Month: June 2022

Jun

2022

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).

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.

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.

Jun

2022

Axie Infinity’s founder talks about play-to-earn games driving adoption

The popular play-to-earn (P2E) cryptocurrency game axie infinity reached new heights in 2021, with massive jumps in transaction volumes and income, as well as the addition of millions of new community members. However, when we approach the midway point of the year 2022, the following issue arises: Is axie infinity able to live up to the hype?

Axie Infinity was released by its parent firm Sky Mavis in May 2018, but it didn’t gain traction until the second part of last year, when it began to get positive reviews.

According to the company’s co-founder Jeff “Jiho” Zirlin, “2021 was a year of growth and scaling of axie infinity,” whereas “2022 is a year of creating, deploying goods, and offering better and more accessible gaming experiences.”

The author recalls attending seminars and talking about axie infinity until he was unable to speak any more. He claims that it no longer requires an introduction as one of the largest and most well-known play-to-earn games in the cryptocurrency market.

According to Zirlin, “We had this incredible growth cycle that placed our company on the map and brought us resources to transform this into a decades-long adventure.” “I believe we are now in the process of developing the items that will propel us into the next growth cycle.”

For those who are unfamiliar with axie infinity, it is a crypto-focused gaming world and platform that features animals, known as Axies, that players can purchase or acquire as pets, which they can then use to combat, breed, and nurture in exchange for cryptocurrency.

According to statistics from Token Terminal, Axie’s AXS token had a completely diluted market valuation of around $16.7 billion at its peak, and its total income from in-game purchases and market fees paid was $364.4 million in August 2021, when it reached its highest point. According to the statistics, the company’s market capitalization has decreased by 19.76 percent to $13.4 billion, and its total revenue has decreased by about 99 percent to $2.5 million in April 2022 from its peak.

Bitcoin is really cyclical, and at times you’re in a growing cycle, and at other times you’re in a building cycle,” Zirlin said. A refractory interval is necessary because exponential growth cannot be sustained all of the time.

According to the REKT Database, Axie Infinity ‘s Ronin Network was the victim of an exploit earlier this year that was worth at around $625 million at the time, making it the greatest crypto theft to have occurred to date. Sky Mavis secured over $150 million in a financing funded by cryptocurrency exchange Binance shortly after the incident in order to pay victims.

In Zirlin’s opinion, “we made errors because we were moving too quickly, racing for more adoption,” and “I believe that the whole ordeal from last month will be viewed as a badge of pride for those who have gone through it.” “It’s difficult to consider other scenarios, but the apparent solution here is to increase investment on Ronin’s security and make it a higher priority [coming ahead].”

The company’s market capitalization and revenue have both declined significantly from their peaks, but the company is still flying much higher than it was at the same time last year, according to Token Terminal data. Axie’s market capitalization is up 228.3 percent, and total revenue is up a whopping 50,950.8 percent from the same time last year.

In addition, the game is attracting new players. Zirlin said that the firm published Axie Infinity: Origin, a free-to-play version of the game last month in an attempt to attract to more customers who may want to give the game a try first before committing to purchasing it.

According to Zirlin, “I believe that providing free starting axes to new players is a significant moment for NFTs since it allows people to fall in love with the IP and world and test it out to see whether it’s right for them before making large financial commitments.”

Axies are listed for sale on the game’s marketplace for a variety of prices, with some going for as little as $8 (0.003 ether), while others are listed for hundreds of thousands of ether, or billions of dollars (though that doesn’t necessarily imply that they’re being purchased at that price; someone out there is pushing their luck).

According to Zirlin, the community had around 45,000 Axie Infinity holders on April 24, 2021, and that number has climbed by approximately 5,567 percent to 2.55 million by April 24, this year. Over the same period, the game’s daily active users (DAUs) increased by 2,926 percent from 38,000 players to 1.15 million, according to the game’s developer.

Most play-to-earn games demand a financial commitment of anything from $1 to several hundred dollars in cryptocurrencies before you can begin playing, but others are completely free to begin with. The play-to-earn ecosystem provides gamers with the opportunity to generate more value for their investments via in-game activities and prizes such as more bitcoin, a non-fungible token (NFT), or an increase in the value of their original investment. Users are encouraged to earn incentives and exchange objects for monetary worth, in addition to having fun, in P2E, which differs from typical games.

In the previous year, a slew of funds for the crypto gaming sector have been established, ranging from GameStop and Immutable’s $100 million joint fund for gaming NFTs in February 2022 to decentralized blockchain TRON’s $300 million fund to invest in GameFi in August 2021. Recently, Framework Ventures announced the creation of a $400 million fund with a focus on blockchain gaming, which would be launched in April 2022. Axie Infinity intends to digitize the real world.

It is anticipated that Axie Infinity will begin developing a digital gaming environment that will be comparable to that of the actual world in the second half of this year, according to Zirlin. People will be able to log on to Axie Infinity to meet new people, interact, play games, compete, and even work and earn a livelihood, according to the CEO.

“There is a greater transfer of spending from the real world to digital surroundings,” Zirlin said. “Although it may be difficult for some generations to comprehend this, the fact is that more and more time is spent in front of screens, which represents a significant change that is leading more people to see the metaverse as a transition away from the physical to the digital.”