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5/30/2023

Immutable Passport: The Ultimate Gaming Wallet

 Immutable Passport, best crypto wallet, self-custody, gaming wallet, web3 gaming wallet, crypto wallet, meta mask
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TL;DR

In last week’s community Townhall, Robbie shared some exciting updates about Immutable Passport, the reception we’ve seen from our ecosystem partners and the gaming industry at large in the last few weeks, and the vision Immutable nurtures for a gaming world powered by Passport.

Wallet Woes:

Wallet solutions today are tricky, especially when it comes to gaming. There are two major problems:

  1. Requiring multiple wallets breaks liquidity

Players are required to create one wallet, per user, per game. This results in fragmented liquidity for every single game you interact with.

For example, if a developer is building a new trading card game, they now have to get players to deposit new funds and pay on-ramp fees to deposit their currency of choice, and then use that to pay for transactions. Additionally, trades would not be connected to other wallets in the ecosystem.

This friction-filled process ruins the experience for gamers.

  1. Self-custody should be the default

To deliver on the promise of true player ownership, self-custody needs to be the default for wallets under the hood, as opposed to a hosted wallet or a centralized database solution.

These are the problems that we are solving via Passport, and integrations with our other platform products such as the Global Orderbook and Checkout.

Immutable Passport: Unleashing Trading Liquidity

With Immutable Passport, we’re creating a world where users will be able to trade any digital asset on any wallet, rollup, marketplace, and game.

Achieving this unlocks a potent financial primitive: a global seamless orderbook to trade and match value. The implications? More competitive prices for gamers, a substantial boost to trading volume, and an acceleration from the current $150 billion in-game item spend towards a potential trillion-dollar market.

To achieve this, Passport is integrated with our Global Orderbook - which means that when you sell something on Immutable, it gets listed everywhere. Over half of all trades on Immutable today are listed in one marketplace and transacted somewhere else.

We wrote a full article about Immutable’s Liquidity Strategy and the Immutable Global Orderbook - you can read it here.

Unlocking Conversion with Immutable Passport

We know that games hinge on conversion: What's the best bang-for-buck method to spur player click-throughs and keep them engaged in the game? The web3 games of today are prevented from hitting meaningful scale due to a high barrier for user conversion and an inability to run ‘performance marketing’.

Traditional web2 games and websites have solved this problem by giving users a frictionless sign in experience with social authorization or one-time passwords. Instead of juggling multiple accounts and passwords for different games, players can sign in with a single click using their Google email account across various games.

This is the problem that web3 games wallet integrations currently face, and why Immutable Passport is so important for the future of game development. Not only does it solve for players, it solves for developers by finally unlocking the ability to meaningfully unlock and track user conversion.

The reception we have received has been overwhelmingly positive - over 90% of Immutable game partners building on our platform have explicitly expressed excitement and essentially looking to at some point integrate or have this be the default wallet they use in their games.

Immutable Passport & Checkout

Immutable Passport’s integration with our Checkout products are designed with one vision in mind: to support the seamless asset and funds swapping between wallets or bank accounts at your discretion.

Immutable is working closely with a number of fiat off-ramp and on-ramp vendors, allowing an extremely easy deposit process via credit card onto your wallet balance and off-ramp into a bank account. Providing these solutions are another avenue we can use to solve liquidity fragmentation, improve user transaction experience, and accelerate mainstream user conversion.

Conclusion

Immutable Passport is solving some major issues by building on a few fundamental principles. Firstly, self-custody should be the default. Secondly, a convenient and easy user experience is essential to unlock user conversion, so that web3 games can scale to mainstream success and adoption. And thirdly, solving liquidity continues to be a challenge for any area in web3, but especially for gaming.

To watch the full Townhall recording, head over to the Immutable YouTube channel here.

You can check out Immutable Passport in action on our Developer Hub here.

Read more about Immutable Passport on our products page here.

Build. Play. Connect.

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