3 play-to-earn gaming companies to watch

Play-to-earn gaming companies are here

We previously looked at major players in the metaverse, which could end up being worth trillions of dollars in the near future. Of course, play-to-earn gaming will play a massive role in the future of the metaverse, as well. 

Let’s look at some of the biggest and most influential P2E gaming companies.

Sky Mavis

https://skymavis.com/

If there is one company synonymous with play-to-earn gaming, it’s Sky Mavis. Sky Mavis is the Vietnamese company behind Axie Infinity, an online game featuring “Axies,” creatures that double as in-game NFTs. Players can earn and trade Ethereum-based cryptocurrencies, which they can exchange for fiat if they choose.

Axie Infinity does require an initial investment for in-game NFTs, but then allows players to earn new NFTs through playing the game successfully (battling with other “Axies”). Axie boasts 2.8 million daily active users, and its Ronin Layer 2 sidechain processes more transactions than many Layer 1 blockchains. Is this further proof that gaming can provide an accessible gateway to the metaverse?

Sky Mavis recently raised $152 million at an almost $3 billion valuation, and you can expect that number to grow throughout 2022 as play-to-earn companies and the metaverse gain more traction.

Mythical Games

https://mythicalgames.com/

Axie Infinity might be considered the “poster child” of play-to-earn gaming companies, but Mythical Games isn’t too far behind. Mythical Games is the Los Angeles gaming company behind Blankos Block Party, a free open-world multiplayer game. The game features “Blankos,” Funko Pop-style characters that are NFTs. 

Mythical Games is already valued at a whopping $1.25 billion and is backed by Andreesen Horowitz, one of the most powerful VC firms in the world. Mythical Games also just recently acquired Polystream, a startup offering 3D-streaming capabilities in the metaverse.

Immutable

There are many P2E companies that can shape the future of the metaverse, but Immutable is a bit different from other play-to-earn companies. That’s because Immutable, a Sydney-based company, has done more than just create games. Immutable is the organization behind Immutable X, the “first Layer 2 for NFTs on Ethereum.”

Immutable is also the creator of Gods Unchained, a popular blockchain-based trading card game. Each trading card is also an NFT with real-world value. Immutable also launched a $GODS token for the game last year.

Immutable doesn’t just have one hit P2E game. They’re also responsible for Guild of Guardians, a game so anticipated that its token sale was oversubscribed… 82 times over.

Will play-to-earn gaming dominate the metaverse?

It can be tough to predict what will happen with respect to P2E gaming companies. We’ve seen situations where one hit game can cause a company’s valuation to skyrocket, and one viral P2E game can turn the tables for any of the companies mentioned above.

Billions of people already play video games. Play-to-earn gaming companies will continue to succeed because they revolutionize the gaming business model, allowing gamers to earn money while enjoying themselves. While some may attempt to dismiss it as a fad, play-to-earn gaming will undoubtedly remain one of the most important metaverse trends in the short-term future.