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The social benefits are huge: Web3 gaming to shift digital ownership

The social benefits are huge: Web3 gaming to shift digital ownership

The social benefits are huge: Web3 gaming to shift digital ownership

There is no substitute for experience. Even though an experience might seem unfortunate like getting your brother’s Runescape account suspended. Robbie Ferguson grew up an avid gamer, spending thousands of hours playing his favorite games. One fateful day, he logged onto Runescape and set in motion a series of events that would forever change the way he viewed digital property and the world of Web3 gaming.

I logged into my brother’s Runescape account we share and entered desert and lost all of his red dragon armor. The next day I felt so bad that I bought gold from a gold farm to replace it. The incident left a mark on Ferguson, a software developer who got into the blockchain space with his launch of Bitcoin (BTCtickers lost $19,985) in 2014.

His interest increased in 2015 with the launch of Ethereum and the potential of the ecosystem. Ferguson’s Runescape ban incident sparked his entry into blockchain game development after becoming frustrated with what he described as a “random attack.” impunity,” which left gambling markets and assets governed by big companies. Speaking to Cointelegraph during the Token2049 conference in Singapore in September 2022, Ferguson revealed how he, his brother James and Alex Connolly co-founded blockchain technology company Immutable in 2018 after their first attempts at creating a decentralized game.

Ether Bots, their first attempt at an Ethereum-based game, taught the trio what to run on-chain and off-chain and laid the groundwork for an infrastructure platform for building Web3 and non-ungible based games Tokens (NFT). In addition, Ferguson intended to disrupt the status quo of digital ownership of game content:

With lessons learned from his first foray, the successful launch of the blockchain-based tactical card game Gods Unchained played an integral role in the founding of Immutable, a platform for blockchain development companies to develop Web3 games with NFT integration.

Understanding the solution

mmutable consists of two separate but closely related segments. Ferguson argues that ImmutableX, the Ethereum-based Layer 2 solution NFT platform, learned invaluable lessons from the development of Gods Unchained, which shaped the functionality of the infrastructure that other blockchain games are now built on.

mmutableX focuses on making everyday game items tradable in low-cost raids. Ferguson again cited Gods Unchained as an example, with trading cards only about 10% below market highs because “people are trading cards to use in-game, not because Ethereum is priced at $1,200 or $4,000. High-quality NFTs will always be part of one, which leads to the question of profitability and how Immutable is able to offer free NFT mining, which is advertised on its website. Immutable facilitates this by taking on all the costs of minting NFTs that use zk-rollups and offer economies of scale, allowing billions of transactions to be pooled for a “reasonable price“.

Giving back to the Ethereum network

Immutable’s efforts to solve the scalability of NFT mining to enable blockchain-based games owe much to Starkware, the Ethereum Layer 2 platform, which pioneered the zk-STARK technology Has. The technology also allows Immutable to claim to be carbon neutral, with Ferguson announcing the ability to mint 600,000 NFTs in a single proof that takes up just a fraction of a block on the Ethereum network. However, zk rollups and Ethereum’s merge have created an important platform by enabling infrastructure providers like Immutable to create more and more Web3-based games in the future: According to Ferguson, Immutable also played a role in the development of batch mining and lazy mining, two common NFT scaling paradigms used today by NFT marketplaces such as OpenSea and Nifty Gateway.

Why blockchain?

Blockchain purists have usually puzzled if some industries have to be compelled to use the technology to boost existing systems. Ferguson carefully considered this question, noting his belief that digital users deserve rights to the items and assets they acquire in any digital environment.

While Web3 can put ownership in the hands of users, that doesn’t mean big AAA companies are aware of this thriving industry. As Ferguson explained, these companies will seek to position themselves ahead of disruptive technologies as web3 gaming becomes a new demand standard. Meanwhile, Immutable continues to grow.

The Australia-based blockchain technology company employs more than 300 people and has raised over $300 million from investors as well as Coinbase, Tencent, Galaxy Digital and Animoca Brands.

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