- Blockchain-based online games like Axie Infinity, dubbed “play to win,” offer lucrative businesses amid the hype around NFTs and virtual worlds, Reuters reports.
- Axie Infinity allows users to purchase virtual blob-like creatures with varying attributes like NFTs for tens of dollars to hundreds of thousands.
- Players can use pets to earn money by winning battles and creating new pets, the value of which depends on their rarity.
- Users can trade assets with other players on the platform. The platform has 1.5 million daily users.
- Games attract millions of players and billions of dollars from investors who see games as a way to introduce more people to cryptocurrency.
- Recently, Axie Infinity suffered a $615 million heist. The hackers targeted part of the system used to transfer cryptocurrency in and out of the game.
- Gamers spent $4.9 billion on NFT in games in 2021 and attracted projects worth $4 billion in venture capital funding.
- Axie Infinity users have formed a “guild” to earn more money, turning it into a full-time job. They also acknowledged the high risks associated with crypto with a lack of a safety net for players.
- Southeast Asian countries like Thailand and the Philippines have become one of the hottest global gambling hubs.
- The leading play-to-win network, Yield Guild Games, had 10,000 Axie Infinity players in Q4 2021, who retained 70% of their revenue and received $11.7 million.
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