Can Axie Infinity go the distance?What is the point of Axie Infinity?

With Axie Infinity, the blockchain gaming industry saw its first major breakthrough success.

It was one of the earliest demonstrations of blockchain’s potential to disrupt current financial institutions and produce wealth in novel ways—by rewarding people for playing video games—as it rode the tide of enthusiasm around non-fungible tokens.

READ MORE: Axie Infinity craze explodes in Philippines?

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The value of the game’s in-game cryptocurrency, Smooth Love Potion, or SLP, increased by over 1000 percent in less than a week in early May, and the game went from being an enjoyable activity that may earn players some additional money to being a full-time job for some players almost overnight.

For countries with low purchasing power relative to the US dollar, this was especially true, and nowhere was this more evident than in the Philippines, where the game became so popular that the government launched a campaign to collect taxes on the money earned by players while participating in the game. Many players have stated that the game has had a positive impact on their lives.

The beginning of a revolution in society, according to many business and technology analysts, is a watershed moment. Internet 3.0, as Jeremy Britton, CFO of Boston Trade Co., put it, is “democratizing money.” He was referring to the hoped-for next stage of the internet’s growth, in which blockchain would allow for the simple trading of value, rather than simply information, as he told Forkast.News. “It is possible for children in Africa, China, or anyplace to be sitting around playing a game on their phone or playing a game on their laptop, earning $50 per day in a nation where the average pay is $1.67 per day. “What an incredible moment to be alive,” he continued.

However, the good times did not last indefinitely. The price of SLP soared once again in July, putting it back to a level that was near to the all-time high of US $0.4191 reached in May, but it has been progressively declining since then. According to statistics from CoinMarketCap, it has since late September been trading in a range comparable to that of the coin before the May surge. It has been trading around US $0.07 since late September. According to statistics from AxieWorld.com, monthly income for the game has also declined for the second consecutive month, with October’s revenue down 45 percent from the previous month’s high of US $364 million, which was reached in August.

It raises the issue of whether Axie Infinity’s business model will be viable in the long term as developers experiment with different game formats in an attempt to rebalance the reward system and keep the price of SLP stable. Axie Infinity is a game similar to Pokémon in that players breed, train, and battle teams of three “Axies,” which are charming tiny creatures that are also minted as NFTs, in a similar fashion to Pokémon. In exchange for their participation, players are rewarded with the in-game token SLP, which is used to breed and train additional axies and can also be exchanged on cryptocurrency exchanges. According to Axie Marketplace, entry-level axes are selling for around 0.027 ETH, or US $126, at the time of publication.

Given that three axes are required to play the game, this may appear to be a high amount to pay simply to get started, but it is a big reduction from the 0.203 ETH it cost for entry-level axes when Forkast.News first reported about the game in July, when it cost 0.203 ETH.As of this writing, the current market capitalization is around $9.178 billion, while the fully diluted market capitalization is well over $40.68 billion. With such large numbers, it’s safe to assume it’s something very monumental. Please wait a moment. There is a monetary value associated with the game Axie Infinity, which allows players to gather and breed token-based creatures known as Axies, as well as combat and trade with them.

According to the aforementioned statistics, the game has outperformed some of the most popular video games of all time, such as World of Warcraft and Pacman, among others. That’s incredible! The vast majority of gamers are situated in impoverished nations like the Philippines, and they are not participating in the game for recreational purposes. They are largely engaged in the game to make money as part of their employment! As a result, they are not considered users. They are employees in the truest meaning of the word, since they play an important part in the ecosystem. While there are numerous cryptocurrency games available on the Google Play Store, such as Mistplay, there are also games that enable us to earn digital assets after making an initial payment, such as the crypto-monitors, which are becoming increasingly popular.

The Axie Infinity social game, which is similar to Pokémon and uses the blockchain technology of Ethereum, is currently one of the most popular crypto-currency games available. In this game, players fight small monsters known as “Axies” and, along with the other players, win a token known as “Smooth Love Poison” (SLP), which can be redeemed for money or reinvested to receive more from Axies. We can begin providing you with additional funds, but we will not make any further investments in the first environment. A single dollar. A blog on the Medium site by the crypto-currency specialist MichalK describes the fundamental reason for believing that Axie Infinity is, in reality, a pyramidal structure, and provides further evidence to support this belief.

According to this cryptocurrency expert, many people join this game in the hope of making more money than they have invested, and at the moment, this is the case because the number of new players joining each month is greater than the number of current players, allowing users to withdraw their money in less than two months after they have invested. To put it another way, the new players are buyers, while the existing players are sellers. As a result, the first players pay out gains in seconds, but after the new players have recovered their original investment, they too become sellers.

As a result, Axie Infinity is classified as a pyramid scheme because the advantages of our contributions are financed by the investments of other people. As a result of this technique, MichalK believes that Axie Infinity will be unable to maintain its equilibrium and system at the point at which new users will no longer be able to return their original investment. Axie Infinity One crypto-currency expert says that Survival will only be able to stay alive if it starts making money outside of its own game, like by subsidizing players who want to buy something in the game with the money of other people who want to buy it but don’t want to wait for a profit in return.

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