Government tax breaks have turbocharged Australia’s gaming industry, with video game developers eyeing the much-hyped metaverse raking in venture capital.
The co-founder of popular Australian video game studio Alta has predicted a boom in the local sector due to improved government incentives, after his company and fellow Aussie firm Perion banked significant private funding rounds to pursue metaverse opportunities.
Axie tokens, the money that drives the game, trade for real-world money, and in 2020 one player sold a particularly skilful Axie game character to another player for a price equivalent to $US120,000.While government tax breaks have not been behind the early success of his company, Alta co-founder and chief executive Tima Anoshechkin said a combination of recently introduced Federal and State-based incentives had seen the local scene springing to life.
He said it took Alta only 72-hours to close this funding round after Andreessen Horowitz and Makers Fund came knocking.
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