Crypto gaming enthusiasts, are you ready for the future?
Immutable, a crypto gaming startup, recently launched its new Passport wallet in beta mode, aiming to bring the gaming masses into Web3. The wallet is built to work across games on Immutable’s Ethereum scaling network, Immutable X, and is non-custodial, meaning Immutable does not have access to users’ funds, and each wallet creator is responsible for maintaining its security.
Fiat Deposits, Withdrawals, and Crypto Swaps
What makes Immutable’s Passport wallet unique is its simplified sign-in process. Unlike more traditional digital wallets like MetaMask or Coinbase Wallet, Immutable Passport users don’t need a password to log in; instead, they can use their email address and submit a verification code sent to their email. According to Immutable, this streamlined sign-in process doesn’t compromise user security.
Another advantage of Immutable’s Passport wallet is its fiat deposits, withdrawals, and crypto swaps within the wallet. Users won’t have to go through the hassle of using a third-party crypto exchange and migrating funds. This feature also allows games to offer users the option to pay with fiat currency instead of IMX or Ethereum directly from their wallet.
A Solution to Security and Onboarding Challenges
Immutable’s Passport wallet is an excellent solution to one of the most significant challenges facing Web3 game studios today: security and player onboarding. The complexity of a crypto wallet often leads to confusion and skepticism, which could drive gamers away from the platform. By creating a simplified wallet that is easy to use, Immutable is well-positioned to become a leader in Web3 gaming.
Immutable is not the only company focusing on building a wallet that appeals to gamers. Other companies, such as Brave, Phantom, Uniswap, and Robinhood, offer different types of wallets that cater to the gaming community. However, it remains to be seen whether the fledgling Web3 gaming industry can onboard users to crypto without seeing massive user drop-off.
Immutable’s President and co-founder, Robbie Ferguson, believes that reducing the time required for account creation is a significant factor in user acquisition. Currently, the drop-off rates for wallet installs are anywhere between 95-98%. Ferguson aims to bring down the cost of installing a wallet by more than 10-20X without compromising self-custody.
To achieve this goal, Ferguson challenged Twitter users to set up an Immutable Passport wallet in less than 20 seconds and share proof on the social media network. He promised to send 100 of Immutable’s IMX tokens, worth roughly $90, to one lucky winner. While Ferguson’s offer didn’t attract many recordings, Immutable’s growing ecosystem of over 100 games, including popular titles like Shardbound, Gods Unchained, IMVU, Illuvium, and Guild of Guardians, is a promising step towards the next generation of Web3 gaming.
Partnerships and Growing Ecosystem
Immutable has also recently partnered with Polygon, another heavyweight in the Ethereum scaling space, to create a new network designed specifically for Web3 gaming powered by Polygon’s anticipated zkEVM technology. The two companies are collaborating on the creation of Immutable zkEVM, a new Ethereum scaling network that will pair the soon-to-launch Polygon zkEVM tech with the Immutable platform designed for blockchain-based games.
Immutable’s Passport Wallet: A Promising Solution to Web3 Gaming’s Onboarding Challenges
In conclusion, Immutable’s Passport wallet is an exciting development in the world of Web3 gaming. By creating a simplified, easy-to-use wallet, Immutable aims to reduce the friction that often comes with onboarding new users to crypto.
As we’ve previously mentioned, Immutable has been identified as one of the potential blockchains for gaming. With its growing ecosystem of games and partnerships with industry heavyweights, Immutable’s Passport wallet is a promising step towards becoming a leader in Web3 gaming. The challenge remains whether it can successfully onboard gamers and convince them to use its platform.