Immutable has received a Wells notice from the SEC, the latest in their de facto policy of regulation by enforcement. We received this within hours of our first ever conversation, on a timeline clearly accelerated to land before an election.
Sadly, stories like this are becoming less surprising each time. We’ve seen an increasing number of companies like @Coinbase, @Consensys, @Uniswap, @OpenSea, @cryptocom face SEC escalations, many in the last two months. With this latest move against Immutable, the SEC’s overreach continues and expands into gaming.
Immutable is well capitalized with a large war-chest to build for the future of gaming, and if needed, we will stand up and fight to defend digital ownership for gamers. But the SEC’s approach hinders every startup trying to innovate in an already difficult industry. Read our full statement here: immutable.com/blog/defending…
Under the current administration, the SEC has filed (and lost) a string of lawsuits, seeking to regulate crypto via enforcement rather than policy.
Last year, Ripple won a “landmark victory” where Judge Torres found that XRP was not a security. After publicly stating Ethereum was a commodity, the SEC secretly opened an investigation into ETH. They shut this investigation down after Consensys sued them to defend Ethereum’s ecosystem in June of this year. Last year, Grayscale sued the SEC to open the floodgates for institutional adoption of crypto. They won, with the court finding the SEC’s denial of Grayscale’s proposal "arbitrary and capricious.” In recent weeks we’ve seen the SEC’s overreach continue to expand with the livelihoods and freedoms of musicians, artists and other content creators now under threat in light of the SEC’s move against NFT platform OpenSea.
The industry desperately wants clear guidelines for compliance, and instead companies are forced to spend millions of dollars in legal fees to even get off the ground. At the end of the day, this hinders the many companies in crypto trying to build real products.
Immutable has been building since 2018 to bring digital ownership to the $110B+ of in-game items sold each year - we are not here to play short-term games. It’s business as usual for our team, products and services. We are confident in our position, in the value digital ownership can bring to 3.1 billion gamers across the world, and in the power of blockchain to create a better internet. If required, we will fight for these rights, and those of our industry, vigorously.
In the words of dissenting commissioner Hester Peirce: “Leaving crypto to be addressed in an endless series of misguided and overreaching cases has been and continues to be a consequential mistake”.
Until that changes, we will fight for game developers, players, and creators for digital ownership.
And we will keep building.
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Immutable zkEVM is the next frontier in web3 game development.
We are scaling web3 games with zero-knowledge
2/ Web3 has already made strides in innovation for gaming; decentralization and true ownership and now we are ready to enter the next phase of web3 game development.
Say hello to the era of zkEVMs.
Web3 gaming needs to scale. Games like League of Legends & Fortnite operates at the millions and web3 gaming needs operate at that level.
Ethereum allows for security at the cost of scalability and that is where zk rollups come in.
Out of the $7.2B dollars raised across web3 last year, gaming received 60% of those funds.
This shows that web3 gaming will see explosive growth, but the tech must be able to scale and solve real problems for players and builders.
That’s why we’re building Immutable zkEVM
With zk technology, scaling becomes an afterthought and is no longer an issue. This revolutionary tech also introduces:
✅ Enhanced security
✅ Privacy protection
✅ Trustless gameplay
✅ New revenue streams
✅ Improved game mechanics
In 2022, the gaming skins market rose to a $50 billion industry. Traditional web2 gaming assets have always been a one-way street, where funds flow from gamers to developers and publishers.
This is one of the pain points that web3 is aiming to disrupt.
The Immutable Orderbook allows marketplaces, studios, and creators to increase their revenue and liquidity by sharing NFT orders across the world’s leading NFT marketplaces
In the past year, we have grown from 2 connected marketplaces to 14+ marketplaces building #onImmutable
This innovative solution allows users to trade assets seamlessly across Immutable marketplace network across marketplaces like @GameStopNFT@rarible@TokenTrove & so much more!
By driving 50% of all trades on Immutable through non-origin marketplaces, the Global Orderbook is revolutionizing the way you manage liquidity in web3 gaming.
This allows for better asset trading, providing a superior user experience for gamers and marketplaces alike
Introducing Immutable Passport, your passport to the future of gaming 🎮
We are developing Immutable Passport, the instant non-custodial wallet onboarding solution for web3 games. Designed to onboard the next billion users into web3 #onIMX
Mainstream gamers don't understand how web3 wallets work yet. And maintaining multiple addresses and wallets can cause friction for someone who just wants to play web3 games.
Existing web3 wallet solutions haven’t been built specifically for gamers, until now.
The goal of Passport is simple.
To empower game studios to make web3 easy and accessible for everyone. With Passport, gamers will have a single secure wallet that allows them to unlock new experiences across the next generation of web3 games.