Valuing DAOs: What is Axie Infinity Really Worth?

Axie and its dozens of clones imply that perhaps fun isn’t what’s key for a crypto game to grow, but rather gameplay mechanics that reward players with real-world earnings. Illuvium, another game that won’t be launching for another 2 years, has found itself with an $11B valuation ($ILV) driven largely by introducing a pre-game token and staking mec... See more

Delphi 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. There are more than 600k players currently, around the world, as many as 60% of whom are in the Philippines.