Last Updated on January 29, 2024 by Editor
NFTs are a separate class of the crypto world. Unlike crypto, non-fungible tokens cannot be traded or exchanged. Since 2021, when NFTs took the internet by storm, there has been no looking back. Today, global NFT sales have topped $40 billion, with estimates reaching $122 billion by 2028. This growth potential of NFTs is what attracts many people to its market.
Many platforms currently operate to provide NFT services to meet the growing demand. While some exist in the form of marketplaces, there are also play-to-earn games that allow you to earn digital tokens like NFTs and crypto as you play. For example, Axie Infinity is one of the popular P2E games that operates today.
What is Axie Infinity?
Axie Infinity is a blockchain-based game that revolves around trading and battling. Users buy virtual land, build an army of Axies, and use them to battle other players. They can also breed their Axies to build a larger, more formidable army. All of these fun-packed events are done, and at the same time, players get to earn returns. Launched in March 2018, Axie Infinity is now one of the most frequented play-to-earn games in 2022.
How does it work?
The game is inspired by the Pokeman game series and is built entirely around NFT items. It runs on the Ethereum blockchain with the help of Ronin, a sidechain that helps minimize fees and transaction delays. To start, you must purchase three Axie NFTs to create your first team. When you win a combat, you earn Smooth Love Potion (SPL) tokens that can be exchanged for fiat currency. The more you play and win, the more SLP tokens you get to earn. Axie Infinity also has its primary token, Axie Infinity Shard (AXS). AXS is used to pay for breeding fees.
In a nutshell, the year 2022 has been tough for the crypto world, and the NFT P2E game Axie Infinity has faced its fair share. In April 2022, the user base of Axie Infinity dropped when hackers stole $625 million worth of assets. May 2022 saw the AXS tokens of the P2E platform drop by 30 percent.
Looking Ahead
Despite the seeming setbacks, Axie Infinity has remained positive. By May 12, 2022, the company released a mobile spinoff of the game Axie Infinity: Origin on Android. This launch moves the P2E game closer to its global scale implementation.
Soon, Axie Infinity plans to shift to Decentralized Autonomous Organizations (DAO)to allow for better community governance. In addition, the AXS token will be used to vote on decisions affecting the game and its future, as well as stake AXS tokens to earn rewards in the game.
Axie Infinity has succeeded in building a reputable name for itself. With a population of 2,800,000 active users, this P2E game’s community is set to keep expanding. As its founders keep creating and launching innovative ideas like the Axie Infinity Scholarship (where users can loan Axie NFT to scholars to play and divide the profits), the Axie Infinity marketplace is only beginning in terms of being one of the most used NFT P2E game.
