Everything You Need to Know About AXIE Infinity?

Play-to-earn is a new type of business model that has emerged in the gaming industry as a direct result of the development of cryptocurrencies, smart contracts, and non-fungible tokens (NFTs).

Play-to-earn games are ones in which participants have the opportunity to earn digital assets that have actual market value just by playing a game.

READ MORE: 5 ways to earn money with Axie Infinity?

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These digital assets may be exchanged for real-world currency. The Tamagotchi fad that occurred in the late 1990s served as a source of inspiration for the characters that are featured in the game Axie Infinity, which is now ranked as the most popular play-to-earn game by various publications.

The majority of the time spent playing Axie Infinity is spent gathering and squaring off against a variety of cartoonish monsters, much like the majority of the time spent playing Pokemon. Playing the crypto game Axie Infinity can win you axie coins. This is a novel kind of company that establishes an open economy within the game that may give cash incentives to players who do particular acts.

The players each control their very own adorable digital creatures known as Axies, and they take turns pitting their Axies against one another in the game. The several types of axies each have unique talents. Axies come in a variety of forms, including those that resemble birds, insects, plants, and more. In contrast to games like Pokemon or Tamagotchi, users of this game have the opportunity to earn in-game cash by competing in and winning battles, breeding their axies, and then selling the resulting offspring to other players. Axies, which are non-fungible tokens, are a part of the in-game economy along with two different digital currencies: Smooth Love Potion (SLP) and Axie Infinity Shards (AXS). Every one of these has the ability to be sold for a profit outside of the game, and they all have market value.

To participate in the game, players need to acquire three axes, which may run around $350 apiece (because of the growing popularity of the game, the price of axes has also climbed). When playing the game, players have the opportunity to win anywhere from $10 to $50 worth of digital goods each day. Selling SLPs or axies is another way for players to make money. Earning SLPs requires either beating enemies in combat or finishing a task beforehand. SLP is a token built on Ethereum using the ERC-20 standard, and it may be traded on a variety of decentralized markets. Users who sell their SLP tokens at a higher price have the potential to increase the amount of money they take home from the transaction. Users also have the option to use their SLP within the game to breed extra axes by combining two of their already existing axes.

The amount of SLP required to breed axes into the next generation goes up by one with each subsequent generation. There is a limit of seven times an Axie may be bred, although they can be sold at any point in time. The characters are available as non-fictional things (NFTs) and may be bought and sold on websites that specialize in NFTs. The company has been successful in the realm of income generation thanks, in part, to its ability to pique the interest of significant investors. After securing $7.5 million in a Series A investment round and another $152 million in a Series B funding round, Sky Mavis, the company that is responsible for Axie Infinity, has reached a valuation of $3 billion. In poor nations like Vietnam and the Philippines, where many individuals are in need of additional means to supplement their income, Axie Infinity has emerged as a major source of such means. People living in countries like these have an advantage when it comes to generating revenue from the game.

This advantage is due, in part, to the fact that the value of the local fiat currency in these countries is lower, which makes the cryptocurrency that these players earn more valuable in comparison.Last During the course of the previous year, Axie Infinity was widely considered to be a leading contender for the role of a popular blockchain app. The cryptocurrency community reacted quite favorably to the video game, which was introduced in 2018 by the Vietnamese developer Sky Mavis. At its height, it demanded an admission fee of over $1,000 from players and offered the possibility of full-time employment to some of those who participated. Sky Mavis itself was valued at $3 billion following a fundraising round that was led by Andreessen Horowitz and totaled $152 million. Even more astounding is the fact that Axie Infinity was meant to usher in a brand new age of “play-to-earn” gaming that was centered on crypto technology.

After a year has passed, the outlook for Axie’s future is much more difficult. Last week, Sky Mavis’ Ronin blockchain was the victim of a devastating attack that resulted in the loss of over $600 million to unnamed hackers and left players’ cash in limbo when Sky Mavis blocked Ronin transactions. However, even before that happened, Sky Mavis was dealing with more significant concerns regarding its capacity to survive in the long run. The in-game universe of Axie Infinity has spent several months attempting to prevent a financial disaster. This is due to the fact that the game combines the unregulated hype market of cryptocurrency with the complex economic workings of a massively multiplayer online game. And although it strives to reinvent itself with a new free-to-play game, the scenario gives a glimpse of what might happen when the excitement reaches its limits.

Axie Infinity, whose developers refer to it as both a “country” and “a bleeding-edge game that’s combining unfinished, hazardous, and extremely experimental technology,” is kind of like a hyper-financialized version of Pokémon. Axie Infinity’s founders refer to it as both. The players either buy or rent three non-fungible tokens (or NFTs), which are tied to cartoon axolotls called “axies.” Each of these axes has a set of related stats and combat cards. Tokens known as “smooth love potions” (SLP) are awarded to players who emerge victorious from combat. These SLP tokens, together with another token known as “axies,” are required in order to “breed” axies and generate new NFTs. The opportunity to convert one’s Axie tokens into real-world currency is the primary selling feature of Axie. People may earn SLP by either directly playing the game or engaging in the “scholarship” system, in which they lend their axies to other players and receive a percentage of the revenues of those players.

Axies and SLP can also be traded for cryptocurrency. The ultimate result is a type of enormously popular in-game capital market, where axie-holders may gain cash through investing even if they do not actively play the game. Along the same lines as many other blockchain-based applications, the goal of Axie Infinity is to one day enable users to be compensated for online activities that are typically performed without charge. Arianna Simpson, a partner at Andreessen Horowitz, stated to my colleague Casey Newton in October of last year, “If I can play a game and have a comparable amount of fun and also make money, then clearly I’d prefer to do that, right?” has, up until this point, been maintained by relying on continuous expansion; also, inflation has been incorporated into the game’s rules. Sky Mavis hasn’t shown that it can get past that stage yet, even if it can get past the latest problem that the hack has caused.

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