferg) January 12, 2023
Many will go live in 2023 as they hit 2-3 years in development.
One moderately successful hit by Web2 standards (~50m players) will *triple* web3's userbase overnight.
Furthermore, the ImmutableX founder argued that a viral Web3 game would spark the next wave of public adoption and hysteria. He believes the event will occur within the next 12 to 18 months.
Among other Ethereum non-fungible tokens (NFTs), ImmutableX claims to be the first layer-2 scaling solution. According to its official website, the ImmutableX blockchain eliminates scalability, usability, liquidity, and development speed issues plaguing the Ethereum network.
ImmutableX’s utility token, IMX, has a reasonably large market cap below half a billion, ranking it at 79, among other coins. It currently trades at $0.5215, with a 5% increase in the last 24 hours. Crypto traders bought and sold barely $25 million IMX in the previous 24 hours.
In related news, the crypto market has been on a continuous relief rally this week. According to data from the market tracking website, CoinMarketCap, the global crypto market has reclaimed the $900 billion price point after closing the year at below $790 billion.
The most popular coin, Bitcoin (BTC), also reclaimed the $18k price point after falling to $15k during the FTX fiasco in November.
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