what is Axie Infinity?
Axie Infinity is an NFT-based online video game developed by Vietnamese studio Sky Mavis, known for its in-game economy which uses Ethereum-based cryptocurrencies.
Axie Infinity is a digital pet community in which you buy creatures – called Axies – and use them to battle, explore and breed with other Axies.
what is Axie Infinity game and the play-to-earn
Axie Infinity game and the play-to-earn model, a growing trend that’s helped the tech-focused game studio reach a $3 billion dollar valuation.
New players need to purchase at least three axies to begin playing.
In February 2020, Sky Mavis estimated that the average player had spent around US$400 to match this starting requirement. By December 2021, the starting cost for three axies was up to US$1,000.
The game uses a “pay-to-earn” model (also called “pay-to-play-to-earn” model) where after participants pay the starting costs, they can earn an Ethereum-based in-game cryptocurrency called “Smooth Love Potion” (SLP) by playing. Axie Infinity allows users to cash-out their SLP tokens every fourteen days.
This model has been described as a form of gambling and as an unstable market that is overly reliant on the inflow of new players.
Participants are able to purchase virtual land and other in-game assets as NFTs.
In June 2021, during a pandemic lockdown, CNBC reported that some people in the Philippines were playing the game as their main source of income, though earning rates from playing fell below the minimum wage of the Philippines in September 2021.
In August 2021, the Philippine Department of Finance clarified that income from Axie Infinity is taxable, and suggested that the SEC and BSP may classify the cryptocurrency as a currency or a security.
Axie Infinity Is Changing the Game
Sky Mavis Co-Founder Jef Zirlin joins Emily Chang to discuss the rise of their Axie Infinity game and the play-to-earn model, a growing trend that’s helped the tech-focused game studio reach a $3 billion dollar valuation. Also: the future of crypto in gaming and work, and what’s next for Sky Mavis.
What is Axie Infinity gameplay?
Axie Infinity is a blockchain-based game in which players purchase NFTs of cute monsters and then pit them against each other in battles.
Players can earn SLP tokens during gameplay and trade them for money at an exchange.
A “play-to-earn” movement has emerged around the game, with players joining scholarship programs and academies.
What are play-to-earn games?
A play-to-earn game is any video game that harnesses cryptocurrency to reward players with something that has real-world – as well as virtual-world – value.
Rewards given as part of these games tend to be NFTs, cryptographically unique tokens that can be used to prove ownership of content such as images or music.
The NFT will represent an in-game asset, such as a virtual tool or weapon to be used as part of the game.
Once players have won them, these NFTs can be traded for other assets within the game or sold for money on an NFT marketplace.
What are the most popular play-to-earn games?
The most popular play-to-earn game is Axie Infinity, a monster-battling game launched in 2018 in which cartoon creatures called Axies represent NFTs.
In countries such as the Philippines and Indonesia, people are playing Axie Infinity to support their families.
Splinterlands, a game that sees players trading cards that depict fighters and represent NFTs, is also well-liked.
In Alien Worlds, another popular play-to-earn game, NFT-backed assets include land, tools, weapons and avatars.
Can you earn AXS by playing?
The basic idea behind Axie Infinity is simple: To start playing, you need to buy three characters (called Axies) who battle it out against other players in the Axie metaverse.
However, all in-game items, such as the Axies’ body parts and the land characters walk on, are non-fungible tokens (NFTs). Put simply, NFTs are proof of a digital item’s uniqueness. When you acquire Axies to begin playing, those characters, along with their traits, belong to you and no one else.
So, not only do you own the characters you play with, but you also earn cryptocurrency for playing. As you earn tokens from battling and land ownership, you can upgrade your characters, buy others, or sell the tokens as income.
Axie Infinity Gameplay
Axie infinity gameplay can be summed up in a few simple steps.
- Buy Axies.
- Battle other players.
- Breed your creatures.
- Sell them in the marketplace.
But the Axie metaverse is rich enough that experiencing it offers more depth.
To get started, you need to buy Axie Infinity characters from the Axie Marketplace. They’re priced in Ethereum (ETH) tokens and range from very cheap (0.01 ETH/$40 USD) to unattainably expensive (5,00,000 ETH/$20.5B USD).
Is Axie Infinity profitable?
Blockchain-based games have seen exponential growth over the past year. And, most of it has been led by one major name, Axie Infinity — a digital universe where players can battle, breed, and upgrade their Pokemon-like pets.
However, a new report by gaming consultancy firm Naavik suggests that Axie Infinity may not be as lucrative as previously thought. Most of its players may not even be earning the minimum wage.
Moreover, with new user growth slowing down, it’s possible that Axie Infinity may be sent into a recession.
What is Axie Infinity Crypto and AXS tokens
AXS tokens are a finite resource; there are only 270,000,000 in the game. AXS is an Ethereum token.
Players who hold AXS tokens have governance rights in the game, meaning that they can make decisions about its future. If this progression continues, they may also be able to buy out Sky Mavis and run a fully decentralised economy in game.
Sky Mavis have developed their own digital wallet called Ronin which you can link to Axie Infinity. Once linked, you can purchase Axies through your Ronin wallet.
You can sell your Axies for AXS tokens or find these tokens within the game. These can then be transferred into fiat currency, such as GBP.
To get started, you need to first purchase 3 Axies to complete your starter team. As of this writing, this means that you need to have at least $500 to $600 (or thrice the price of the lowest Axie) to start playing.
The main token, Axie Infinity Shards (AXS), can be bought and sold on exchanges like Coinbase. You need some AXS to play the game, but you can also trade AXS like Bitcoin or Dogecoin or any other major crypto.
WalletInvestor says AXS is an “awesome long-term investment”. Its Axie Infinity price prediction for 2022 says it will pass the $100 mark in May. WalletInvestor suggests this price rise will continue and on 31 December 2022, the coin could reach $165.38.
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