Four new entrants to the Australian Financial Review’s 2021 Young Rich List have made their fortunes through blockchain-based crypto play-to-earn games. These games exist in the’metaverse,’ which is still in its early stages of development.
Some may be familiar with the blockchain and cryptocurrency game Axie Infinity, which involves the breeding and fighting of cute monsters known as Axies.
The game’s undeniable success, as measured by the number of regular players and its fast-growing $8.5 billion market cap, is one of the main reasons it has reached the ears of so many.
One of the new entrants to the 2021 Young Rich List is immersed in the world of Axie Infinity. To give you an idea of the value in this world, over the last three days, AU$850 million was transacted on the Axie Infinity market place.
There are four Australian brothers on the list as well. Three of them are co-founders of Illuvium, a blockchain game in development. Kieran, Aaron, and Grant Warwick each have AU$463 million, AU$425 million, and AU$196 million in-game ILV tokens.
Illuvium is also owned by a fourth brother, who has an estimated fortune of $879 million.
Illuvium is still in development and won’t be released until next year. However, purely speculatively, ILV is currently ranked 158 on Coin Gecko, with a market cap of around $600 million.
These are just two of the many blockchain games that are currently being played or developed. The hope is that one day they will all exist in a metaverse where value can be transferred across game networks. Some of the elements used in one game may be recognized and used in another.
Games like Axie Infinity and Illuvium would have a long way to catch up to rival platforms like Fortnite or Roblox. Blockchain, cryptocurrency, and play-to-earn games, on the other hand, are just getting started.