🌐Immutable: The Next Big Thing in Gaming, or Just a Lot of Hot Air?🎮 , Anime-based Web3 network AnimeChain, 🤖ChatGPT of Web3 (Writes Web3 Apps for You)
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In today’s edition:
Deep Dive into Immutable
Arbitrum and Azuki join forces to launch an anime-based web3 network
ChatGPT (But It Writes Web3 Apps for You)
Your Weekly dose of Web3
Total Read Time: 10 Min 12 Seconds
🔎 Deep Dive
Immutable: The Next Big Thing in Gaming, or Just a Lot of Hot Air?
Welcome to our Deep Dive section, where we examine the cutting-edge technology behind Web3 infrastructure. Today, we'll delve into Immutable, a revolutionary web3 gaming platform that is changing how we think about non-fungible tokens (NFTs). Imagine a place where you can effortlessly buy, sell, and trade unique digital assets, all while enjoying lightning-fast transactions and minimal gas fees. That's what Immutable brings to the table, thanks to its innovative use of layer-2 scaling solutions and zk-rollups technology. But that's not all; this platform offers much more than fast and cheap NFT transactions.
In this issue, we'll explore Immutable's ins and outs, discussing everything from its robust developer toolkit and software development kit (SDK) to its cutting-edge security features and governance structure. We'll also examine the project's current state, including its recent partnerships and upcoming expansion plans.
Here is How Everything Started. (History & Founders)
Immutable was founded by James Ferguson, a Forbes 30 Under 30 entrepreneur who previously led a software development team at a billion-dollar eCommerce company, and his brother Robbie Ferguson, a Thiel fellow and Forbes 30 Under 30 entrepreneur as well.
The team consists of more than 100 members from different backgrounds like blockchain, FAANG, finance, fintech, and management consulting. It raised a seed round in 2018 and a $15 million Series A in September 2019. Investors included some of the “who is who” in blockchain investing, such as Coinbase, Naspers, Nirvana Capital, Apex Capital Partners, Continue Capital and Galaxy Digital.
The idea behind Immutable, embodied in their projects like Etherbots and Gods Unchained, was to revolutionize the gaming industry by leveraging blockchain technology to create games that reward players with full digital ownership of their in-game assets. This approach aimed to address the limitations of traditional gaming by promoting earning and ownership, thereby creating a more engaging and rewarding gaming experience.
Etherbots, developed by the Ferguson brothers, is considered the world's first blockchain-based game built on the Ethereum blockchain. This game laid the groundwork for their vision of blockchain gaming, showcasing the potential of decentralized applications in the gaming industry. Following the success of Etherbots, they developed Gods Unchained, the world's first blockchain-based trading card game. This further emphasized the importance of digital ownership and the potential of blockchain technology to transform gaming.
Immutable's broader vision extends beyond individual games to the infrastructure needed to support blockchain games. This led to ImmutableX, a layer-2 scaling solution that provides an NFT infrastructure on the Ethereum blockchain. ImmutableX aims to improve the experience for both users and developers by offering seamless gameplay, fast transaction speeds, and gas-free, fully carbon-neutral NFT minting. The platform leverages StarkEx zero-knowledge rollups to achieve high transaction speeds while maintaining the security of the Ethereum blockchain.
The Ferguson brother’s approach to gaming and blockchain technology is rooted in the belief that disruption should not diminish the long-established gaming but rather introduce innovative and evolved ways to play. They aim to improve the gaming industry by making play-and-earn universal, bringing blockchain gaming to the masses, and welcoming web3 and traditional gamers to join the fun. This vision is part of a larger movement to build world-class web3 games with zero technical limitations, embrace the full effect of NFTs, and promote real property rights from in-game items.
Here's how Immutable works🤔
The core of Immutable X’s operation is its utilisation of Zero-Knowledge (ZK) rollup technology, which batches multiple NFT transactions into a single one on the Ethereum blockchain, significantly reducing the gas fees and enhancing transaction throughput. The process involves taking computation and storage off-chain while ensuring that Ethereum fully secures all transactions.
Unlike traditional transaction validation methods, ZK rollups aggregate hundreds of transactions into a single ZK proof, specifically a Zero-Knowledge Scalable Transparent Argument of Knowledge (ZK-STARK) proof. ZK-STARK is a validation method that ensures the privacy and security of transactions by proving possession of specific data without revealing sensitive information and significantly reducing gas fees.
Consolidating transactions into a ZK-STARK proof drastically reduces the computational and memory resources required for blockchain validation. As a result, Immutable significantly lowers gas fees and increases the transactions per second (tps) capability, addressing two major challenges the Ethereum network faces.
