The use and popularity of blockchain in many industries is rising and crypto-gaming is no exception. This new technology lends itself perfectly to the crypto-gaming universe, with the use of non-fungible tokens (NFT’s) being used to allow gamers to create their own in-game assets and prevent account or in-game asset theft. New ways NFT’s can be used within crypto-gaming are emerging and avid gamers will be pleased to hear that there is a new game on the block that allows them to earn whilst they play. This new player is Axie Infinity.
We predict explosive growth in crypto-gaming given prevailing interest in NFT’s, collectibles, communications tools.
Inspired by Pokemon, players in the Axie universe can earn tokens as they play games and contribute to the ecosystem. Players can battle, collect, raise, and build a land-based kingdom for their pets. Whilst playing, they can breed game characters, which feature as NFT’s, and sell them. Axie is ranked the #1 Ethereum game by daily, weekly, and monthly active users and in June, made a record revenue of $12million. Given the popularity of the game, it seems that they are set to outstrip this milestone, as Axie has already made $11million in revenue in the month of July so far! Additionally the game has reportedly become the biggest NFT market in crypto and boasts 50,000 players, who trade around $80 million per week, surpassing popular crypto trading platforms OpenSea and CryptoPunks. Axie’s mission is to build a fun and educational way to introduce the world to blockchain technology and the company visualises a world where their players get economic opportunities and the future or work and play converge. Axie states that their team members met playing Crypto kitties, where it was the first time they had used Blockchain. They then began Axie to make blockchain technology accessible to billions of players. Investors also believe in Axie’s vision and it has raised up to $9million in funding, from funds including Fabric Ventures, which invests in the Open Economy and crypto projects, including funding ICO’s.
Innovative companies are finding new ways to use blockchain technology and experiment with its use cases. Crypto-gaming is just one of these. Axie Infinity’s plan to help those in the gaming community earn money whilst they play and learn more about blockchain is just the tip of the iceberg when it comes to what is possible with blockchain and NFT’s. Furthermore, it looks like this model will be successful given Axie’s latest financials. We predict explosive growth in crypto-gaming given the prevailing interest in NFT’s, collectibles, communications tools such as Discord and sites such as Twitch.tv that are promoting game brands globally. Could the success of this crypto-game even overtake CryptoKitties?