1 Mar 2023
EP 3: Loving bear markets? with Robbie Ferguson , Co-Founder of Immutable
Robbie and James have been building technology startups for a decade. After becoming obsessed with Ethereum in 2015, they pursued building decentralized applications like Etherall, DAB, and Etherbot. Immutable is now the platform for the most funded Web3 games and aims to empower digital ownership, allowing players to own, trade, and sell in-game items and obtain value from it.
## Own and trade in-game items.
Video games have become increasingly popular over the years, with the gaming industry now worth an estimated $200 billion in the US alone. However, gamers have been unable to truly own and trade the items they purchase in-game, as they do not have property rights to them. This is all about to change, however, thanks to the development of Web3 technology.
Robbie, the founder of Immutable, has been working in technology startups for over a decade. He and his brother James first started out building a League of Legends betting application, followed by a Shopify competitor. It was when Ethereum emerged in 2015 that they became truly obsessed, as they saw the potential of the technology to truly change how consumers can benefit from it.
The application Etherall was a major catalyst for Robbie. It was a gambling app that ran completely decentralized, at zero cost, and was provably on chain. Moreover, it took 100% of revenues and streamed it to everyone who used the platform, becoming an owner of the platform's token. This showed Robbie the potential of Web3 technology to revolutionize finance.
Robbie and James then began building trading bots on Ethereum, and eventually worked on a white paper for what was to be called the Distributed Autonomous Bank. However, when the five ICOs in the space went to 50, they became concerned about regulation compliance and the number of scams that were emerging.
It was then that they came across CryptoPunks, which showed them the potential of NFTs to own digital objects. This inspired them to create the first ever multiplayer game on a blockchain, EtherBots, which went viral and made millions of dollars in revenue. This gave them the impetus to build a platform to allow any game to have their in-game items owned by players and traded for money, rather than just rented.
Immutable is now that platform, and is powering the most Web3 games of any blockchain or layer one or layer two in the world. Their goal is to empower digital ownership for players all around the world, first with gaming and then for any kind of asset.
Robbie explains the potential of Web3 technology to revolutionize video gaming without referring to it directly. He states that gamers have spent $200 billion on items inside of video games, yet own zero dollars of them. With Web3 technology, gamers can now take these in-game items, truly own them,
## Web3 is a one-way door.
and even trade them in a secondary market economy.
Robbie emphasizes that Web3 technology sets a precedent for other industries, and that once gamers experience the benefits, it is hard to go back to the old way. He explains that the user experience is improved and that the popular mainstream games are being built. He also mentions that the cost of minting assets is much lower with Web3 technology than with other platforms.
Robbie's point is clear: Web3 is a one-way door. Once gamers experience the benefits of this technology, it is hard to go back to the old way. This technology offers a solution to the problem of gamers spending money on items without truly owning them. It sets a precedent for other industries, and it is much more cost-effective than other platforms. Web3 technology is revolutionizing video gaming, and it is clear that it is here to stay.
## Web3 gaming is maturing rapidly.
Immutable, a company dedicated to Web3 gaming, has seen a great deal of success over the last five years. In 2020, they raised $200 million from Temistek, Tencent, and Principal Global. This investment has allowed them to become one of the most invested tech categories in history. They have seen an increase in market share, from six games to over 100. This growth has been fueled by the liquidity they offer, allowing gamers to trade across any marketplace.
Immutable also has over 300 full-time employees and three years of cash runway, no matter the market conditions. This success is just the beginning for Web3 gaming. Immutable has set a goal to establish themselves as the default platform for better games and to have 100 million active traders on the protocol. They also want to expand to other verticals, such as IP, financial assets, and more.
Web3 gaming is maturing rapidly. The traction Immutable has seen is only the beginning. It is clear that this technology is here to stay and it will revolutionize the gaming industry. Immutable is leading the charge, and it will be exciting to see what the future holds for them.
## Improve user experience.
One of the main focuses of Immutable is to improve user experience. They want to empower people to own their stuff and make sure that they have the best experience possible. To do this, they are building a platform that is easy to use and understand. They are also building their 80-person go-to-market team with regions throughout Asia and Singapore, as well as the United States, EMEA, London, and of course Australia as well. This will help them reach more people and spread the word about their product.
Immutable is also building out their cross-follow-up liquidity across Starknet and Starkex. This will give users the ability to access the best price for an asset, no matter where they are building. This will make the process of buying and selling in-game assets much easier and more efficient.
By the end of the year, Immutable hopes to make it so that if you are playing a mobile game, you will have the best user experience possible. This will be a major milestone for the gaming industry and will likely triple the user base of crypto overnight.
Immutable is leading the charge in web3 gaming and it will be exciting to see how they continue to innovate and improve user experience. They have the resources and the team to make it happen, and I'm sure they will be successful in their mission.
## Power through and join.
For those who are interested in joining this revolution, Immutable has some great advice. They suggest starting with A16Z's Crypto Crash Course to get a good understanding of the history and technology of the space. For programmers, they suggest building it up and for players, they suggest trying out a game. For traders, they recommend using Uniswap or a smart contract, and for those who are brave enough, they recommend joining Immutable.
Immutable also has a great culture that is based around four main values: Leveling up, Lovingly speaking your mind, Iterating quickly, and Taking ownership. They strive for a meritocratic environment, where everyone is given the opportunity to succeed. They also emphasize radical candor and psychological safety, which is essential for a high performance environment.
Despite the downturn in the market and the fiascos that have happened over the past year, Immutable still believes that it is important to power through and join the revolution. They suggest looking at the fundamentals of the business and not joining for the market prices. They also point out that every bull run is followed by a subsequent increase in developer activity.
Immutable is on the cutting edge of web3 gaming and it will be exciting to see how they continue to innovate and improve user experience. For those who want to join this revolution, Immutable has some great advice and a great culture that will help them succeed. Even in the face of a bear market, Immutable still believes that it is important to power through and join the revolution.
## Invest in Web3 now.
Web3 gaming is a relatively new field that is rapidly gaining steam. In the last two years, $18 billion has been invested in the industry and the money is not going away. This is because the best talent and companies from the world of gaming and technology have come together to work on these products. This means that the products that are being created are the result of hard work and dedication over the past 18 to 24 months, and the results will be seen in the next bull run.
Immutable is a great example of a company that is committed to digital ownership, helping people get better prices and not get scammed. This is a great way to ensure that people are not taken advantage of in a bear market. Immutable also has a very low involuntary attrition rate, which shows that people are committed to the cause. This is a great sign for the future of the industry.
Immutable also wants to make sure that people who join the company now are getting the best training available. They believe that the best way to do this is to take Web2 talent and train them to become exceptional in Web3. This is a great way to ensure that the people who join the company now are getting the best training available.
At the end of the day, Immutable believes that if you have conviction in digital ownership, then it doesn't matter what the market is doing. The best time to join is now, and Immutable is always hiring aggressively in products and engineering. If you have the passion and the commitment, then Immutable is the perfect place to join the revolution. So, if you want to join the Web3 revolution, now is the time to invest.
About Talent@Web3
Talent@Web3 is a talent community that brings together Web3 talents through continuous learning, networking and job matching.
We also empower companies to identify and acquire top-tier talent, enabling them to supercharge their teams and drive growth in the ever-evolving Web3 landscape.