For this post I decided to remove the full date format to "lighten" the title. Let me know if you approve this change :)
If you are interested to the previous posts of this series, check it out here:
What is it?
Axie Infinity is a videogame based on collecting "cute monsters" (idk how to name them XD) to fight with. The game runs on the Ethereum blockchain with the help of Ronin, a sidechain that helps minimizing fees and transaction delays. It mainly focuses on turn-based battles, both against computer-controlled Axie teams and against live opponents over the Internet. Game items are represented by non-fungible NFTs or tokens. These cryptographically unique tokens can be linked to digital content; in the case of Axie Infinity, the Axies and the plots of land that populate the game. Unlike conventional game items, the NFT gives ownership to the buyer; you can trade Axies on the game market for real money. You can buy and sell Axies on the game market. You can also breed Axies, which allows you to build potentially more powerful teams and produce additional NFTs to sell on the market. Some Axie NFTs have sold up to 300 ETH each, or more than $ 600,000 at the time of this writing.
How does it work?
Within the Axie Infinity universe, there are two main ways in which players can earn money. The first is by playing and earning Smooth Love Potions, or SLPs. The second is by breeding and selling Axies. Smooth Love Potion (SLP): SLPs are in-game rewards that are collected by players simply by playing. This makes them the easiest way to earn money through gaming. They can be earned through completing challenges or battles. Once enough SLPs are accumulated, they can be sold for real money. Each SLP is represented by an ERC-20 token, which allows them to be traded and traded for free through the Ethereum blockchain. Each token has a real dollar value due to their requirement for breeding Axies within the game. Players wishing to breed Axies need a certain amount of SLP to do so. This gives SLPs intrinsic value. In Axie Infinity, SLPs can be earned like this:
- Adventure Mode: players are rewarded with SLP by battling monsters in adventure mode. Axies also earn experience points required to level up. An Axie level will determine how many SLPs have been won at the end of each battle. A maximum of 100 SLP per day can be earned in Adventure Mode.
- Arena: the Arena is a multi-player platform where players can battle with each other. Each player must increase his matchmaking score (MMR) to earn more SLPs for each win. Players can earn unlimited SLPs in Arena mode.
- Daily missions: these are challenges built into the platform that incentivize players to keep playing. These include winning a set number of battles per day or simply logging into the game once per day for a set period.
The Axie Infinity Shards, or AXS, are the native and governance tokens for the Axie Infinity platform. Introduced in November 2020, they allow every token holder to vote on decisions such as platform development or fund distribution. Axie Infinity's future intention is to become a fully decentralized organization that is run by players only. The AXS token is also crucial for the Community Treasury. Community Treasury collects 100% of all transaction fees that occur on the platform. By staking AXS tokens and supporting the ecosystem, AXS holders can earn a share of the transaction fees collected. This incentivizes community support and further grows the Axie Infinity ecosystem. According to the Axie website, AXS can also be earned within the game. However, the potential for pure play-to-earn is not yet fully available. Like Smooth Love Potions (SLPs), AXS are also Ethereum-based ERC-20 tokens. However, while SLPs have an unlimited supply that will constantly fluctuate according to the number of players, AXS’s current supply is set at 270 million.
Where to store it?
The best hot wallets for AXS are MyEtherWallet, TrustWallet and Atomic Wallet. If you want more security, a cold storage like Ledger or Trezor is the right choice.
Pros&Cons
*DISCLAIMER* These lists are subjective, it depends from person to person
Pros
- NFT videogames (play-to-earn) have a lot of potential
- Fixed supply
- Unique economic model
Cons
- High initial investment
- Stability and security are two of the biggest concerns about Axie Infinity
EDIT: Thanks a lot for the award!
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