In 2022, nearly half of all blockchain activity was from web3 games. However, the industry is still nascent and we’ve only scratched the surface of realizing how blockchain technology will revolutionize the gaming space. Two of the most prominent challenges that have prevented mainstream adoption are user experience and security.
Recognizing the imminent need to optimize and simplify web3 gaming for lower barriers to entry, Immutable, the leading web3 game development platform, has entered into a partnership with Transak, a leader in web3 payments infrastructure.
This collaboration will bring about significant enhancements in the way digital transactions are handled within the realm of web3 gaming. Games building on Immutable’s new gaming chain, Immutable zkEVM, will be able to offer familiar payment experiences and improve transaction conversion rates, all backed by the expertise and security of Transak.
This partnership designates Transak as the primary payment solution provider for Immutable's zkEVM platform. The integration aims to offer a more efficient and user-friendly experience in digital asset transactions for gamers. It combines Immutable’s innovative blockchain solutions with Transak's proficiency in simplifying payment processes, simplifying the way gamers interact with digital currencies and assets.
This article will explore the key aspects of the Immutable-Transak partnership to unpack how it will benefit the broader blockchain and gaming communities worldwide.
What is Immutable zkEVM?
The Immutable zkEVM chain is the first of its kind - a dedicated chain for games that offers EVM compatibility, low cost, massive scale, and enterprise-grade security. It combines the benefits of zk-rollup technology with the power of the Ethereum ecosystem, all while offering access to the entire suite of Immutable gaming products.
In contrast to general purpose chains, which are designed to support a broad set of applications and smart contract functionality, Immutable zkEVM is built for games. While friction and high transaction costs may be acceptable in other markets, games need to optimize for scale, speed, and native user experiences.
Games also need an ecosystem where they can thrive. That’s why Immutable zkEVM goes beyond developer tooling and focuses on making game studios successful through massive liquidity, player community, and powerful network effects. Immutable zkEVM enables games to grow their revenue streams, protect their community, and create frictionless experiences for their communities.
What is Transak?
Transak is a comprehensive payment and onboarding infrastructure provider that bridges the gap between traditional finance and the world of digital assets. Its products are designed to simplify the complex landscape of cryptocurrency transactions, making it more accessible to a broader audience, including those in the web3 gaming community.
At its core, Transak offers an array of services that facilitate the seamless purchase and sale of digital assets. This includes a variety of cryptocurrencies and tokens that are integral to the gaming ecosystems built on blockchain technology. Transak's infrastructure caters to a global audience, supporting transactions from over 160 countries, thereby reflecting its expansive reach and versatility in dealing with diverse financial environments and regulations.
One of the standout features of Transak is its ability to abstract away the intricacies often associated with digital asset transactions. This includes handling aspects such as Know Your Customer (KYC) compliance, risk monitoring, and various payment methods, all of which are crucial for ensuring secure and smooth transactions. By managing these elements, Transak significantly lowers the barrier to entry for users new to the world of cryptocurrencies and digital assets.
For developers and platforms in the web3 gaming sector, Transak's infrastructure offers a valuable tool. It allows them to integrate efficient and secure payment solutions into their games and platforms, enhancing the overall user experience.
Transak Product Stack for Games and Devs Building on Immutable zkEVM
A key aspect of the Immutable-Transak partnership is the availability of Transak’s suite of products to all games that are and will be built on Immutable zkEVM. Transak’s payment functionality will be natively embedded within Immutable Passport and Immutable Checkout so players can experience frictionless transactions across games and marketplaces.
Transak’s products include (but not limited to):
These products, along with Immutable’s robust gaming infrastructure products, play a defining role in this partnership.
Immutable’s products include (but not limited to):
- Immutable Passport
- Immutable Checkout
- Immutable SDK
- Immutable Developer Hub
- Immutable Orderbook
- Immutable Mint
Transak On-Ramp on Immutable zkEVM
Transak On-Ramp is a hyper-simplified fiat-to-crypto conversion solution. People from over 160 countries can purchase cryptocurrencies and in-game tokens directly from Transak using their government-issued currency.
In blockchain games, cryptocurrencies (in-game tokens, like MANA and SAND) are the fibers that hold the games’ economic model together.
For players, acquiring these tokens should be efficient, straightforward, and compatible with local payment methods. This is crucial because blockchain games, despite their innovative play-to-earn model, pose a high entry barrier.
Further, platforms like Immutable zkEVM, designed for high-frequency, low-latency blockchain games, emphasize the need for efficient transaction processing. In-game interactions often involve transaction fees, which can accumulate rapidly, making the gaming experience expensive.
This is where Transak becomes an essential tool in a developer’s arsenal to make the blockchain-based game more user-friendly.
Below are the key features of the Transak On-Ramp for games on Immutable zkEVM.
Wide Range of Cryptocurrencies and In-Game Tokens
Transak supports over 170 cryptocurrencies and in-game tokens. This broad range allows gamers and users to access a wide variety of digital assets, catering to the diverse preferences and needs within the gaming community.
