What is Axie Infinity?
If you have a friend who loves playing video games, you’ve likely heard the name Axie Infinity before. But the strange thing is, you have likely heard about people making money by playing Axie Infinity as well, and for someone who is unsure of what the game is, this concept can seem very strange.
Axie Infinity is a video game that can be used to make money, specifically a cryptocurrency known as Axie token. This is done via a pet creating video game where players research and breed digital pets. Some players can make a living off of creating these digital creatures.
Think you would like to make a living from playing video games too? Then keep reading to find out more about Axie Infinity and if it would be a worthwhile use of your time to begin playing the game and earning Axie tokens.
How Does Axie Infinity Work?
Axie Infinity is based on the same idea that Cryptokitties was based on. Players in the game spend their time researching character traits and breeding unique pets. But besides just breeding, players can also send the creatures they make to battle and see how they do against other player created creatures. Players are rewarded with AXS when their creature wins a battle, or they can also trade and sell their creatures for profit. To date, there are 500 different characteristics that can be adjusted to create a creature. This means the number of unique creatures possible are practically endless.
Beyond just making creatures, players must also have land to house these creatures on. This means players must hold enough land before they can breed new creatures. This land can also be traded and upgraded. Recently, some premium lots in Axie Infinity were sold at an NFT auction for $1.5 million dollars. Before you quit your day job to start trading digital creatures, you should know that Axie Infinity does require that you hold 3 AXS to begin playing the game. At current prices, this is a several hundred-dollar investment and is not to be taken lightly.
If you don’t have this money to put up front in this endeavor, you can consider becoming a scholar which is where you work under another breeder and they sponsor you—but they also take a portion of your profits. This will be discussed in more depth later.
What is AXS?
AXS is the cryptocurrency that is native to the Axie Infinity playing space. It is built on the Ethereum platform, and follows the ERC-20 token regulations. There are currently 270,000,00 AXS. Most of the tokens, just under 50% are used for in game rewards for players, however staking rewards also come out of this same pool. Meanwhile the other 50% is split, with 8% of the available tokens are for helping grow the Axie Infinity community, 21% is for the creators, 7% is for the advisors, and the remaining 15% is for private and public sales that happened in 2020.
AXS is mostly used as a governance token on the Axie Infinity platform, this means players who hold AXS have a say in where the future of the game will go. But besides being a governance token, AXS is the only token accepted for in game purchases. This means if you want to buy a creature, or new land, then you will need AXS to do so. Additionally, players can stake their AXS on the Axie Infinity blockchain in order to keep the system liquid and allow players to make trades. They are rewarded with some AXS in return.
What is SLP?
SLP is a second token that is used to run the Axie Infinity blockchain. SLP is a utility token on the platform—this means it can be used to make purchases on the website, but does not grant its holders any governing rights like AXS. The main reason to have SLP is that the blockchain will require you to pay some, along with 4 AXS to breed your creatures. SLP does not have any value on an exchange like AXS does.
Who Invented Axie Infinity?
Axie Infinity was built by three men who loved the idea of the website Cryptokitties, but also saw all the flaws that didn’t allow the website to progress. Their names are Trung Thanh Nguyen, Aleksander Loenard Larsen, and Jeffery Zirlin. The initial program was founded in 2019, and since their ICO that happened that same year, they have been on a massive road to success as more and more people get involved in the NFT world through Axie Infinity.
Should You Invest in Axie Infinity?
Honestly, unless you love playing video games and plan to play on the game yourself, there is no reason to buy Axie Infinity. This isn’t because it is a bad project, but because there are just so many better projects to invest in and stake that can make you more money. But if you love video games, Axie Infinity is a great way to earn some extra cash when you’ve got some hours to burn—especially if you have enough money to get started.
As mentioned above, if you are desperate to join the Axie Infinity world, but don’t have enough capital, then apply for a scholarship instead. And if you do have enough money for the startup cost, but don’t have the desire to play the game yourself, then consider joining the game and offering scholarships to new players. Through this you can reap the rewards of the game without having to play the game yourself. Generally, how much you will earn will be agreed upon with your scholars in advance based on a ratio. For example, you could take on 3 scholars and have them agree to give you 30% of any profits they make while they keep the remaining 70%--it’s that easy.
How Much Money Can You Make on Axie Infinity?
Are you ready to quit your job and start breeding awesome digital creatures? Well you might want to know before you do anything rash, that the average player nets between just $8 and $40 per day of play.
This means if you are looking to get rich, don’t quit your day job just yet. You also should know that the above numbers are reported from players who spend a significant amount of time on the game. This means you can’t expect to make $40 a day by just checking in for an hour than leaving. But if you have extra time on hand, Axie Infinity truly is a great way to make a second income.
Overall, Axie Infinity is one of the most fabulous NFT creations to date. Not only is it more modern than Cryptokitties, but it has also already proved that it is here to stay for the long run. Just be cautious however, before quitting everything to become an Axie Infinity player, as this game won’t quite make you a millionaire just yet.