Non-crypto people are being onboarded to crypto through a video game.Ĭrypto can create new economic opportunities for all types of people globally, not just whales, DeFi degens, and bitcoin maxis, delivering on the promise of a more level playing field while also capturing economic value.Ĭrypto’s network effects can create unbelievably fast-growing businesses with moats. This is a glimpse at the true promise of NFTs! NFTs are alive and well, and their success does not depend on high-ticket art sales. Some people who were previously making $5 per day now make $20.Īxie is already proving out a lot of things important to crypto’s long-term success: They earn Smooth Love Potion (SLP), a token earned through Axie gameplay that can be exchanged for fiat, which in turn can be used to pay for food, shelter, medical bills, and all of the other things needed to survive. Scores of people in the Philippines and Vietnam have quit their jobs and make a better living playing Axie for hours every day. What makes Axie Infinity unique is that this wild growth is just the first step in a much larger plan that includes vertical integration, aggregation, decentralization, and literal worldbuilding.Įven in the very first innings of its master plan (the product is still in “alpha”), Axie is doing that kind of growth as a game built on the blockchain while pioneering a new model at the intersection of work and play: Play-to-Earn. The rare gaming mega-hit gets really big, really fast. There are more than 600k players currently, around the world, as many as 60% of whom are in the Philippines.īut while those numbers are mouth-watering, they’re actually not the biggest or fastest ever in gaming. This is its monthly revenue chart:ĭelphi projects that Axie will end the year having generated $1.1 billion in revenue, mostly from fees generated through its NFT marketplace and from breeding Axies to meet the demand from hundreds of thousands of new players each month. Axie Infinity is picking up players and revenue at a nearly-unprecedented clip. Right now, most of the focus on Axie centers around its eye-popping growth. In its whitepaper, Axie developer Sky Mavis explicitly says, “ You can think of Axie as a nation with a real economy. Beyond the business, it has a wildly bold master plan to reshape economic policy and local governance by showing what’s possible when people work in the Metaverse. Then, adding property rights and economic freedom make it really special.Īxie’s cuteness obfuscates an absurdly fast-growing business, one counterintuitively trying to vertically integrate in a web3 ecosystem known for composing modularly. The idea is to introduce something that’s new and a little scary through something fun, familiar, and nostalgic. Axie co-founder and growth lead, Jeff “Jiho” Zirlin, told me: That’s the whole idea behind Axie Infinity. It’s fun! But there’s a lot going on under all that cuteness. But Howard’s quote could just as easily describe Axie Infinity as a business and an economic force.
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