- Japanese exchange Coincheck lists the IMX token.
- Immutable has recently expanded its presence in Japan.
- Web3 gaming is predicted to be a major growth sector in the coming years.
Web3 gaming is a rapidly growing industry that has gained significant traction recently. Prominent titles like Axie Infinity, Splinterlands, and Decentraland have captivated players worldwide. However, despite their success, Web3 games are yet to achieve the same impact as popular “old-world” games such as Minecraft, Fortnite, and Roblox.
Immutable, a gaming platform on the Ethereum blockchain, hopes to change that by developing more immersive and rewarding Web3 gaming experiences. The recent listing of the IMX token on Coincheck, Japan’s second-largest crypto exchange, indicates that the company’s potential is becoming more widely recognized.
Immutable’s Japanese Expansion
Immutable co-founder Robbie Ferguson proudly announced the Coincheck listing of IMX in a tweet posted on September 21. Ferguson revealed that the company had recently expanded its presence in Japan, attributing the listing to their additional efforts in the country.
In light of Japan’s reputation as a gaming powerhouse and its government’s favorable stance towards web3 technologies, Ferguson optimistically enthused that the firm is “all in.”
Spurred by the Coincheck listing, IMX recorded a 40% upswing in value on the daily candle to post a 50-day high of $0.7703. However, the token failed to hold onto those gains and sits at $0.6736 at press time. Despite the dip, IMX still leads the top 100 gainers, having grown 24% in value over the last 24 hours.
Despite IMX’s impressive price performance today, the token is below its year-to-date high of $1.55, achieved on March 18. More significantly, the current IMX price is markedly adrift from its November 2021 all-time high of $9.52.
Even with this project falling short of its all-time high price, Ferguson sees tremendous potential for Web3 gaming growth in the years ahead, especially in the East.
Web3 Gaming Set to Grow
Commenting on the Web3 gaming market, Ferguson stated that cultural differences between East and West are a core aspect behind the divide in adoption patterns. While Asia’s gaming culture embraces collectibles and NFTs to drive rapid web3 development, Western markets remain hesitant or even hostile toward blockchain gaming.
Ferguson suggests that Web3 growth will be led by Asian countries in the near term, with the West potentially playing second fiddle.
Projections compiled by Future Market Insights estimated that the web3 gaming industry will be worth $23.9 billion by the end of this year, with the figure set to more than 5x by 2033 to reach a staggering $133.2 billion.
On the Flipside
- Immutable faces stiff competition from established players, including Sony, who are making the push into Web3 in a big way.
- Web3 gaming companies must contend with the view that some gamers view the concept as nothing more than a money grab.
- IMX was listed by Korean exchange Upbit in July.
Why This Matters
The listing of IMX on Coincheck signals growing web3 gaming adoption and Immutable’s rising prominence as a contender in this space. However, for Web3 gaming to truly take off, the industry first needs its own blockbuster hits on the scale of Fortnite and Minecraft.
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