What is Axie Infinity?
If you have a friend who loves playing video games, you’ve likely heard the name Axie Infinity before. But the strange thing is, you have likely heard about people making money by playing Axie Infinity as well, and for someone who is unsure of what the game is, this concept can seem very strange.
Axie Infinity is a video game that can be used to make money, specifically a cryptocurrency known as Axie token. This is done via a pet-creating video game where players research and breed digital pets. Some players can make a living off of creating these digital creatures.
Think you would like to make a living from playing video games too? Then keep reading to find out more about Axie Infinity and if it would be a worthwhile use of your time to begin playing the game and earning Axie tokens.
What are AXS and SLP?
AXS and SLP are two native protocol tokens in the Axie universe.
Axie Infinity Shard (AXS) is the primary token that players earn and use to breed digital pets. It will also function as a governance token, which allows holders to have a say in the future of the game.
Smooth Love Potion (SLP) is a gaming token that players can earn. You can earn some by defeating an opponent or completing missions in the game. The more you play, the more SLP you’ll be able to rack up.
How Does Axie Infinity Work?
Axie Infinity is based on the same idea that Cryptokitties was based on. Players in the game spend their time researching character traits and breeding unique pets. But besides just breeding, players can also send the creatures they make to battle and see how they do against other player-created creatures. Players are rewarded with AXS when their creature wins a battle, or they can also trade and sell their creatures for profit. To date, there are 500 different characteristics that can be adjusted to create a creature. This means the number of unique creatures possible is practically endless.
Beyond just making creatures, players must also have land to house these creatures on. This means players must hold enough land before they can breed new creatures. This land can also be traded and upgraded. Recently, some premium lots in Axie Infinity were sold at an NFT auction for $1.5 million dollars. Before you quit your day job to start trading digital creatures, you should know that Axie Infinity does require that you hold 3 AXS to begin playing the game. At current prices, these are several hundred-dollar investments and are not to be taken lightly.
If you don’t have this money to put upfront in this endeavor, you can consider becoming a scholar which is where you work under another breeder and they sponsor you—but they also take a portion of your profits. This will be discussed in more depth later.
Axie Infinity is launching a decentralized exchange
Axie Infinity, one of the most popular blockchain gaming startups, is bridging the nascent gaming world with the market for decentralized finance with the launch of a new decentralized exchange.
The new product, announced exclusively on The Scoop podcast, will facilitate the trading of tokens used within its ecosystem. Axie Infinity, launched by Sky Maven, allows users to buy, sell, and breed creatures called “axies.”
The ConsenSys-backed project has become the zeitgeist of the crypto market in the Philippines where players are playing the game to earn crypto that supplements their existing income.
While the project has seen its user-base grow from some 38,000 active users in April to around 1.7 million active users in August, interest has waned in recent weeks. Weekly volume declined from $220M from peak to around $130M.
The DEX could help keep users playing the game because it will remove certain frictions that exist for players who have to move their tokens off the platform to trade them. The DEX will be built on Ronin, an Ethereum-linked sidechain purpose-built for Axie Infinity.
“People want to acquire and use their tokens from the same place without having to use a bridge constantly,” growth lead Jeff Zirlin told The Block in a message.
Axie Infinity recently completed a $7.6 million funding round that drew in investors like billionaire entrepreneur Mark Cuban.
Here’s how Axie Infinity is bridging the divide between blockchain gaming and DeFi
On this episode of The Scoop, Sky Mavis Games Co-Founder and Growth Lead Jeff ‘Jiho’ Zirlin joined Frank Chaparro at the 2021 Mainnet Conference to discuss their game Axie Infinity.
Chaparro and Zirlin cover Axie’s recent growth in popularity, kicking off the ‘Play-To-Earn’ trend in gaming, and how Axie Infinity players in the Philippines and other emerging economies are playing the game to supplement their incomes.
To be sure, the project’s concentration in the Philippines speaks to how much work the project has ahead of it in making it truly global. Zirlin told Chaparro that Axie’s user base has grown from some 38K active users in April to around 1.7 Million active users in August.
Interest in the project has since waned given a wider drawdown in the gaming NFT market, down roughly 45% as per data from The Block, with a weekly volume declining from the peak of $220M to around $130M.
But even Zirlin admitted that interest can wane as quickly as it has built up:
“So the cool thing about NFT games or even crypto, in general, is like we have these very powerful feedback loops that cause over decades or over years, huge network effects. But any positive feedback loop that creates a negative creates a network effect can also run in reverse.”
As the emerging markets, Axie is popular in, Zirlin noted that the game also shows characteristics of an emerging market economy where “you have hot inflows of money and then also withdrawals.
“Axie Infinity is competing over mind share from a wide range of blockchain gaming projects, including Cryptokitties, from which Axie initially drew its inspiration. Zirlin announced on The Scoop that Axie is creating their own DEX for the game. Instead of moving funds to wallets and then to an exchange to convert cryptocurrency, players will be able to convert their funds directly to the currency of their choosing through the DEX.
“We’re also working on an in-house decentralized exchange or a Dex which will be native to our Ethereum-side chain called Ronin.” Zirlin said, adding, “I think we really saw the future of the gaming industry, and rightly, we’ve kind of seen the emergence of this metaverse emerging market worker.”
2-10-2021 – Crypto Signal
NEW SIGNAL
BUY AXS/USDT
LEVEL1=TILL 75
LEVEL2=Ask for Premium service
TP=150/200
Binance 10x Leverage available in Future trades
—AXS Launch new staking reward platform
Given Signal Today Only and it is 44% Up on 2-10-2021
If You have entered From Given level Enjoy Profit From 90 – 118 = 28 Point Gain.
31% Return within 1 Day only.
If You Still Confuse or Want Guide on Trading as well as Investing in cryptocurrency, Feel Free to: CONNECT WITH US:
Follow Telegram Channel for Free Signal Update:- https://t.me/cctrade1
Ask For More Details:- Telegram:- https://t.me/cctrade19
Website:- https://www.cryptotrade1.com
Email :- info.cryptotrade1@gmail.comFacebookTwitterEmailShare