A concise summary on Axie Infinity

A concise summary 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.

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

Axie’s skills

Axies have four distinct skills. In a combat, an Axie may execute the following moves. A card represents each action. The four skills are defined by the player’s mix of class and bodily parts.

Attacking movements that do harm to an opponent are contrasted with defensive techniques that aid recovery or evasion. The game has 132 cards (moves).

A concise summary on Axie Infinity

What is Axie Infinity all about?

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 determined 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 firm, 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 go 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 System: Get to know the Ronin Sidechain.

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

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 not to share it 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 for greater security.

A concise summary on Axie Infinity

Explaining the SLP Token

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).

Token AXS 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, allowing them to vote and submit governance ideas. They may use their AXS to earn prizes and get access to other game features.
  • AXS is used to activate the Community Treasury, which gets all of the game’s income. 
  • Once the network achieves a suitable degree of decentralization, AXS holders will be able to adjust or adopt new monetization schemes for the fund.

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

The Infinity Land of Axie

Lunacia is the name of the Axie universe, which is an open-world driven by its players and made up of many land plots. Players may purchase, lease, and develop this land, which is split into non-fungible tokens (NFTs).

Lunacia is made up of 301 301 grids. A tokenized parcel of land is represented by each square. Although the land game is still in progress, gamers and investors are lining up to purchase genesis lots. According to CryptoPotato, a plot sold for $2.3 million in ETH, making it the highest price ever paid for a genesis lot of metaverse real estate.

Posted by Thomas Flynn