Blockchain play-to-earn games are making founders and players rich

Four new entrants onto the Australian Financial Review’s 2021 Young Rich List have built their fortunes from crypto play-to-earn games based on the Blockchain. These games exist in the ‘metaverse’ which is still in the very early stages of being built out.  

Some people may have heard of the blockchain and cryptocurrency game Axie Infinity, a game that involves the breeding and fighting of cute monsters called Axies.  

One main reason the game has reached the ears of so many is undeniably its success, which can be measured in the number of players that play regularly and by its fast-growing $8.5 billion market cap. 

According to Business Insider Australia, one of the new entrants to the young rich list for 2021 is enmeshed in the world of Axie Infinity. To give an idea of the value in this world, AU$850 million was transacted on the Axie Infinity market place over the last 3 days. 

Four Australian brothers are also on the list. Three of them are co-founders of a blockchain game in development called Illuvium. Kieran, Aaron, and Grant Warwick hold in-game ILV tokens worth AU$463 million, AU$425 million, and AU$196 million respectively. 

A fourth brother, with an estimated fortune of $879 million, is also invested in Illuvium.  

Illuvium is still in development and isn’t even due to be launched until next year. However, just based on speculation, ILV is currently ranked 158 on Coin Gecko, and has a market cap of around $600 million. 

These are two of the many blockchain games that are either being played, or are being developed. The expectation is that one day all of them will exist in a metaverse where value can be transferred across game networks. Some elements of what is used in one game could potentially be recognised and used in another. 

The Business Insider report also stated that games of the likes of Axie Infinity and Illuvium would have a long way to go to rival platforms like Fortnite or Roblox. However, blockchain, cryptocurrency and play-to-earn games are just getting started. 

Add to this the potential of an all-enveloping metaverse and some might clearly see the emergence of a giant that will completely disrupt gaming as we know it today. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.