The GameFi Revolution: Bringing Mainstream Gamers to the Blockchain - Kieran Warwick
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Co-Founder of Illuvium
The gaming industry is thriving right now, having seen enormous growth in the last 18 months.
With 2.7 billion active players across the sector and 10% market growth forecast before the end of 2023, gaming represents an incredible opportunity and it’s no wonder that Blockchain based games are looking to share in the spoils.
In 2020, users spent approximately $54 billion on additional in-game content, with these numbers continuing to grow steadily. It’s a trajectory that has made many sit up and take notice.
In addition, 2021 represented the year of the NFT as the technology broke into the mainstream, disrupting the art world and many other industries and creating headlines across the globe. Many of you will be aware of Mike Winkelmann, aka Beeple, who sold his NFT Everydays: The First 5,000 Days for $69 million at Christie’s, a singular transaction that sent shockwaves through the mainstream media and made NFTs a household term.
GameFi, the all encompassing term for play-to-earn blockchain games, is an industry at the heart of this technological shift, and as studios eagerly compete to build the necessary infrastructure to service this burgeoning ecosystem, the battle is on for the breakout game that will bring mainstream attention and revenue to Blockchain gaming.
Step forward Illuvium, co-founded by today’s guest Kieran Warwick.
Kieran is a serial entrepreneur, gaming pioneer and Blockchain advocate who alongside his brother Aaron is on a mission to build the first truly epic GameFi experience, that prioritises the kind of entertainment and gameplay that will tempt experienced gamers into the world of crypto and DeFi.
Illuvium is considered the first AAA blockchain-based video game and is built on Ethereum. It is essentially an adventure game or more specifically a collectible NFT RPG (role-player game) and auto-battler rolled into one, where players journey across a vast landscape on a quest to hunt and capture deity-like creatures that are called Illuvials.
It is, in short, the kind of expansive game, in both scale and playability that will surely instigate a wave of adoption from mainstream users.
And this is the key.
As Kieran has been quick to point out, these are early days, but what you must provide first and foremost, if you want to bring traditional gamers to the space, is an entertaining stand alone game regardless of any additional economic value.
The game is powered by two ERC-20 cryptocurrencies called ILV and sILV that allow holders to partake in yield farming, staking and governance of the Illuvium DAO. The DAO distributes the in-game payments to the token holders acting as a passive source of income as well as the growth in the value of the coin. It also gives owners the ability to vote on various aspects of the game, market fees and expansions.
Illuvium is also evolving the concept of collectibles by ensuring that those assets you collect in the game have utility beyond rising value and can be utilised in different ways to effectively earn even greater rewards. Add to this a huge Land Sale via Illuvium Zero, a mobile mini-game that will interact with the main game, creating an additional revenue stream and it’s not hard to see why Illuvium has rocketed to a total market value of over $420 million.
GameFi will continue to grow as more and more companies and individuals recognise the value of ownership and creating direct relationships with their audiences. In the meantime, the world continues to decentralise itself of middlemen and cumbersome practices.
When I first really took time to explore DeFi, I quickly realised that this was going to revolutionise the concept of money for billions of people around the world, giving ordinary people the financial freedom they deserve.
The opportunities here are those only seen once in a lifetime and they come to those who are willing to take action and adopt a long-term vision with real discipline and a strong mission to add real value to the ultimate end-user.
This is exactly what I will teach you at my Crypto & DeFi Academy because my team and I are going “ALL IN” on this technology and infrastructure and plan on spending the next 10 years teaching, understanding, broadcasting, educating,
London Real is hosted by Brian Rose.
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