Furthermore, Immutable provides powerful developer tools. Its REST APIs enhance blockchain interaction, allowing users to seamlessly create and transfer NFTs without direct engagement with smart contracts. The platform’s Software Development Kit (SDK) simplifies the integration process for developers, enabling the rapid creation of NFT-based projects.
In March 2023, Immutable announced its second scaling solution, Immutable zkEVM, for games alongside the existing Immutable X, a ZK rollup powered by StarkWare. Set to launch fully later in 2023, this new EVM-compatible ZK rollup will be powered by Polygon technology with full Immutable platform support to help make Web3 games faster, straightforward to develop, and less risky from development to launch.
The partnership between Immutable and Polygon and the creation of Immutable zkEVM solves many problems for Web3 game development. Here’s how:
One-stop gaming solution: Immutable’s platform with zkEVM tech offers Ethereum Virtual Machine (EVM) compatibility, low cost, massive scale and Ethereum security all while providing direct integration into Immutable’s full-stack gaming platform. This provides developers with a suite of solutions needed to succeed.
Network effects: Developers can access the combined network of Immutable and Polygon to get access to gamers, tools, and funding.
Reduced development costs: Immutable's smart contract templates allow migrating existing smart contracts to the Immutable zkEVM environment for existing games.
Enhanced gameplay mechanics: From staking and crafting to advanced functionalities, including dynamic NFTs that equip other NFTs, which are possible with Immutable zkEVM.
Seamless interoperability: With Immutable zkEVM, game developers can create games that are seamlessly interoperable with other games or platforms in the Ethereum ecosystem, enabling broader access and economies of scale.
Secure gaming environment: Immutable’s quality control measures protect gaming studios and users from malicious activity, poorly designed contracts or validators, and conserve the chain’s bandwidth for gaming-specific activities..
The Current Project Update of Immutable
In Q1 of this year, Immutable will launch the mainnet of their game-changing chain dedicated to launching the best web3 games: Immutable zkEVM, powered by Polygon.
Immutable zkEVM is the first of its kind—a chain for games that offers EVM compatibility, low cost, massive scale, and Ethereum security. It is the most cutting-edge technology in gaming, and it has the largest ecosystem in Web3.
The long-term vision of Immutable is that Immutable zkEVM will be the game's default chain, enabling games to increase revenue streams, protect their community, and create frictionless user experiences.
Building the best end-to-end solution for web3 game development
Immutable is continuing to evolve its platform, focusing on offering a complete, end-to-end solution for enhancing games through digital asset ownership. Here’s how they are upgrading their Immutable product suite this year:
Instant wallet onboarding with Immutable Passport
The immediate goal is for Immutable Passport to become the all-in-one gamer identity solution, removing the barrier to entry for mainstream audiences and abstracting away web3 complexities.
This year, the team is enhancing Passport with a dashboard with activity feed and asset management functionality and enhanced confirmations that include a transparent breakdown of costs and fees.
Limitless liquidity with an Immutable Orderbook
The Immutable Orderbook allows marketplaces, studios, and creators to increase their revenue and liquidity by sharing NFT orders across the world’s leading NFT marketplaces.
A complete payment solution with an Immutable Checkout
The team wants to build Immutable Checkout into the all-in-one gaming payment infrastructure that streamlines transactions, increases conversion rates by removing fragmentation, implementing familiar payment methods, and educating the user along their journey.
This year, immutable is adding cross-wallet bridging for Passport & MetaMask, publishable API keys, and bulk buys with Smart Checkout.
2024 is the year of the AAA game launches on Immutable
A large number of the 220+ well-funded games building on Immutable will be going live this year!
The current market of Immutable (IMX)
Immutable crypto, IMX, serves multiple purposes within the Immutable ecosystem:
Ecosystem Development: Over half the total $IMX token supply is allocated to ecosystem development. This includes user rewards and developer grants and incentivizing builders and users who contribute to liquidity provision, trading, and building applications on the Immutable protocol. This allocation funds programs like trading and staking rewards and numerous grant programs to attract more developers to build on the platform.
Trading and Staking: $IMX is used to cover trading fees and offer incentives to users. Users can lock their IMX assets in staking pools to collect attractive rewards. The staking rewards are generated from the protocol fees and are distributed to qualified stakes after each 14-day cycle. The rewards are proportional to the amount of IMX staked in relation to the total pool.
