Are you aware that you can earn money while playing video games? Thanks to blockchain, several play-to-earn games have been launched. In this article, we will explore Axie Infinity. Keep reading to learn everything about the game before becoming a player.
Axie Infinity Explored
If you are familiar with the Pokemon game, then understanding Axie Infinity would be easy. These two games have customizable characters that can be trained to battle. The only difference is that Axie Infinity adopts blockchain technology.
The play-to-earn game was created by a Vietnam-based company, Sky Mavis. In 2021, Axie Infinity used to host over 350,000 daily users, but that figure has dropped to about 100,000 as of January 2024. Nonetheless, the game is still among the most popular Ethereum projects. Once you start playing Axie Infinity, you will earn rewards in the form of Axie Infinity Shard (AXS) tokens.
To play the game, you need Axie, a little customizable pet that can be traded as an NFT. You have to train your Axie regularly to increase its chance of defeating your enemies to earn rewards.
Axie Infinity’s Highlights
Battle – After training your Axie, you can engage in battles to earn token rewards.
Breeding – Every Axie has the ability to generate new offspring with outstanding capabilities.
Land – Axie Infinity has virtual pieces of land that you can buy for your Axie to live in.
Marketplace – The play-to-game has its self-developed marketplace, allowing players to buy and sell NFTs.
So how much is one Axie? Data from the Axie Infinity marketplace shows that the cheapest Axie is changing hands for $2.78. Note that you can buy as many Axies as you want.
The AXS token
AXS is used as a governance and reward token. Its total supply stands at 270 million. There are over 135 million AXS tokens already in circulation. Here is how Sky Mavis distributed AXS:
- 50% for rewarding players and stakers.
- 7% for community development.
- 22% for Sky Mavis and early contributors.
- 6% for advisors
- 15% for token sales, which happened in 2020.
AXS’s Price History
AXS launched with an initial supply of 59 million tokens. The crypto asset was sold for $0.10 on Binance LaunchPad in 2020. The following year, AXS surged to $164, recording its all-time high. However, as of January 2024, the token is down 95% from its peak price to trade at $7.21.
AXS Use Cases
Governance
As mentioned, AXS powers Axie Infinity’s governance system. Unlike in the Web2 gaming space, where only developers have the power to influence the direction of a game, Web3 games allow players to participate in the governance process as long they hold governance tokens.
AXS holders have the right to raise and vote on proposals. In addition, if they stake their tokens, they earn an extra right to govern Axie Infinity’s “Community Treasury.”
Payments
AXS plays an important role in facilitating payments of all in-game purchases. You can use the token to buy Axies on the in-app marketplace.
Rewards
Players and stakers receive AXS tokens as rewards. The number of AXS tokens you receive depends on how much you have staked and your expertise in playing the Axie Infinity game.
Staking
In order to incentivize community members to hold their AXS tokens and contribute toward the growth of the Axie Infinity ecosystem, Sky Mavis lets users stake their AXS in exchange for rewards.
How to Earn Money on the Axie Infinity Game
Play the Game – As stated, you receive rewards after you defeat your enemies. The best part is that you don’t have to play the game yourself. Instead, you can hire scholars to play on your behalf, and the split earned rewards.
Breed Axies – With only 4 AXS tokens, you can breed at least 6 Axies, which mature within five days. After that, you can sell the Axies on the NFT marketplace or use them to improve your game.
Conclusion
Play-to-earn games like Axie Infinity are revolutionizing the video gaming industry by rewarding gamers for doing what they love. But they also come with their own risks, so research thoroughly before playing any play-to-earn game.
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