Axie Infinity: The story of game tokens soaring when all other tokens are stagnant
- The game mode of playing games to make money has created a new era of digital games.
- The price of Axie Infinity’s native token AXS has outperformed major cryptocurrencies such as BTC and ETH.
- Axie Infinity is spawning a new digital boom because it creates a booming NFT in-game economy.
- Playing for money has created new financial opportunities for users in developing countries.
NFT became very popular in 2021, and a digital artwork by Beeple sold for US$69 million. The irreplaceability of digital assets transfers ownership from developers to end users. NFTs, regardless of their media format, have been widely questioned, but they provide a new way to retain digital ownership. Axie Infinity is a blockchain game that earns revenue through games. It is reshaping the game through a “real in-game economy” that surpasses anything in the past.
NFT games have found their place
Blockchain has always been a liberal technology. In games, the promise of digital ownership evades the control methods of game developers. Xiao Yi, non-executive chairman of Animoca Brands, emphasized that as the digital movement becomes more and more important, users realize the importance of shifting to an ownership economy. In addition, Siu, who invested in Sky Mavis, the parent company of Axie Infinity, envisions that they can make money through blockchain games while also distributing “unique assets”.
Axie Infinity introduces a new game model, different from the current freemium model, the company earns income by selling in-game rewards. In contrast, the game model of earning revenue from games is built on the NFT infrastructure, in which players can play, breed, fight, and trade Axies. Axie Infinity has similarities with CryptoKitties in 2017, but is built in a more interactive environment.
Axie Infinity is a blockchain game that rewards participants. Players can participate in PVP and adventure game modes to earn SLP tokens. AXS is a native governance token, and SLP is needed to cultivate Axies. In addition, the ecosystem has fostered an interactive meta-universe in which players can explore Lunacia, which consists of multiple real estate plots, similar to the meta-universe of Decentraland.
on the other hand
- NFT is still speculative, and gamers are buying Axies for additional income.
- Axie Infinity has a high barrier to entry because it requires players to sell 3 Axies on the market to join.
- The game may develop into a new Ponzi scheme because it blurs the line between gaming and finance.
Money making environment
The report shows that the NFT-based meta universe adds substance to the digital economy. Play To Earn released a video documenting a gaming community in the Philippines and its economic motivation for participating in games. Some players make more money playing games than doing daily work. In addition, Axie’s game mode offers unprecedented possibilities for those severely affected by Covid.
The financial resources obtained from Axie are not legal tender, but as players said, they will trade AXS tokens as ETH and ETH as cash. Although Axie Infinity has a high barrier to entry, since the price of AXS has soared by more than 700% to a high of over $29, early adopters have benefited a lot from entering the game.
New technology brings more speculation. Transcending the digital world is inevitable, and platforms like Axie and Decentraland have developed digital lands that technology enthusiasts have been using. In a tweet, Kieran Warwick talked about how he flipped the land purchased in the Axie virtual world from $300 to $28,000. This behavior is similar on all platforms that have virtual land digital markets. Metaverse participants are using their existing purchases to rent out advertising space.
Although the basic gameplay is not yet clear, the uniqueness of Axie is worth guessing if it’s not just about making you a better player. In November, Axie sold for 300 ETH, valued at approximately $130,000. More importantly, the same specimen was relisted at a higher value of US$250,000.
Have NFTs finally shown their value?
With the current surge in the prices of SLP and AXS tokens, NFT has gradually become the focus of attention. Although market transactions are indecisive, AXS has soared and hit record highs every day. The chairman of Animoca Brands stated that NFT will “affect our way of working, living and entertainment”.
As the NFT market lost 90% of its trading value after hitting a record high in May, worries about the demise of the bubble have once again surfaced. High-priced NFTs do account for the total value, but an irreplaceable report emphasizes that high-priced NFTs have decreased, but low-priced NFTs have increased. This may be Axies.
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