Decentralized Governance: Holding IMX tokens grants users the right to vote on important protocol decisions, including allocating token reserves, voting on developer grants, activating daily rewards, and changes in token supply.
As of 6 April 2024, the live IMX price is $2.68, with a 24-hour trading volume of $50,847,228 USD. Immutable is down 5.56% in the last 24 hours.
Here are some additional statistics:
Market Cap: $3,736,387,592 USD
Trading Volume in the last 24 hours: $50,915,022 USD
CoinMarketCap ranking: #33
Circulating Supply: 1,423,019,954 IMX
Total Supply: 2,000,000,000 IMX
Fully Diluted Market Cap: $5,245,854,596
The Highest Price: $9.52 - Nov 26, 2021 (over 2 years)
The Lowest Price: $0.3781 - Dec 31, 2022 (over 1 year)
Total value locked (TVL) in DeFi, April 2024. Source
2025 Predictions: The trade is forecasted to be between $2.70 and $12.81, potentially increasing 390.05% if it reaches the upper price target.
2030 Predictions: Between $6.86 and $11.12, potentially increasing 325.56% if it reaches the upper price target.
2025-2030: Yearly low predictions range from $2.70 to $6.86, with yearly high predictions ranging from $12.81 to $17.31.
These are just predictions and should never be considered financial advice. Always do your due diligence before investing in cryptocurrencies. Various factors, including market trends, technological advancements, and the regulatory environment, can influence the future value of IMX.
Immutable: is it what it shows?
Immutable offers several advantages and unique features that set it apart from other platforms:
Environmental Friendliness: IMX is recognized for its commitment to environmental sustainability. By utilizing layer-2 scaling solutions and zk-rollups technology, it significantly reduces the energy consumption and environmental impact associated with NFT transactions on the Ethereum mainnet.
Instant Trade Confirmation and Zero Gas Fees: IMX provides instant trade confirmation and eliminates gas fees for NFT transactions. This makes it highly cost-effective and user-friendly, especially for beginners and professionals alike.
User-Friendly Experience: The platform is designed to be accessible to users of all levels, from beginners to professionals. It offers an intuitive and easy-to-navigate user interface, catering to a broad audience.
Interoperability: Built on Ethereum, IMX is compatible with the vast Ethereum ecosystem, allowing users to seamlessly interact with other Ethereum-based platforms and services. This interoperability expands the possibilities for NFT enthusiasts.
Native Currency (IMX): The native currency of IMX, available on all major crypto exchanges, plays a crucial role in the protocol’s fee structure. It is used for staking, governance, and transaction fees, making it an integral part of the ecosystem.
Enhanced Security: IMX employs zk-Rollups technology to ensure secure and tamper-proof NFT ownership and transactions. This cutting-edge security technology is a significant advantage in the NFT space.
Decentralized Governance: Holding IMX tokens grants users the right to vote on important protocol decisions, including allocating token reserves, voting on developer grants, and changes in token supply. This decentralized governance structure aims to increase the utility and decentralization of the IMX token.
Scalability and Sustainability: IMX addresses the scalability and sustainability issues in the digital asset space, offering a groundbreaking solution that is likely to become the standard NFT Blockchain in the future if it can achieve the promised transaction speed of about 9000 TPS.
A crucial component to fulfilling this promise is the API abstraction layer. Thanks to REST APIs, every NFT-related interaction like minting, trading, and transferring is a simple API call on Immutable X. The company anticipates this to be a key component to attracting new entrants like established gaming and content companies in the space.
Moreover, users will not have to switch networks when connecting their wallets. The protocol also provides an intermediate layer called the “Link,” which enables an NFT-specific wallet experience and allows Immutable X to support a third-party marketplace ecosystem without security risks.
With its shared global order book facilitating protocol liquidity, NFT marketplaces can be built on Immutable X without a backend. In consequence, third-party marketplace solutions can co-exist with the protocol’s native marketplace. The protocol also expects to lower the barriers of entry for content creators and smaller developers with this solution.
Like any other project, Immutable has its disadvantages and challenges that users may face. Here are some of the main ones:
Centralization Risks: Despite being a layer-2 solution, Immutable X operates on the Ethereum blockchain, which inherently carries risks of centralization. The reliance on Ethereum's security model and the potential for future Ethereum network upgrades could introduce vulnerabilities or changes that affect Immutable X.
Complexity for Developers: While Immutable X simplifies the development process for Web3 games, it still requires a certain level of technical knowledge to fully leverage its capabilities. Developers need to understand how to integrate with the Immutable X SDKs and APIs, which might be a barrier for some.
