If you closed your eyes and woke up on July 6, 2016, the price of bitcoin was fluctuating between $670 and $681, the iPhone SE was the newest phone in town, and Pokémon GO, the soon-to-be-craze, had just been launched. 123 For many people, this seems like a long time ago. It’s incredible to consider how much technology has progressed in only six years.
The notion to integrate features of the crypto realm with online gaming would come to life in the ideas of the employees at Vietnamese company Sky Mavis around a year later, in December 2017.
45 In the next post, we’ll look at the online game axie infinity, examine what it is, and analyze how it has evolved since its inception in 2017.
Infinity Universe by Axie
Axie Infinity is an online gaming world centered on Axies, which are Pokémon-like animals. Axies are virtual pets that players may acquire and use to combat, breed, collect, grow, and construct kingdoms for. The connection that Axie Infinity has built between traditional online gaming and blockchain sets it apart from other online games. The Ethereum-based game has a system that enables players to control their virtual assets and rewards those that achieve a high degree of expertise. Click here to know about other NFT gaming skyweaver.
Users must first complete a multistep setup procedure to link their digital wallets to their Axie Infinity account, which is outlined in the game’s onboarding guide.
The gamer may engage with the digital marketplace after the accounts have been properly linked. Three Axies are required to play. The gamer may download the program and begin playing after they have three Axies.
Because the average price paid for an Axie varies dependent on characteristics such as rarity, experience, qualities, and type, there is a lot of intricacy surrounding the pricing of an Axie. The cheapest Axies, known as “Floor Axies,” cost roughly $30 as of this writing. Floor Axies are very weak in combat and are unlikely to earn anything for their owner. Players should expect to spend a few hundred dollars for a functional team of Axies and upwards of $1,000 for a rare Mystic Axie as of this writing.
Tokens that are not fungible (NFTs)
Axie Infinity is a non-fungible token (NFT) gaming industry leader. NFTs represent in-game digital assets such as the Axie animals. As previously stated, these cryptographically unique tokens convey ownership and enable players to sell Axies for real money on the game’s marketplace.
In the world of NFT projects, Axie Infinity has the third-highest sales of all time. Axie Infinity has $4.17 billion in total NFT sales as of March 2022, behind OpenSea ($23.21 billion) and LooksRare ($18 billion).
Business Model of Play-to-Earn (P2E)
In the gaming industry, the play-to-earn (P2E) business model is new. Its purpose is to reward players that give value to the game’s environment or ecology in certain ways. P2E is primarily built on a freemium model, which means that it is free to begin started, but users may pay to unlock more features, content, or gear, or just to advance faster through the game.
Axie Infinity does not follow the typical free-to-play model because players must start with three Axies, but the company is reportedly planning to release free in-game starter monsters to appeal to new users who aren’t ready to pay the premiums required in the current model, according to decrypt.co.
Although beginner monsters are unlikely to win the player many reward tokens, the change may allow the game to appeal to a larger audience.
Axie Infinity Shards ($AXS) are a governance token.
ERC-20 is one of the most important Ethereum tokens, since it became a technical standard for all smart contracts on the Ethereum blockchain. While the technicalities are outside the focus of this essay, they are essential here since Axie Infinity Shards (AXS) is the Axie Universe’s ERC-20 governance token. It may be regarded of as the game’s native money, and holders can earn rewards by staking their tokens, playing the game, and voting on important governance issues.
AXS has grown by more than 3,000 percent against the US dollar over the previous year as of Feb. 27, 2022.
The AXS tokens are a purposeful step by Sky Mavis to decentralize the ownership and control of Axie in order to align the interests of the game’s creators with the real players.
Smooth Love Potion — Reward Tokens (SLP)
A Smooth Love Potion (SLP), originally known as a tiny love potion, is a prize token that may be obtained in particular ways while playing Axie Infinity in combat or adventure mode. SLP is an ERC-20 utility token with a value similar to other cryptocurrencies that can be purchased and sold on a decentralized exchange.
In comparison to AXS, the value of an SLP against the US dollar has declined dramatically during the last year. Unlike AXS, which has a supply limitation of 270 million tokens, SLP has no limit on how many tokens may be created in the future. 1314
The uncertainty surrounding SLP’s future supply has had a significant influence on its value, and fears about its stability have led many to wonder what will happen next. Sky Mavis has adjusted the emission rate in recent months, and future modifications depending on governance votes will very certainly have a significant influence on the value of SLP.
Lunacia, the Axie homeland, is made up of tokenized virtual land pieces known as Terra. It will serve as a base of operations for the Axies of the players. The concept behind these virtual plots is that gamers will be able to buy, rent, and develop them while the gameplay is still being created. AXS tokens, as well as other sorts of resources that spawn in nodes around Lunacia, will be available to virtual landowners. Axies and land may be upgraded using resources. While the idea is still in its early phases, it has a huge influence on the game’s future and paves the way for continuous success.
Is it possible to gain money by playing video games?
Yes. The play-to-earn (P2E) business model is new to the gaming industry, and it rewards players who bring value to the game’s world or ecosystem in certain ways. Players may sell their account credentials or game assets like as characters or stuff in certain situations. Top players may also make money by streaming, sponsoring, and promoting their products.