ImmutableX (IMX) and Polygon Labs collaborate to expand the Web3 gaming ecosystem. The strategic partnership aims to simplify the process of engaging game studios and developers on Web3. Normally, such a development would be expected to increase the respective Web3 coin prices, but the IMX price crashed on the contrary.
ImmutableX and Polygon collaborate
Web3 game development platform ImmutableX is forming a strategic partnership with Blockchain protocol Polygon Labs to accelerate the development of Web3 games. According to a press release, Immutable will empower its platform products on Web3, using Polygon’s zero-knowledge technology (zk-proof) to simplify the process of onboarding game studios and developers. According to the press release, the alliance aims to provide an option for businesses that ‘accelerates time to market and gives them access to an ecosystem that will be one of the largest and most liquid ecosystems for end users’. Robbie Ferguson, president and co-founder of Immutable, made the following statement regarding the partnership:
Combining the number one Web3 gaming platform, currently serving hundreds of game studios and millions of gamers, with Polygon’s best-in-class zkEVM technology, it is ready to popularize Web3 and bring digital ownership to millions of people worldwide. We are building an Ethereum-based gaming ecosystem. Billions of dollars of skins are sold every year with no rights to players. We’re changing this so players will be in control and take ownership.
Web3 coin price fell sharply as expectations were not met
However, the company’s native token, ImmutableX (IMX), fell nearly 15% to a 24-hour low of $1.29. Prior to the Web3 game studio’s announcement, the token was trading at $1.51. High expectations were effective in the decrease in Web3 coin price. Because before this partnership, ImmutableX had announced that it would be a big development. So much so that ImmutableX started a countdown from a counter on its Twitter account, creating the impression that it will be a huge development in the crypto community. However, when the partnership announcement did not meet the expectations, the token price began to fall sharply.
Partnerships in the Web3 space continue at full speed
On the other hand, both Immutable and Ethereum are focused on expanding the burgeoning Web3 gaming industry with new tools and mainstream partnerships. In June, Immutable launched a $500 million venture fund for Web3 games, while Polygon established a business unit dedicated to advancing Web3 games in July. Immutable also launched an all-in-one passport system to streamline the login and management process for Web3 players in January, while game engine Unity expanded support for ImmutableX in its developer toolkit last month.
cryptocoin.comAs you follow, Polygon has an impressive list of partnerships, including Nike, Reddit, and Starbucks, and has recently partnered with Square Enix, the company behind Final Fantasy video games, to develop a Non Fungible Token (NFT) project. Meanwhile, Immutable has partnered with companies like GameStop, DC Comics, and Marvel to create more than 140 new titles built on the existing platform.
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