The founder of ImmutableX, Robbie Ferguson, pointed out that despite receiving over $18 billion in funding over the past two years, the development of Web3 games lags significantly behind. He mentioned that many Web3 games are expected to launch in 2023 after hitting two to three years of development. Ferguson also expressed that just one successful hit with around 50 million gamers could triple the Web3 user base overnight.
Ferguson further argued that a viral Web3 game would trigger the next wave of public adoption and excitement, which he believes will happen within the next 12 to 18 months. ImmutableX, known for its non-fungible tokens (NFTs) on Ethereum, claims to be the first layer-2 scaling solution. The platform’s blockchain addresses scalability, usability, liquidity, and development speed issues facing the Ethereum network.
ImmutableX’s utility token, IMX, has a market cap below half a billion, ranking it at 79 among other cryptocurrencies. As of now, IMX is trading at $0.5215, showing a 5% increase in the last 24 hours. Traders exchanged approximately $25 million worth of IMX in the previous day. In recent crypto market news, there has been a continuous relief rally, with the global market surpassing the $900 billion mark after ending the year below $790 billion. Bitcoin (BTC), the most popular cryptocurrency, also rebounded to the $18k price point following a drop to $15k during the FTX incident in November.
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