‘House of cards’: Fears of scam surge as Axie Infinity craze explodes in Philippines?

There has been a large increase in gaming over the last year, which is likely due to the COVID-19 epidemic, which forced individuals to stay at home and play video games. Because people spend the majority of their waking hours indoors, it’s no surprise that many of them pass the time by engaging in new and old interests.may have found yourself absorbed in game streaming or playing a team-based game with a few buddies if you’re like the majority of people.

However, in recent years, games like Axie Infinity have dominated social media, garnering the majority of the attention of teenagers and young adults. But what exactly is Axie Infinity, and how does it work? And what exactly is all the fuss about? Before we jump to any conclusions, here are a few things you might want to know about the game. In terms of classification, Axie Infinity is defined as a non-fungible token (NFT)-based online game that pays players with real money as they participate. The first step is to download the game from their official website and register with a digital wallet such as MetaMask to begin playing.

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To complete the process, you’ll need to acquire a cryptocurrency known as Ethereum (ETH), which you can readily obtain through trading sites such as Binance. Axies may be purchased from inside the game’s marketplace using Ethereum, and the game will need you to download Ronin Wallet, another online wallet where you can spend ETH to do so.

An axie is a little and adorable creature that you may breed and utilize to engage in combat with other players on the game’s server. Similarly to games like Pokémon, it is a turn-based game in which you must assemble a powerful team of axies and plan tactically in order to succeed. At the start of each fight, both players are dealt cards from which they may pick which action their axies will take during that specific battle round. Each Axie has four cards, which are given in a random manner for each combat, and in order to employ those cards, energy must be expended. Unlike other RPGs and turn-based games, Axie’s battle system does not enable you to select which units to attack, as is the case with most other games. As a result, the axe you command will randomly target one of your opponent’s axes (usually the one nearest to it), and this, together with the random distribution of command cards, adds an element of chance and unpredictability to each skirmish.

If you win a battle, you will receive points that will help you improve your matchmaking rating as well as a cryptocurrency known as Smooth Love Potion (SLP). But on the unfortunate occasion that you lose, you’ll be happy to hear that you’ll simply lose matchmaking points! After a certain amount of time has passed, you will be able to utilize the SLP you have earned to breed, collect, and trade for Axies, or you will be able to pay it out for real money. As of the time of writing, 1 SLP can be exchanged for a value of $3.79 USD. While the traditional concepts of farming, breeding, and turn-based combat are present, the structure of the game is far more complicated. In the current gaming scene, it may be characterized as groundbreaking since it has gamified the trading experience of cryptocurrency aficionados.

When compared to traditional products that were created only for enjoyment and stress reduction, the earning potential of the platform allows many people, particularly gamers, to see it as a viable investment choice.As the Axie Infinity mania has spread in the Philippines, there has been an increase in fraud concerns. Detractors have warned that the game is a “house of cards,” with some comparing it to a fraud operation fueled by hype and speculative interest. In-game currency in the NFT-based online video game produced by Vietnamese company Sky Mavis is based on Ethereum-based cryptocurrency, which makes it unique in the gaming industry. Axie Infinity, which operates on the P2E (play to earn) financial model, has emerged as the greatest winner in the world of blockchain games during the past several months. See also: The metaverse, electric automobiles, and brain technology: Take a peek at what the technological landscape will look like in the future.

Approximately 35% of Axie Infinity traffic, as well as the majority of its 2.5 million daily active users, come from the Philippines. Sky Mavis says this is because the country has a high level of English proficiency, a strong gaming culture, and a lot of people use smartphones.
During combat, players use colorful blob-like axies, and they are primarily rewarded with “Smooth Love Potions” (SLPs), which may be traded for cryptocurrency or cash, or they can be invested back into the game’s virtual world, Lunacia.
It is a non-fungible token (NFT) that has a specific set of skills and features. Each axie is unique and non-fungible. They are stored on the blockchain, which is a digital record that cannot be modified, just like the NFT pieces of art.
Axies are available for purchase, sale, and rental to other players. Owners may also breed them to produce new axes that are more valuable to the company.

Also see: The NFT platform that was purchased after Dorsey’s first tweet was taken down because of “rampant” forgeries.
The cost of a beginner squad of Axies may have reached hundreds of dollars during the height of the game’s popularity last year, making it out of reach for many ambitious players in developing nations. When you buy the cheapest Axies, they cost $37 each, bringing the total cost of a basic squad to $111.

Players who spend more money, on the other hand, receive better axes, giving them a higher chance of winning battles and earning SLPs, as well as the game’s other crypto currency, AXS, from certain actions.
Guilds and “scholarships”—profit-sharing structures in which participants are charged a percentage of their revenue—have been established by those who have the financial means to field more profitable Axie teams. According to reports, the owners’ cut might go as high as 30 percent. Its supporters and developers believe it represents a watershed moment in the growth of the internet. With an increase in the number of daily active players in 2021, the price of axes and SLPs increased as well, prompting concerns about the game’s long-term viability.

Anxie Infinity declared that it would switch the primary network from Ethereum to its own sidechain dubbed “Ronin,” which sparked widespread concern among investors in the cryptocurrency market. The transfer of its primary network would result in the team’s having complete control over the data in the chain, resulting in the entire system being more and more centralized, which would be in direct opposition to the blockchain’s inherent ability to remain decentralized.

Income from the game is derived mostly from breeding and marketplace fees, with Axie Infinity generating more than $1.2 billion in revenue so far. Aside from that, it has attracted a large number of wealthy sponsors, including US billionaire Mark Cuban.
However, some people in the gaming industry think that the company’s business model isn’t going to work long-term. They say that new players are needed to keep the money coming in.

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