Is Axie Infinity Profitable In 2021? How To Make Money With Axie Infinity?

Over the past year, the number of blockchain-based games has increased by orders of magnitude. And, for the most part, it has been led by a single major brand, Axie Infinity,

which is a digital environment in which users can battle, breed, and improve their Pokemon-like pets.However, according to new research by game consulting firm Naavik, Axie Infinity may not be as profitable as originally believed.

READ MORE: Biggest Success Story Scammed Out Of $600 Million?

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It is possible that the majority of its players are earning less than the minimum wage. Furthermore, with the halting of new user growth, it is probable that Axie Infinity may be forced into a period of recession.

It is estimated that more than half come from only one nation, the Philippines, where, according to the country’s Department of Labor and Employment, the minimum daily salary is approximately $7 and the average daily wage is over $40. In terms of rupees, that equates to around 520 and 3,000 rupees, respectively.

A blockchain game where you may make money by playing. As Axie Infinity has grown in popularity, it has been quietly but drastically triggering a “digital revolution” with the support of 2 million daily active users. Three years ago, the Ethereum-based game grabbed headlines for being the first game to introduce the notion of gaming with non-fungible tokens (NFTs) into the mainstream. Axie Infinity NFTs are one-of-a-kind digital assets that are confirmed on the blockchain and serve as a representation of ownership for Axie Infinity players—but are they profitable? The axies are the “battlers,” and they perform the functions of NFTs. The NFTs function as ERC-21 tokens, which gamers may use to purchase, sell, and trade with one another.

As part of its in-game economy, Axie Infinity also offers a fully functional secondary market that is accessible to all players. There are several options for users to produce cash, but the process is not as straightforward as you may expect. Earlier this month, Axie Infinity distributed Axie Infinity Shards (AXS), the game’s in-game governance token, to the game’s “founders,” for a total of $60 million. Early adopters, according to a snapshot of account holders taken on or before October 26, 2020, are the founders of the company. Soon after the distribution, Axie Infinity announced the unveiling of its “staking dashboard,” which had been much anticipated. Users may be able to lock in their AXS tokens for an annual percentage yield of more than 155 percent at the time of purchase.

For long-term supporters, this was one of the most significant ways in which users profited, as the AXS token increased by more than 45 percent after the announcement.However, since consumers may have found the game later—while it is still in alpha—there are other ways in which they have produced cash. Axies create an in-game currency known as the “silky love potion,” which can be used to purchase items (SLP). It operates as an ERC-20 token, as opposed to Axies, which operate as ERC-21 tokens. It is a cryptocurrency. Because they are ERC-20 tokens, they can be traded considerably more quickly than other types of tokens. It is very necessary for players to “play-to-earn” in order to gain revenue while participating in the game. They will require a squad that is made up of three axes in order to participate. When it comes to seeing a return on their investment, there is a process that is more often used.

They raise axies with the purpose of selling them on the secondary market, a practice known as “flipping.” Another option is to produce axies with the purpose of loaning them out to other players as part of a community-created program known as “scholarships,” which is short for “scholarships” in the game.Last year, Axie Infinity was hailed as one of the most promising prospects for a mainstream blockchain application. The game, developed by Vietnamese developer Sky Mavis and released in 2018, was an instant hit in the bitcoin community. When it was at its apex, it provided full-time work opportunities to select participants and charged an admission fee of more than $1,000. Following a $152 million fundraising round headed by Andreessen Horowitz, Sky Mavis was valued at $3 billion. Even more impressively, Axie Infinity was intended to signal the beginning of a new age of “play-to-earn” gaming based on blockchain technology. A year later, Axie’s future appears to be more uncertain.

Sky Mavis’ Ronin blockchain experienced a devastating attack this week, resulting in the loss of over $600 million to unnamed hackers and the suspension of all Ronin transactions, causing players’ cash to become inaccessible. However, even before that, Sky Mavis was confronted with more serious problems regarding its long-term viability. It has taken months for Axie Infinity’s in-game universe, which incorporates the freewheeling hype market of cryptocurrency with the sophisticated economic workings of a massively multiplayer game, to avoid a financial catastrophe from arising. As it tries to reinvent itself with a new free-to-play game, the scenario provides an example of what might happen when the hype reaches its maximum level of exaggeration.

Axie Infinity, which its developers describe as both a “country” and “a bleeding-edge game that’s combining unfinished, hazardous, and extremely experimental technologies,” is a type of hyper-financialized version of the popular video game Pokémon. Players buy or rent three non-fungible tokens (or NFTs) that are attached to cartoon axolotls known as “axies,” each with its own set of stats and combat cards. As a reward for winning battles, players receive an item known as a “smooth love potion,” or SLP, and axies may be “bred” together using SLP and a third item known as AXS to create new NFTs. The ability to convert these tokens into actual money is Axie’s most compelling selling feature.

Accumulated axies and SLP may be traded for cryptocurrency, and consumers can earn SLP by either playing the game directly or engaging in the “scholarship” system, in which they lend their axies to other players in exchange for a percentage of the profits made by those players. As a result, a type of enormously popular in-game capital market has developed, in which Axie holders may gain money through investing without actually participating in the game itself. For Axie Infinity, like for many other blockchain-based applications, the dream is to get compensated for something that you currently perform for free on the internet. As Arianna Simpson, a partner at Andreessen Horowitz, told my colleague Casey Newton last October, “If I can play a game and have a comparable amount of fun while also making money, then clearly that’s what I’d like to do, right?”

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