Leah Callon-Butler is an Australian writer, entrepreneur, and director at the Web3 advisory and investment firm Emfarsis. She is a prominent commentator on the intersection of technology, finance, and gaming, known for her regular opinion column at CoinDesk, her early coverage of the play-to-earn model, and her work on the documentary Play-to-Earn: NFT Gaming in the Philippines. ^[2]

Education

Callon-Butler attended the University of Technology, Sydney, where she earned two degrees. In 2008, she completed a Bachelor of Communications with a focus on Writing and Cultural Studies. She later returned to the university to pursue postgraduate studies, graduating in 2016 with a Master of Business Administration (MBA) specializing in Management and Marketing. ^[7]

Career

Callon-Butler began her career in sales and marketing at Endless Solar Corporation Limited from 2007 to 2011, where she worked on renewable energy projects in Australia, including government-backed sustainability initiatives. From 2012 to 2015, she served as Regional Head for Asia Pacific at Reed Pacific Media, managing the company’s expansion in Singapore and other regional markets.

In 2017, she became Chief Marketing Officer at intimate.io, a cryptocurrency payments company, where she worked until 2019. Between 2019 and 2020, she advised the V20 Summit and supported the interVASP joint working group in developing a technical standard related to the Financial Action Task Force’s travel rule.

Since 2015, Callon-Butler has served as the director of Emfarsis, a Web3 advisory and investment firm. Through Emfarsis, she has collaborated with organizations such as Games4Change APAC, the Alliance for Financial Inclusion, and Blockchain Australia, with a focus on blockchain adoption and gaming. She has also written a regular opinion column for CoinDesk since 2020, where she was among the first to cover the rise of Axie Infinity.

In 2021, she wrote and narrated the short documentary Play-to-Earn: NFT Gaming in the Philippines, which explored how communities used Axie Infinity during the COVID-19 pandemic. She has also helped organize programming for industry events such as Consensus 2023 and the Philippine Web3 Festival. Since 2021, Callon-Butler has also served as an advisor to Sovrun (formerly BreederDAO). In 2023, she joined the board of the Blockchain Game Alliance, further contributing to discussions around blockchain adoption in the gaming industry. ^[8]

Play-to-Earn: NFT Gaming in the Philippines

In 2021, Callon-Butler wrote and narrated the short documentary Play-to-Earn: NFT Gaming in the Philippines. The film documented the socio-economic impact of the blockchain-based game Axie Infinity on communities in the Philippines, particularly during the economic hardships caused by the COVID-19 pandemic. It explored how players could earn a viable income through the game's play-to-earn model, providing a real-world case study of Web3 technology's potential for social and financial impact in emerging economies. The documentary was widely cited within the industry as a key piece of media that captured the human element of the play-to-earn phenomenon. ^{[2] [3]}

Interviews

Web3 Gaming & Crypto

In a January 2024 episode of Token Talks, Callon-Butler discussed the transformative impact of Web3 gaming on the cryptocurrency landscape. She noted how Axie Infinity's user base surged from under 500 daily active users in August 2020 to nearly 3 million within a year, highlighting the game's essential role in providing income during the pandemic in the Philippines. Callon-Butler, who has a background in renewable energy and blockchain projects, shared her unconventional journey into the crypto space, driven by her interest in how technology could enhance social value. She highlighted the significant shifts in the gaming industry, including the rise of fully on-chain games that promote true digital ownership. Callon-Butler also emphasized the need for improved onboarding processes for Web2 gamers transitioning to Web3 while addressing the misconception that blockchain gaming is primarily a scam, asserting the genuine potential of the industry. As a member of the Blockchain Game Alliance, she underscored the importance of diversity and the recent emergence of innovative gaming experiences in the blockchain space. ^[1]

Emfarsis

In an April 2023 episode of "Fridays with Fintelekt," Callon-Butler discussed her extensive background in emerging technologies, particularly in the areas of blockchain and cryptocurrency. She shared how her firm, Emfarsis, founded in 2019, aimed to improve communication around how these technologies could enhance lives, particularly in emerging economies. She highlighted various projects, including the launch of a documentary on NFT gaming in the Philippines. She examined the influence of the pandemic on crypto adoption, noting how people turned to blockchain gaming for income during lockdowns. Callon-Butler emphasized the need for regulatory clarity to foster trust and participation in the crypto space while balancing the challenge of ensuring financial integrity versus inclusion. She encouraged compliance professionals to stay informed about the rapidly evolving landscape, suggesting resources and communities to engage with as the industry continues to change. ^[3]

Panels

AI Startups

In a panel discussion at AIBC in July 2025, experts shared their insights on the intersection of artificial intelligence (AI) and the cryptocurrency space. Panelists included Callon-Butler as moderator, Anton Golub (Freedx), Andrea Faith Alimorong (ICP), and Daniel Malinowski (Simplicity Group). Participants introduced themselves, highlighting their experience in AI and crypto. They discussed various applications of AI in the industry, such as customer support, trading strategies, and risk assessment for cryptocurrency transactions. The conversation touched on the future of AI-driven projects in the crypto ecosystem, emphasizing the difference between genuine AI-native ventures and those merely incorporating AI as a marketing gimmick. Skepticism surrounded specific AI applications, notably in medical advice and NFT-generated avatars. At the same time, many saw potential in reputation-based systems and the use of AI agents to automate everyday tasks. The panel concluded that while AI could enhance user engagement in crypto platforms, trust and security remain significant barriers to broader adoption. ^[4]

Web3 Gaming

In a discussion on Web3 gaming funding during Blockchain Game Alliance Connects in March 2025, various investors shared insights on their current interest in deploying capital and the qualities they look for in prospective projects. Panelists included Callon-Butler, Eunielle Yi (Dracoon Ventures), Daniel Derzic (Hartmann Capital), and Oliver Gemayel (Kameha Ventures). They emphasized the importance of innovative gameplay that appeals not only to Web3 audiences but also to traditional gamers. They noted that while some projects attempt to incorporate blockchain technology hastily, true success lies in creating genuine value and sustainable ecosystems. Investors mentioned that they respond positively to those who exhibit vision and long-term thinking in their proposals, and they expressed a strong preference for equity investments over token-based ones, citing concerns over quick financial returns at the expense of long-term growth. Throughout the session, several attendees raised questions about fundraising strategies and the necessity of fostering ongoing relationships with investors, with experts agreeing that continuous communication and understanding investor expectations are crucial for success in a challenging fundraising environment. ^[5]

Building Tokenomics

At the WILD3 Conference in April 2022, the panel discussion, titled "Crypto Queens' Reimagined Future: Building the Token Economy," explored the role of women in the evolving token economy through the lens of gender inclusion. Industry leaders, including Callon-Butler, Lucy Gazmararian (Token Bay Capital), Natasha Bansgopaul (VegaX Holdings), and Vivian Khoo (SatoshiWomen), addressed the opportunities presented by the cryptocurrency space for closing the gender gap, emphasizing that Web3 technologies could create more inclusive environments for female tech leaders. They discussed concepts like pseudonymity in the metaverse, the importance of education, and building supportive communities for women in crypto. The conversation highlighted the increased participation of women in blockchain and digital assets, the need for continual learning and community building, and the optimism for a more inclusive future driven by collaboration across genders. The panel underscored the importance of diversity and the responsibility to avoid repeating the mistakes of traditional finance in shaping the future of the crypto industry. ^[6]