Australian startups continue to make inroads in the blockchain gaming space and now have some of the most in-demand products on the market.
Is Australia the next blockchain gaming and NFT hub?
While the blockchain space is largely borderless and successful projects have been incubated around the globe, there are still a few notable hubs. Miami has struggled to attract successful blockchain companies, offering favorable regulation combined with its pleasant Florida climate. California, traditionally a mecca for tech companies, is also a strong player in the blockchain space, with several companies based in Silicon Valley. Hong Kong and Singapore have also established themselves as cryptocurrency hubs in Asia.
No one has “claimed” blockchain gaming hub yet, but given the output of successful gaming and NFT projects in Australia, it may do so. Some of the best known projects include Zed Run, Illuvium, Immutable X and Crypto Gaming United.
The Celebrity Effect of Australian Cryptocurrency Companies
If most of these companies look unfamiliar, now is a good time to catch up, as they are unlikely to disappear.
Illuvium is a highly successful blockchain role-playing game created by the Warwick brothers. Surprisingly, the game itself hasn’t even been released yet, but the anticipation and hype around it is already so strong that its token price has soared to unheard of heights. The game will combine open world elements with fantasy and resemble a full-fledged traditional video game.
Zed Run is a blockchain-powered digital horse racing startup that allows players to buy, sell, and breed virtual horses they own on ethereum. The NFT of these horses has netted Zed Run millions of dollars and turned its virtual horse farm into an overnight success.
Immutable X is a layer 2 solution for Ether, focusing on airless and lightning-fast transactions for NFTs. Designed specifically as an NFT-focused blockchain, Immutable X is vying for “NFT blockchain” status, as most projects struggle with Ether’s crowded network and excessive gas fees.
Crypto Gaming United
Crypto Gaming United is an NFT lending platform that allows players to increase their earnings from other games and open up better opportunities to play the games that come to hand.
Thoughts from the Australian cryptocurrency founder
A few companies aren’t quite ready to be acquired, but with Illuvium and Immutable X, Australia has at least two household names putting themselves on the map. This is likely to spark further innovation, especially as blockchain games and NFTs will only grow from here.” James Ferguson, co-founder of Immutable X, said, “I think gaming will develop into one of the biggest use cases for NFTs in the medium term.
John Henderson, a partner at AirTree, one of Immutable X’s investors, commented on why Australia is taking blockchain gaming so seriously.” I don’t know why we’re over-represented in NFTs and gaming, but we certainly are.” He added that he believes the success has less to do with Australia itself and more to do with the blockchain industry mitigating some of Australia’s traditional weaknesses, such as limited market size and geographical remoteness. The global nature of cryptocurrencies has enabled the country to make a difference in the world’s blockchain gaming mecca.