How to Make Money with an NFT Marketplace Like Axie Infinity?

The popularity of these so-called play-to-earn games, or P2E, skyrocketed at the height of the epidemic. Because of the lockdowns, which affected a large number of jobs,

Filipinos turned to alternate means of earning a livelihood, such as gaming. And for P2Es, all that is required is a smartphone, an internet connection, intuition, and a burning desire to participate.

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The blockchain-based Axie Infinity is seeing a renaissance in the Philippines, with Filipinos accounting for 40% of the platform’s 1 million daily active users there.

A number of player success stories have come to light, including one about a 22-year-old who used his in-game profits to purchase two residences. Several additional local experiences from players in Cabanatuan City, Nueva Ecija, were documented in a mini-documentary titled “Play-to-Earn,” which was released in 2012.

These Axie Infinity players come from a variety of backgrounds—a mother, a recent college graduate, a tricycle worker, and an elderly couple—and have been able to make revenue during difficult economic times thanks to the game. As more Axie Infinity success stories surface, the Bureau of Internal Revenue (BIR) said on Tuesday, August 24, that Axie Infinity gamers, like social media influencers, will be liable for income tax beginning in 2018. You make money in Axie Infinity by investing and spending more time in the game, which follows the principles of blockchain economics. Growing a collection of Pokemon-like creatures known as axies and trading with them allows players to earn cryptocurrency, which they can then use to purchase items with real money.

In order to win Small Love Potions (SLPs), players must struggle against these creatures. Small Love Potions (SLPs) may be used to breed new digital pets or they can be sold for profit in the marketplace. In addition, they may acquire Axie Infinity Shards (AXS) tokens, which can be used to purchase digital products and assets. It is possible for users to cash out SLPs, sell them on cryptocurrency exchanges, or trade them for fiat money. As of this writing, they are selling for $0.135536, or P6.76 each. However, there is a cost associated with playing Axie Infinity. To get started, you’ll need to fork out around P30,000 (prices vary based on the market, the type of Axie, and other factors) to purchase three beginner monsters. In the current market, where non-fungible tokens are being used in novel applications on a daily basis, online gaming is a sector that has established a strong reputation for using them in the proper manner. Games such as Axie Infinity, which falls under the genre of play-to-earn games, have been among the most successful games based on blockchain technology in recent years.

Players have been making a substantial amount of money through a variety of methods while playing the game, which has drawn a lot of attention. In fact, several players have stated that their revenue from the game is their entire source of income. If you are new to Axie Infinity and are interested in learning more about how to make money from gaming, this blog may provide you with information on both making money within the game and earning money through the i-game marketplace. Axie Infinity is a video game with a narrative that appears to be based on the popular Pokemon series, and it is underpinned by the Ethereum blockchain technology. Out of all the games built on the Ethereum blockchain, this one boasts the most active user base. Despite its stated intention to be a decentralized game, Axie Infinity is currently regulated by the company that created it, Sky Mavis, and the developers have stated that decentralization will occur in the near future.

Infinity is an online video game produced by Sky Mavis, a Vietnamese video game studio founded by Trung Nguyen in 2018. It is built on NFT technology. For the game, Nguyen coupled his interest in blockchain accountability with the popularity of CryptoKitties to launch it in August of this year. The majority of its revenue is generated by a 4.25 percent fee on all in-game purchases.Land acquisitions, monster NFT trading, and monster breeding are all examples of what is included. To get started in Axie Infinity, all new players must acquire three monsters from the game’s store. Due to the high cost of monsters, Sky Mavis would lend players monsters in exchange for a 30% interest rate once they began earning money from the game. Infinity is an online video game produced by Sky Mavis, a Vietnamese video game studio founded by Trung Nguyen in 2018.

It is built on NFT technology. Prior to establishing Sky Mavis, Nguyen worked at Anduin Transactions, a Silicon Valley-based platform that made investment transactions faster, more efficient, and more transparent. Nguyen was particularly interested in the accountability made possible by the Anduin platform, which he associated with the growing interest in blockchain technology in Vietnam at the time of his visit. Whereas others were concentrating on Bitcoin and other cryptocurrencies, Nguyen noticed that blockchain technology might be applied to the development of computer games.

The game CryptoKitties, in which players could purchase, trade, and breed unique virtual cats that were validated by the Ethereum blockchain, was a particular favorite of his. After that, Nguyen worked on his own blockchain-based game, merging the actual ownership feature of CryptoKitties with the competitive gameplay of the Pokémon series. He completed it in a few months. Known as Axie Infinity, the game featured mythical creatures inspired by the axolotl, which is a Mexican salamander with the capacity to regenerate limbs, gills, and portions of the eyes and brain. It was published in August 2018 and was an immediate hit with the public. When participating in the Vietnamese NFT-based game, users purchase NFTs of monsters, who then battle against one another to win in-game currency that can be converted into real money.

There are a number of groups that stand to gain from this new trend, including game makers, owners, and gamers. Describe the revenue generated by Axie Infinity Company, its developers, and its proprietors. There is no question that they must generate revenue as well. The creators of Axie Infinity receive 4.25 percent of the revenue from each NFT that is sold in their marketplace. As a result, anytime a player trades axes in their marketplace, a fee is levied against the player in question. Furthermore, because they demand a price for monster breeding, it serves as an additional source of cash for them. A percentage of this sum is subsequently distributed to the game’s creators and the game’s proprietor. As a result, a rise in the number of players that participate in Axie Infinity’s game results in an increase in the amount of money earned by the company.

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