Over the past few years, the cryptocurrency sector, as we know it, has expanded rapidly. With the increase in overall market capitalization of different crypto assets, global acceptance is increasing at an astounding pace. Hence, it is important to jump on the bandwagon and ensure you can ride the green positive waves of the bullish crypto market cycle.
Axie Infinity is one coin that has thrived from this, increasing 39,000 percent from its launch in 2020 and remaining a very well altcoin in 2022 because of its relationship to the NFT sector. To learn more about Axie Infinity, keep reading.
What Does Axie Infinity Do?
The industry leader in NFT gaming is Axie Infinity. In the third quarter of 2021, it experienced a massive increase in trading volume, accounting for $2.08 billion of the $2.3 billion in NFT games trading activity during that time.
Users are earning money on the platform, with some even earning as much as $100 each day, which is what is fueling all the interest. An online pet universe is called Axie Infinity. A minimum of three NFTs called Axis, which are digital fantasy creatures, must be purchased by new gamers. They raise their axes, engage in combat with other players, and sell them.
The play-to-earn gaming paradigm of Axie Infinity encourages players to construct Axies with the best in-game gear to sell them to other players for a profit, which can include the rising price of cryptocurrencies, particularly Ethereum.
Tokens Offered In Axie Infinity
Axie Infinity offers a variety of tokens, each with a unique function. These are its primary symbols:
Axie Infinity (AXS)
The governance token for Axie Infinity is called Axie Infinity (AXS). Buy this token if you want to make an investment in the gaming platform. Although there isn’t any money made right now from this token, those who own it have voting rights over how the game platform will develop in the future.
To celebrate Lunacian Summer, we’re hosting a summer-themed art contest!— Axie Infinity🦇🔊 (@AxieInfinity) August 4, 2022
The prize pool is stacked, consisting of:
✨1 Mystic + 6 Origin Axies
+ more! #axiesummer
📜: https://t.co/1f57f1cuKV pic.twitter.com/QUthJqb8zQ
On Axie Infinity, non-fungible tokens (NFTs) are widely available. Others buy them to play in the game, while some users buy them as investments. The in-game animals known as Axis, real estate, and other goods that may be purchased and sold on the Axie Infinity market are all NFTs.
Small Love Potions (SLPs)
Another Ethereum-based token Axie Infinity employs on its platform is small love potions (SLPs). These tokens can be used in the game to level up your animals and breed Axies. SLPs are comparable to experience points that can be purchased, sold, or used.
What is Axie Infinity Called?
Axie Infinity is a game that pits teams of adorable monsters called Axies against one another in combat. Ronin, a sidechain that helps reduce costs and transaction delays, enables the game to run on the Ethereum blockchain.
How Do NFT Games Make Money?
The quick explanation is that NFT games provide players the option to make money as they play. These games feature NFTs—unique digital treasures on the blockchain—that players can sell in-game to other collectors and players, or GameFi as players refer to the blending of video games and finance. In some pay-to-earn gaming models, players can also gain NFTs. Through this system, players can purchase NFTs, which have the potential to increase in value.
The concept of P2E Games
The play-to-earn (P2E) business model is new in the gaming industry. It is made to reward players who contribute in various ways to the ecosystem or universe of the game. P2E is primarily based on the freemium model, in which the user can pay to add more features, content, or gear or just to go through the game more rapidly after signing up.
Players must start with three Axies in Axie Infinity, which does not follow the typical free-to-play model as of late February 2022. However, the company plans to offer free in-game starter monsters to entice new users who are not yet prepared to pay the premiums required by the existing model.
Although the user is unlikely to receive many reward tokens from beginner monsters, the change may attract more players to the game.
Is Axie Infinity a Wise Investment?
In terms of game utility
The token’s utility in driving the game is one feature that makes Axie Infinity a good investment possibility. Over 2.8 million people play the game every day, and an astounding $3.6 billion worth of AXS is presently being exchanged in-game. AXS coin’s value can increase as these figures increase. Users may directly influence how the game is run and how it will be managed in the future by holding AXS Coin.
In terms of crypto risks
Before purchasing any cryptocurrency, buyers should be aware of the market’s high level of volatility. Another thing to keep in mind is that Bitcoin, which serves as a stand-in for markets, frequently affects how cryptos move. This implies that while Axie may be doing well, Bitcoin may hinder further growth.
What are the top three non-fungible tokens (NFT) projects in terms of revenue?
OpenSea has the record for the most significant total sales in the history of non-fungible token (NFT) projects, according to DappRadar.com, with $23.5 billion. Axie Infinity is in 3rd position with $4.17 billion, followed by LooksRare in the second position with $18.16 billion.
The Ending Note
Online gamers can now make cryptocurrency while playing games, thanks to Axie Infinity. You can try it yourself using the given guide. You might end up making an incredible amount of cryptocurrency.
As you go through the adventure mode, free starting Axies become available. There are a total of 5 starter axes you can receive for nothing by completing particular adventure mode stages.
You will require a team of three Axies to participate in the mini-games of Axie Infinity and begin earning Smooth Love Potions (SLP). Currently, some Axie is priced as little as 0.008 ETH, or slightly over $20, on the marketplace. This means that if you simply purchase these NFTs, you could assemble a starting team for less than $100.