Transaction Fees: While Immutable X offers gas-free transactions for NFT minting and trading, a 2% protocol fee is applied to every transaction created and settled through the protocol’s shared global orderbook. This could be a concern for users who are sensitive to transaction costs.
Liquidity and Trading Volume: The ImmutableX Trading Rewards program rewards users with IMX tokens for trading NFTs. However, the effectiveness of this program depends on the trading volume of eligible collections on the IMX marketplace and other integrated marketplaces. Users might face challenges if the trading volume is low, affecting their rewards.
Integration Challenges: Developers and game creators might face challenges in integrating their games with Immutable X, especially if they are not familiar with the platform's SDKs and APIs. This could delay the launch of new games or require additional resources to overcome these challenges.
Interoperability Challenges: Moving assets between Layer2 networks and the main chain might pose interoperability complexities.
Security and Upgrades: Security risks can arise during Layer2 protocol upgrades or changes, necessitating careful handling.
Conclusion
In conclusion, Immutable presents a compelling solution for the burgeoning Web3 gaming industry. It offers a range of advantages that make it an attractive platform for developers and users alike. Its innovative use of layer-2 scaling solutions, zk-rollups technology, and robust developer toolkit provide a seamless experience for creating, trading, and owning NFTs in the gaming ecosystem.
However, like any project, Immutable has its challenges and risks. Users and developers must consider centralization, developer complexity, transaction fees, liquidity, integration, and interoperability concerns. These factors may impact the platform's adoption and user experience, requiring careful evaluation and consideration.
In the competitive landscape, Immutable faces rivals such as Mixer Games, Polygon, Horizon, Lambda 256, Planetarium, xDai, etc. Each project has unique strengths and focuses, making the storage industry dynamic and highly competitive.
Ultimately, choosing Immutable or any other platform depends on individual preferences, goals, and risk tolerance. Users should conduct thorough research, assess their needs, and weigh the advantages and disadvantages before deciding. With its innovative features and growth potential, Immutable offers a promising platform for those looking to participate in the exciting world of Web3 gaming.
📌Must Read
Arbitrum and Azuki join forces to launch an anime-based web3 network
Summarized: (This is low-key genius) Arbitrum, Azuki, and others are launching a blockchain-powered anime network called ‘AnimeChain’ to onboard fans of anime to Web3.
You know how it goes: things can get strange once you enter the quantum realm. Particles start acting wonky, and before you know it, you're questioning everything you thought you knew about reality. 😱
Well, guess what? The same thing happens when you reach a certain level of anime fandom. 😏 Suddenly, owning action figures in your mid-30s becomes acceptable and celebrated! 🎉 Dressing up isn't just for Halloween anymore; for some reason, all your headphones have cat ears. 😹
We wanted to share some exciting news: the Arbitrum Foundation, Azuki, and the Web3 Foundation are joining forces to create AnimeChain, a blockchain-powered anime network!
At first, it might sound a bit...out there. But bear with us here. Think about the anime fans in your life – what do they love? Cartoons? Check! Their Nintendo collection? You bet! That rare, Japanese-only Dragon Ball Z T-shirt? 😏 Yes, please! Collectibles galore? It's a given! 🎁
Now, imagine connecting those dots:
(1) Content + (2) Games + (3) Merchandise + (4) NFTs = 💥
A 'blockchain-powered anime network' might seem weird initially, but it could be a match made in heaven! 😍 Bravo, AnimeChain, bravo! 👏
So, watch for AnimeChain – it might change the game for anime fans everywhere! 💥 Stay geeky, folks!
ChatGPT (But It Writes Web3 Apps for You)
Summarized: ‘Syntax’ is a platform that resembles ChatGPT but writes blockchain apps based on the prompts you give it (instead of beat poetry in the tone of Ben Franklin).
Syntax is the latest creation from Spectral Labs. It's an AI bot designed to make building blockchain apps more efficient for seasoned devs and newcomers!
We know, we know—"AI" and "blockchain" are pretty much the coolest buzzwords around, but hear us out. 😅 This thing has serious potential to revolutionize the way we approach Web3 development.
With Syntax, developers can focus on the fun stuff - like bringing their creative visions to life - without getting bogged down in the nitty-gritty details. And for those new to the game, it's a chance to dive in and start building without needing a Ph.D. in computer science. 🎓
So, what does this mean for the future of web3? 🤔 Well, for starters, it means we can expect a lot more innovation and diversity in the apps that pop up. But more importantly, it levels the playing field for people who want to bring their ideas to life but don't have the resources or expertise to do so.
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