Quick Facts

Approximate Market Cap$3,351,724,560  
Year Established2017
FounderTrung Nguyen
Symbol/AbbreviationAXS
UtilityAsset

Blockchain technology is expected to make gaming more enjoyable by breaking down technological obstacles. However, due to blockchain games’ nature, most of them face new challenges. Interactions in games can be expensive in terms of implementation, resulting in poor playability.

Understanding the shortcomings of other current blockchain games, Axie Infinity may be described as a new twist since it strongly emphasises its engaging gameplay.

Axie Infinity seems more than simply a Tamagotchi-style game. It has the potential to be a phenomenon in the blockchain video game industry.

What is Axie Infinity – Definition

Axie Infinity is a decentralized game built on the Ethereum network. It introduces players to Axie, an endearing fantasy creature. 

Anybody may earn tokens by playing the game skillfully and contributing to the ecosystem. Players may combat, acquire, grow, and create a land-based empire for their creatures.

In the game, there are two sorts of tokens: Small Love Potion (SLP) and Axie Infinity Shard (AXS). It is the SLP that gamers frequently acquire and cash out. The AXS is a suggested management token that, if adopted, will give owners a role in how the game is designed.

Tokens are earned through playing and battling. These coins can then be utilized to create a new monster NFT. NFT minting ensures the originality and non-duplicability of a digital asset, in this example, the monster NFT.

The Axie Infinity system is protected by Ethereum’s PoW consensus mechanism.

Pros and Cons

Pros

  • Earned while playing the game
  • Compatible with various OS
  • Scholarship program

Cons

  • Volatile
  • Not available on US exchanges
  • NFT bubble could burst

The History

Sky Mavis, a technology-focused games company with staff located largely in Vietnam, founded Axie Infinity in 2018. Trung Nguyen and Aleksander Larsen co-founded it. 

The Axie core team delivered the initial fight system developed on top of the Axie game elements in October 2018. The fighting system was designed as an “idle battle” system. 

The Axie team began work on the real-time card combat system and application in March 2019. An Alpha version was launched in December 2019. The application had over 15,000 downloads and over 7,000 weekly active members as of October 2020.

How Axie Infinity Works

Axie Infinity was created as an entertaining and informative method to promote blockchain technology worldwide. Play to earn is a novel kind of gaming, but it’s gaining popularity. 

Players in these applications earn cryptocurrency tokens inside the game, which they can then sell for actual money on decentralized exchanges. Axies are adorable animals that players control in Axie Infinity. 

Each Axie is a non-fungible token (NFT). This means it is a one-of-a-kind digital collectible in and of itself. Players may breed and combat Axies, as well as accomplish tasks and harvest supplies.

Inside the game, there is a whole economy – a world called Lunacia. In Lunacia, players may spend their in-game tokens, Smooth Love Potion (SLP) and Axie Infinity Shard (AXS), to acquire land, farm, or breed Axies. Because the tokens have monetary worth, players may use them to pay for rent or food in everyday life.

Advantages & Disadvantages

Advantages

Play to earn system

This method compensates users that play the game on a regular basis. Users may either utilize these resources to advance their own games or sell them on alternative marketplaces to make money for playing the game.

Future development

There is a clear attempt to build an immersive digital environment based on blockchain technology and cryptocurrencies, with Axie at its heart.

Cross-platform compatibility

It is compatible with various desktop and mobile operating systems. It is compatible with Microsoft Windows, Apple’s macOS, Android OS, and iOS and iPad OS.

Disadvantages

Costs

To play the game, a user must have three Axies. Users may presently purchase one for more than $150 USD. This means that players will be unable to play the game unless they are prepared to invest at least $500 USD.

NFT market issues

According to blockchain specialists, the present enthusiasm for NFTs may result in an economic bubble. Due to market excitement, speculation, herding behavior, and overestimation of digital NFT assets, this bubble may finally burst.

Axie Infinity in the Global Crypto Market

The approximate market cap of Axie Infinity is  $4,550,605,623.

The total quantity of AXS tokens is 270 million tokens. As of half 2020, around 53.5 million coins were in circulation.

Axie Infinity (AXS) is only accessible for trading on one exchange platform, Binance. It has four trading pairings listed. As the popularity of the game has grown, so has demand for their exchange rates.

FAQ

What is Axie Land?

Land is a new game mode that will increase the usability of Axie-related gaming materials. Lunacia, the Axie homeland, is split among tokenized pieces of land that serve as Axie residences and bases of operations.

What are SLP tokens?

SLP tokens are ERC 20 tokens used to breed Axies. When users breed Axies, they receive SLP.

What kind of wallet Axie Infinity users need?

To join, users must have an Ethereum-compatible crypto wallet and enough ETH.