Flexible Transaction Limits
The platform offers transaction limits ranging from as low as 0.01 to as high as 75,000 USD equivalent. This flexibility accommodates both small-scale gamers who might want to make minimal transactions and larger investors or players engaging in significant financial activities.
Lite KYC (Know Your Customer)
A major barrier for new users is the cumbersome process of Know Your Customer (KYC) verification. To address this, Transak has introduced Lite KYC, allowing users to buy cryptocurrencies in under 60 seconds without a full KYC process by balancing the need for security and compliance with ease of use.
This system facilitates lower-risk transactions, making it ideal for blockchain gaming where transactions are typically smaller. As players become more invested, they can complete additional KYC levels for larger transactions, thereby lowering the entry barrier and enhancing the gaming experience.
Accessibility in 160+ Countries
The platform has expanded its reach, supporting over 160 countries and incorporating payment options like Visa, MasterCard, Apple Pay, and Google Pay.
This extensive reach helps to democratize access to digital currencies and gaming economies, making it easier for people worldwide to engage in the evolving landscape of digital entertainment and finance.
Local Payment Methods
Recognizing the global nature of the gaming industry, Transak supports local payment methods. This feature is particularly beneficial in countries like the Philippines, India and Brazil, where gaming is both a popular pastime and a significant industry. By accommodating local payment methods, Transak ensures that users from these countries can easily participate in the digital currency market.
Transak Off-Ramp on Immutable zkEVM (Coming Soon)
Transak Off-Ramp provides users with the ability to convert their cryptocurrencies back into fiat currency, which can then be used in the traditional financial world.
Providing a clear and reliable exit option for users is essential for building trust. Gamers and investors need assurance that they can easily convert their digital assets back into fiat currency whenever they choose. Without this, users might be hesitant to invest significant amounts into in-game assets or cryptocurrencies.
Off-ramp adds liquidity to the gaming ecosystem. Players can feel more comfortable investing in and acquiring digital assets, knowing they can readily convert these assets back to traditional currency.
Below are the key features of the Transak Off-Ramp for games on Immutable zkEVM.
Direct to Debit Cards with Visa Direct
This feature allows users to sell their cryptocurrencies directly to their Visa or Mastercard Debit card. This direct-to-card service simplifies the process, making it more convenient for users to access their funds in a form that's readily usable for everyday transactions.
Direct to Bank Account
Users have the option to transfer their converted fiat currency directly into their bank accounts. This is particularly important for users who prefer or require bank transfers for their financial management, adding another layer of convenience and accessibility.
Global Reach
Catering to users in over 140 countries, Transak’s off-ramp services are globally accessible. This wide reach is crucial in the global gaming community, ensuring that players and investors from a vast array of countries can participate in the digital currency economy with ease.
Robust Risk Engine
Risk mitigation is a crucial part of the overall off-ramping process. Transak boasts a robust risk engine with a less than 0.05% fraud rate, ensuring secure and reliable transactions. This high level of security is critical in maintaining user trust and safeguarding assets.
Transak NFT Checkout on Immutable zkEVM
Transak NFT Checkout is a solution optimized for the unique demands of the gaming industry within the broader NFT landscape. It enables NFT purchases directly via credit or debit cards with a 95% approval rate.
The product addresses several challenges and barriers hindering the growth and adoption of NFTs. One of the primary hurdles in the NFT space is the complexity involved in acquiring NFTs, such as understanding different transaction tokens and navigating intricate infrastructures and payment processes. These complexities often deter potential users from engaging with NFTs.
The gaming NFT landscape presents distinct requirements compared to other sectors like art or real estate.
In gaming, there's a higher frequency of transactions, often involving lower values and a need for rapid processing to maintain game flow. The ability to purchase multiple NFTs in a single transaction is vital in gaming to reduce time and extra fees associated with multiple purchases, something less critical in art or real estate where transactions are usually more significant and less frequent.
Such features align perfectly with Immutable’s focus on gaming and scalability.
Transak NFT Checkout integrates with most leading blockchains and supports over 170 cryptocurrencies, significantly simplifying the transaction process by eliminating token acquisition complexities and gas fees. Further, Transak's solution offers fiat-to-NFT conversions, making transactions as effortless as online purchases and broadening accessibility to those unfamiliar with cryptocurrencies.
Additionally, the acquisition of the 5815 MCC code drastically improves card transaction approvals, further easing the NFT acquisition process. These features make Transak's NFT Checkout not just a tool for accessing digital assets but a transformative element in the NFT and gaming industries.
Conclusion
Our partnership with Immutable represents a strategic alignment of objectives and expertise, with both entities focusing on enhancing the accessibility and enjoyment of web3 gaming.
By integrating Transak's payment solutions with Immutable's new blockchain technology, the partnership will set new benchmarks in the digital transaction processes within the gaming industry. This collaboration reflects a shared vision of enabling seamless economic interactions and fostering genuine digital ownership in the gaming world.
