A combination of cryptocurrency and Pokémon, Axie Infinity is a game where players battle and trade cute NFT pets, known as Axies. It features two native cryptocurrencies – AXS and SLP. Axie Infinity Shards (AXS) can get traded on some exchanges, and Small Love Potion (SLP) gets awarded if you play the game for long periods. The game, one of the largest crypto apps since summer 2021, has been created on the Ethereum blockchain. Axie Infinity involves breeding, raising and battling the creatures called Axies. There is also an in-game marketplace where axies and virtual real estate get sold in the form of NFTs. Ronin, a speedy and custom blockchain designed by Sky Mavis, facilitates most of these transactions.
How does Axie Infinity work?
It is a “play to earn” game where it is possible to sell items (like Axies, real estate, flowers, barrels and more) via an NFT marketplace while collecting tokens generated by the game. Out of the two cryptocurrencies used in this game, Axie Infinity Shards, the primary one, can be traded on some crypto exchange platforms. To play, users need Bitcoin, Dogecoin or any popular currency. AXS received in the game can also be used for trading. The token even serves as a governance token, allowing users to have a say in the game’s future.
Another token known as Small Love Potion(SLP) gets awarded for spending more hours playing the game. And if users complete an in-game quest or beat up their opponent’s axie, they can easily win the tokens. Launched in 2018 by Sky Mavis, the game has gained around 1 million players today.
How to start playing Axie Infinity?
Users need ETH and an Ethereum-compatible crypto wallet to play this game. But to start playing, a minimum of three Axies is required, which can get purchased from the game’s marketplace. And if any user sells Axies, real estate or other items to other users in the game, Sky Mavis deducts 4.25% on that. Also, the costs of the rare Axies can often be higher than the regular ones. New axies can also get created using the game’s native cryptocurrency — AXS and SLP. Another way to earn the tokens is by battling other players and completing quests.
What are some risks related to Axie Infinity?
Since Axie Infinity represents a new gaming model based on cryptocurrencies, the prices of AXS and SPL depend on user interests and game popularity. That means once users start migrating to other games or lose interest, the prices of AXS and SPL can fall.
