Blockchain
The crypto wallet race is heating up – Immutable launched its Passport wallet in beta this week, and it’s aimed at gamers.
Immutable’s Passport works in games on its Ethereum scale network, Immutable X, and is non-custodial – meaning that Immutable cannot access users’ funds and each wallet creator is responsible for maintaining security.
Compared to more traditional digital wallets such as Metamask or Coinbase Wallet, Immutable Passport users don’t need a password to log in – they can just use an email address and submit a verification code sent to their email. Immutable claims that user security is not compromised as a result of the easier sign-up process.
Mainstream onboarding for gamers is here.
We just launched @immutable passport beta.
Fully self-custodial, email-based onboarding, with shared liquidity across all games.
Try it yourself: https://t.co/Lu6dKcuWXp pic.twitter.com/w5u6bQ8EdN
— Robbie Ferguson 🅧 | Immutable (@0xferg) May 2, 2023
The Immutable Passport offers in-wallet fiat deposits, withdrawals, and crypto swaps, so users don’t have to hassle with using a third-party crypto exchange and migrating funds. This also means that if games want to give users the option to pay with fiat currency instead of IMX or Ethereumcan they do this from their wallet.
Unlike Ethereum’s side chain Polygon, Immutable X users do not need the network’s token in their wallet to pay for gas charges. On Polygon, which powers the next-generation Immutable zkEVM scale network, users need a small amount of MATIC to cover transaction costs.
Polygon, immutable partner for the new zkEVM Ethereum Gaming Network
Why does Immutable’s new gaming-focused wallet matter? Digital wallets create an extra layer of friction for those new to crypto, and that friction could put gamers off. If Immutable can solve the onboarding puzzle, the Immutable platform can become the leader in Web3 gaming.
“The two biggest challenges facing Web3 game studios today are security and player onboarding,” said Immutable Product Lead Michael Powell. Decryptadding that “the complexity of a crypto wallet often leads to confusion and skepticism.”
And while there are plenty of crypto companies offering different types of wallets such as MetaMask, Coinbase, Brave, phantom, UniswapAnd Robin Hood– it remains to be seen whether the fledgling Web3 gaming industry will be able to get users on board for crypto without seeing a massive user outage.
“The vast majority of wallet solutions available today are not designed for gamers and actually detract from an immersive gaming experience,” said Powell.
Indie Card-Battler Shardbound revived as a Web3 game on Immutable zkEVM
Immutable President and co-founder Robbie Ferguson believes that the amount of time it takes to create an account plays a big role in user acquisition.
“Currently, wallet install failure rates are somewhere between 95-98%,” Ferguson wrote on Twitter this week. “Our goal is to reduce installation costs by more than 10-20x, all without compromising self-preservation.”
Gaming marketing is based on performance marketing and conversion.
Currently, failure rates for wallet installs are somewhere between 95-98%. Our goal is to reduce installation costs by more than 10-20x – all without compromising self-preservation.
— Robbie Ferguson 🅧 | Immutable (@0xferg) May 2, 2023
On Tuesday night, Ferguson challenged Twitter users to set up an Immutable Passport wallet in less than 20 seconds and share the proof on the social media network. He promised to send 100 Immutable IMX Tokens (worth about $90) to one lucky winner.
But Ferguson’s offer didn’t seem to get many shots. At the time of writing, despite nearly 100,000 views on the post, only three users responded with login videos ranging in length from about 22 seconds to just under a minute.
Immutable’s wallet may be a promising step forward for the next generation of Web3 gamers, but its efforts to attract a broad, mainstream audience – through its GameStop Partnership and growing ecosystem of over 100 games, including Sharply bound, Gods unleashed, IMVU, Illuviumand Guild of Guardians – can take a long time to yield results.