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Ethereum ecosystem projects Polygon and Immutable are partnering on a Web3 game, according to a press release. March 20th.
Immutable and Polygon join forces
This joint announcement indicates that the two projects will form a strategic alliance to advance Web3 games in terms of development and adoption.
The partnership will focus on Immutable zkEVM, based on zk-rollups and supported by Polygon technology. This allows developers to experience faster and cheaper transaction fees than if they built directly on Ethereum.
One type of Web3 game is to use blockchain so that users have full and transferable ownership of in-game items, similar to owning virtual currency or NFTs.
Immutable president and co-founder Robbie Ferguson specifically applied this concept to game skins used on characters and items. he wrote:
“There are billions of dollars in skins sold each year and players have no rights. We are changing the expectation of ownership so that players are in control.”
Polygon and Immutable lament the limitation of Web3 games due to the lack of quality games and enterprise-grade development tools. The two projects believe their efforts will make it easier for game developers large and small to work with blockchain.
The project has raised nearly $2 billion, aligned to 2022
Immutable and Polygon noted that projects built on their own platform received $2 billion in investor funding in 2022. According to a recent report from Delphi Digital, the Immutable X game will raise him $900 million in 2022, while the Polygon game will raise his $850 million.
The two blockchain companies have also partnered with well-known companies such as Square Enix, Unity, and GameStop, as well as many other companies and projects.
Despite the apparent success of both companies, ImmutableX laid off 11% of its staff in February as its expenses outweighed its revenues. Polygon likewise laid off his 20% of employees, or 100 employees, earlier that month.
The two companies have created a cryptocurrency that ranks among the 60 largest circulating tokens. Polygon (MATIC) is number 9 with a market capitalization of $10.2 billion. ImmutableX (IMX) is number 51 with a market capitalization of $1.1 billion.
Neither asset has seen a significant change in price since the announcement.
