Robbie Ferguson, co-founder of Immutable (a leader in blockchain gaming) and Australia’s recent rich lister, says it’s pretty easy for him and his company to weather the current crypto winter because he’s been there before. He’s betting on a crypto rebound (although he didn’t say when) and recently spoke to the Australian Financial Review about how it’s weathering this bearish streak.
Australian richlist Robbie Ferguson recently sat down with the Australian Financial Review How I did it podcast. Along with other interesting insights (like the fact that he grew up “obsessed… with debate and model UNO”) and the fact that he was a “massive nerd.” [who] Read a ton of fantasy and sci-fi” (which he said was the “best form of education”), he also shared a few insights into his view of the broader crypto market.
We thought crypto investors and enthusiasts might find these interesting. So: touch. That’s what Robbie Ferguson said when asked how the broader market downturn was affecting his business. First, Ferguson said that this current downturn doesn’t come as much of a shock to the system as he’s seen crypto winters before (he even co-founded his company in one).
“It’s pretty easy for us to get through this now,” he said How I did it. “We have a few hundred million dollars [and] Immutable was born into one of the biggest crypto bear markets of all time in 2018. That really forced us to focus on building a product that people want to use, rather than throwing a bull market, stimulus and crazy token pricing over it.”
“Instead, we needed to create a game where the advantage isn’t in the speculation on expensive assets, but in the items you own or trade within the video game. Maybe trade it in for 50 cents or a dollar, and that focus on building a product that people would actually want to use was imperative.”
“We were focused on revenue and creating something that people would want to use and pay for because that’s where we could demonstrate value and not just an idea.”
“The second,” Ferguson mentioned, was “[we] focuses on creating a community that is not about “what is the price of bitcoin or ethereum?”. but ‘What value are we delivering to players?’”
He added: “Gaming as part of Web 3 is the largest allocation of Web 3 capital. Currently, more than $50 billion in VC money is earmarked for Web 3, and over the past 18 months, more than $8 billion has been invested in Web 3 games – almost more than all gaming investments from 2000 to 2010.”
“Obviously people have to manage their money with that – they have to make sure they get to the next run – but the funding isn’t gone either.”
The focus now is on using the fortunate position they are in to build a strong base and stay ahead of the competition: “Ultimately it is always a competitive game and now we can build a strong platform and keep going [our] hiring frenzy.”
Ferguson also recently tweeted after visiting Korea, “You can’t visit this country without going incredibly optimistic about Web3 gaming.”
You can’t visit this country and go incredibly optimistic about Web3 gaming.
— Robbie Ferguson ⓧ – attitude! (@0xferg) August 12, 2022
How I did it also interviewed Ferguson about his education and how he got into the blockchain gaming space (he went to Knox Grammar where he was a dux of his year, then to the University of Sydney where he completed two years of his studies before dropping out to to continue his business when it started making millions of dollars).
He said he spent much of his youth playing computer games and was not a motivated student until 12th grade. He said he probably spent a few thousand hours playing League Of Legends and Runescape (strategy computer games with in-game economies). . He said he wasn’t particularly good at the games, but the experience formed the basis of what he later built his career on.
In the last 18 months alone, 8 billion US dollars have been invested in Web3 games.
“If we threw as much money as a toaster, it would do something remarkable.”
The move to true digital ownership is inevitable.https://t.co/ulh98cgdMQ
— Robbie Ferguson ⓧ – attitude! (@0xferg) August 5, 2022
His biggest breakthrough came when he decided to build Ether Bots – the very first ever – during his dual studies in law and computer science during the Christmas holidays of 2017 Multiplayer game on a blockchain. Although the concept was clunky by today’s standards (“If you play a round today, it will cost you thousands of dollars in transaction fees, so we learned early on how to build and scale these games”), it went viral, made a lot of money and taught Ferguson a lot.
But getting back to the state of the crypto market — as DMARGE Money correspondent Tom Mitchelhill wrote earlier this month — many believe this past winter is just a flesh wound and blockchain-based technology is just getting started (while the bear market is wiping out projects that lack solid fundamentals ).
In the end, only time (and maybe Elon Musk’s tweets) will tell.