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Earning Games/Axie Infinity

Heard about axie Infinity? The resources and tools you need can be found here.

Posted by Brodie Cockett on
Heard about axie Infinity? The resources and tools you need can be found here.

Axie Infinity is an online video game usually on a non-fungible token. It is known for the economy present in its gaming system. This economy uses cryptocurrencies that are Ethereum-based as a medium of transaction in its exclusive design. This economy is the reason why it is known far and wide, and this is so because the economy is arrange to the extent that it looks so much like a physical platform which is unlike other online gaming systems. Axie Infinity came up in March 2018, and it can use a variety of media such as Windows, iOS, Android, and macOS. 

Many wonder how possible it is to play axie Infinity. 

To know about axie Infinity and get the latest update, it is essential to follow the axie infinity news platform. It is where one can be sensitized about the happenings of axie Infinity as a whole. This place is not far-fetched; it is just by logging on to a URL website which is https://axie.substack.com/. Even though axie infinity news can circulate on other social media platforms, it is necessary to deal with the information zone of axie Infinity or their other social media.

Axie Infinity uses “idle battle” as its gaming system. This system is similar to those used in competitive games, making axie Infinity itself a competitive match. People play Axie Infinity by using players called Axies. These axies fill up the entire setting of the game. The Axies are axolotl-inspired digital pets. In axie gaming, the players collect these axies, breed them and use them to battle in the game as pets till they build strong kingdoms. While they play the axie infinity game, players can sell, buy and exchange their axies in the gaming system. The model used by axie Infinity is the “pay-to-play-to-earn” model. The players have to pay the price to start playing and earn as they play. What players make in playing the game are tokens that are always Ethereum-based. Because of the axie infinity game’s model, it is referred to as a form of gambling. Still, in the Philippines, where axie Infinity has the highest number of players, earnings from axie Infinity have been declared taxable. Another thing to know is that when the players play axie Infinity, the players are allowed to cash out their prizes every fourteen days. 

It is also possible for the players to purchase axies and virtual lands in the axie gaming process. Virtual lands in axie Infinity can be regarded as expensive because, as of November 2021, it costs about 2.3 million US dollars to purchase a plot of land in axie Infinity. 

Since axie Infinity is non-fungible token (NFT) based, what is it exactly? 

Axie Infinity NFT is simply the digital assets in-built in the axie game, such as the axies used in the axie infinity game. Therefore, an example of axie Infinity NFT is the axies. These digital assets that are in-built represent the NFTs. Axie Infinity is said to be the leader where NFT gaming is concerned. The NFTs are unique tokens, and they help the players trade axies for real money in the marketplace. Not only this, the NFT confers ownership of the players.

The Axie Marketplace is where axie Infinity NFTs can be sold and purchased. It is also where land and other accessories for land decoration can be bought. 

The average price in which axie Infinity NFT has been sold is $355 US dollars, but this price has dramatically reduced to an average price of $40 US dollars in recent times. As a result, it would cost an average of $110 US dollars to form an axie infinity team. 

Heard about axie Infinity? The resources and tools you need can be found here.

The Axie Infinity Coins

Axie Infinity Shards and Small Love Portion (SLP) are the leading axie infinity coins primary to the axie infinity game. The Axie Infinity Shards can be purchased and traded on cryptocurrency exchange platforms such as coinbase. Before a player can play axie Infinity, buying these axie infinity shards is necessary because this is the medium of exchange in the gaming system. However, just like other cryptocurrencies, it is possible to trade this axie infinity coin on the approved platforms coinbase as an example. 

The Small Love Portion (SLP) is a reward given to the axie infinity players for the time they spend playing the axie infinity game. The SLP awarded to the players varies, and this is majorly based on the time that they spend playing the game. The more time spent, the higher the SLP reward given to the players. Another way that players can earn SLP is by defeating their opponents during the play games. Players who win more earn more SLP, while players who lose their games earn little or no SLP. The SLP gained can be traded on DEXs for other cryptocurrencies.

Heard about axie Infinity? The resources and tools you need can be found here.

Today, the axie infinity coin price for axie infinity shards is 45 US dollars, ranging with a difference of about 50 cents in different purchasing platforms. The Axie Infinity Coin price has experienced a 72% decrease from the highest price that it has been purchased previously.

In today’s market, the axie infinity shards are the 38th coin in the market demand ranking. Due to the recent crises experienced by the axie infinity team, the demand for the axie infinity shards has drastically reduced. This has increased its availability in the market but with little or no direction from buyers. The coin’s current market cap is about $2.90B US dollars. Axie Infinity Shards (AXS) are converted to BTC at 1 AXS to 0.00118658 BTC. 

Everything, where cryptocurrencies and NFTs are concerned, is a risk. It is also true with axie Infinity primarily because real currencies are being used to exchange for the purchase of digital assets in the gaming system. Therefore, dealing with this mindset knowing that the game is controlled by the number of players playing it can affect the price. In short, nothing is fixed and guaranteed. Trade wisely.

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A quick overview on Axie Infinity

Earning Games/Axie Infinity

A quick overview on Axie Infinity

Posted by Zaheer on
A quick overview on Axie Infinity

Every gamer’s desire is to make money playing video games, but in the conventional sector, only professionals can do this.

However, in the world of cryptocurrencies, things move quickly, and the foregoing is now achievable owing to the P2E (Play to Earn) business model.

