Axie Infinity Making Big Changes to Fix Its Ailing Play-to-Earn NFT Economy?

The game Axie Infinity will be the subject of this article, which will be severely critical of it. There are a lot of hyped-up, dollar-eyed reviews of Axie Infinity out there, so I thought I’d provide another point of view to balance things out.

I have, in fact, purchased some AXS, but not as a long-term financial investment. I do not intend to hang onto this investment for the foreseeable future since I do not believe Axie Infinity will survive.

READ MORE: New Axie Infinity Update And Latest News?

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With a high entrance barrier of up to $1,000, the onboarding process will ultimately slow down, resulting in a drop in the value of SLP tokens and the inability to make money from breeding young Axies.

In addition, the creators and administrators are acting suspiciously, removing gamers without notice and manipulating the price of the in-game token, which is a currency. Because, despite the fact that the notion of “play to earn” has been around for a long time, I have discovered during my investigation that Axie Infinity lacks the long-term viability necessary for a long-term investment project.

Gamers are already familiar with the concept of in-game currency, which provides unique capabilities such as the ability to purchase in-game things and/or proceed through the game.Axie Infinity is an example of an online game that provides respectable revenue for its engaged participants. In-game currencies were present in several of its predecessors, such as World of Warcraft and the world-renowned life simulation game franchise “The Sims,” but none of them had any monetary value in the outside world. Axie Infinity, which was released in 2020 and is becoming increasingly popular, was produced by the Vietnamese firm Sky Mavis.

At present, this Pokémon-style game has roughly 350,000 daily active players, with 40% of those players residing in nations such as the Philippines, Venezuela, and the United States of America. The goal of this game is to produce fuzzy animals known as “Axies,” which are tokenized as NFTs, in order to win a digital collectible that has some value. The goal of the game is to breed, acquire, and train these animals in order to perform objectives such as battles against other players online. These actions award you with SLP, which is the in-game currency used to purchase items (like small love potions). In addition, players can farm materials, although the whole economy of this game is based on the SLP and AXS currencies (Axie Infinity Shard). Like other cryptocurrencies, AXS, which serves as the company’s governance token, and SLP, which is mostly utilized for games, have real-world value.

Axie Infinity is a play-to-earn game in which players birth, acquire, and train tokenized charming monsters known as Axies, which they then utilize in battle and missions to earn more money. They get SLP, which is the in-game cash that they may use to purchase breeding materials. Your ownership of the game and a percentage of the revenue are granted in exchange for the AXS governance token. When you play Axie Infinity, you will receive SLP, which is an ERC-20 token (built on Ethereum). Players put countless hours into this game in order to accumulate as much SLP and AXS as possible.The Ethereum game Axie Infinity has proven to be a huge success, popularizing the play-to-earn gaming paradigm and generating approximately $4 billion in NFT trading activity in its first month of release.

Although token and NFT values have fallen precipitously in recent months, this has called into question the whole play-to-earn concept, which peaked last summer. Its makers have now proposed adjustments intended to revitalize the game’s sputtering economic situation. On Thursday, Sky Mavis revealed a set of economic improvements that would take effect with Axie’s forthcoming 20th in-game season, which will begin in early 2019. Essentially, the PC and mobile versions of the game will award considerably fewer SLP reward tokens and will place a greater emphasis on rewarding players who participate in online arena combat. Axie Infinity is a monster-battling game that makes use of NFT assets to create its world.

NFTs are blockchain-based receipts that serve as proof of ownership for a digital property—in Axie’s case, that item is mostly in the form of colorful monsters that you may breed and combat against one another. Each Axie NFT costs money, and you must purchase three of them in order to participate in the game. However, you will get token incentives for participating in the game. When Axie Infinity first started in 2018, it built a unique “play-to-earn” concept. However, the Ethereum-based game soared in popularity this summer after introducing its Ronin sidechain, which made transactions quicker and cheaper. This idea of earning through play resulted in the establishment of community-led “scholarship” schemes,

in which NFT holders rent out axes to players (especially those in impoverished countries) in return for a share of the reward token revenues. That increase in interest and demand for the game culminated in an explosion of buzz surrounding Axie Infinity last summer, which was a result of the surge in interest and demand. The theft of $620 million from the blockchain network affiliated with Axie Infinity, a cryptocurrency-backed video game, occurred on March 23. The game’s structure, which focuses on actual money – non-fungible tokens (NFTs) – rather than the normal in-game cash, is what creates the vulnerability in the first place. A “play-to-earn” paradigm is used here, which means that if you play your cards well, simply participating in the game can result in financial gain.

This article is an excerpt from The Node, CoinDesk’s daily summary of the most important stories in blockchain and cryptocurrency news, which you can read in its entirety here. You may sign up to receive the whole newsletter by clicking here. The SLP reward token reached a high of about $0.40 in August, while the AXS governance token reached an all-time high of approximately $165 in November, indicating that Axie Infinity was producing well over half a billion dollars in NFT trading activity per month at a rapid pace. Axie Infinity is the most successful NFT project of all time, having amassed approximately $4 billion in total NFT trading volume since its launch. The momentum, on the other hand, began to wane dramatically around the end of last year. SLP fell below $0.10 in September and has continued to fall, selling recently for roughly a penny or less per share. Consequently, the many community-driven scholarship programs, as well as the guilds that administer them, were put under a great deal of stress.

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