The use of blockchain technology and non-fungible tokens (NFTs) in video games is allowing crypto fans and gamers to earn money by defeating other players or just playing against the environment. Learn more risks involved with nft play to earn games.

Axie Infinity is one of the most famous and well-known games in the industry. We’ll go through what Axie Infinity is, its history, and how to play it step by step in this tutorial.

What is Axie Infinity?

Axie Infinity is a popular Pokemon-inspired blockchain-based P2E game in which players gather virtual animals called Axies, which are represented by NFTs.

These animals may be gathered, bred, and sold for a fee based on their rarity. Their cost might vary from a few dollars to several hundred thousand dollars.

Who makes up the Axie Infinity team?

Trung Nguyen, a Vietnamese software engineer, founded Axie Infinity in 2017 after being inspired by the popularity of the renowned CryptoKitties, collectable NFT kittens kept on the Ethereum network.

Nguyen sought to incorporate all of the advantages of blockchain technology into video games, giving players actual ownership of the in-game objects they earned.

Sky Mavis, a tech-focused game company, is co-led by Nguyen. The team decided to build a Pokemon-style game utilizing the Ethereum blockchain after seeing the popularity of P2E games. Sky Mavis was valued at $3 billion in 2021 after raising $152 million, making it one of the top gaming firms in the world.

The Project Launch of Axie Infinity

Mark Cuban, Blocktower Capital, and Libertus were among the early investors in Axie Infinity, which launched in March 2018. But it wasn’t until Binance launched the AXS initial exchange offering (IEO) on its Launchpad in October 2020 that the AXS token caught the attention of the crypto community. At a cost of $0.1 per token, each winning lottery ticket got 2,000 AXS.

One year later, in October 2021, as the project’s popularity soared and the token price surged, each ticket was worth around $250,000, signifying an almost 125,000 percent rise in only one year.

Tokens of Axie Infinity: AXS and SLP Explained

Before we get into the game, let’s discuss about the Ronin Network and the two gaming tokens: Axie Infinity Shard (AXS) and Small Love Potion (SLP) (SLP).

So, why does Axie need two tokens, and what is the difference between them?

The Network: Take a look at the Ronin Sidechain.

The Ronin wallet is a Google Chrome and Firefox browser addon. It’s Sky Mavis’ Ronin sidechain’s digital wallet. Ronin is now available as an Android app.

The Axie Infinity metaverse’s Ronin ecology is created as a totality. It gives participants a more open economy and helps them to avoid the Ethereum network’s high gas prices.

Ronin is an Ethereum-linked sidechain with its own set of smart contracts that will allow players to move all in-game assets from the Ethereum blockchain to the Ronin blockchain, including Axie animals, land, and land products.

Ronin wallet is available as a Chrome or Firefox addon. Create a password for yourself. Make a note of your seed phrase (remember, you should never reveal your seed phrase with anybody) – after you’re ready, go to Chrome’s top right bar, choose extensions, and then choose Roning to access your wallet.

Important: Ronin may be used in conjunction with a Trezor hardware wallet, which is highly recommended for further security.

A quick overview on Axie Infinity

The SLP Token Explained

Small Love Potion (SLP) is, first and foremost, the token you get as a prize for each combat won in Axie. It may be used to breed Axie animals and then sell or auction them on the Axie Infinity Marketplace. Unlike AXS, the SLP token does not have a finite quantity.

SLP may be exchanged for other tokens on Katana, Axie Infinity’s decentralized exchange on the Ronin network. Anyone in the ecosystem may use the DEX to exchange in-game assets and other cryptocurrencies like wETH (wrapped Ether) and USD Coin (USDC).

The AXS Token Explained

AXS is an ERC-20 utility token in Axie Infinity that is awarded to the greatest players from each of the game’s 19 seasons. Due to the restricted availability of SLP, many gamers choose to switch to AXS. The Proof of Authority consensus technique is used, and Sky Mavis selects the validators.

  • Holders of AXS have governance rights, which enable them to vote and make suggestions for governance. They may use their AXS to earn prizes and get access to different in-game features. 
  • AXS is used to fund the Community Treasury, which receives all of the game’s income. There are currently just two sources of revenue: 25% from Axie Marketplace purchases and the AXS part of the breeding charge. As soon as the network achieves a suitable degree of decentralization, the Treasury will be administered by AXS holders, enabling token holders to adjust or adopt new monetization schemes for the fund.
A quick overview on Axie Infinity

The AXS token distribution has a limited quantity of 270,000,000 tokens. For 65 months, the complete supply of AXS tokens will be released. The maximum amount of AXS that can be issued in the following years is shown below.

How Can I Purchase AXS Tokens?

Purchasing AXS is essential to the whole experience since it is required for the game’s economy and government, as well as providing a passive income stream.

As previously said, its limited supply is one of the reasons why many individuals are switching from SLP to AXS. AXS may be purchased in a variety of ways, including gaining exposure to the whole ecosystem, earning governance rights, and obtaining redistribution inflows. The coin may be purchased on a variety of centralized exchanges, including Binance, Huobi, FTX, Coinbase, Kraken, Bitfinex, and others.

Final thoughts

This article goes far to discuss the token aspect of Axie Infinity. Here you’ll find the compatible tokens that go well with Axie Infinity.