Metaverse platforms have become all the rage ever since Facebook rebranded to Meta. However, platforms like Axie Infinity have been on the market since 2018 and have been at the forefront of “play to earn”.
What Is Axie Infinity In Simple Terms?
Axie Infinity is, in simple terms, a gaming platform that allows you to play and earn. The game works by allowing players to collect or mint Non-Fungible Tokens or NFTs known as Axies.
The development of Axie Infinity began in 2017 and the platform’s first game, a battle system, was launched in 2018. Eventually, a card battle system was also released in 2019.
These Axies are creatures that can also be traded, bred, or used for battle on the platform. Axie Infinity is popular because, at its core, it is a metaverse platform that’s engaging and potentially lucrative. You can consult a Cube Wealth coach or download the Cube Wealth App.
How Does Axie Infinity Work?
Axie Infinity is built using the Ronin Network powered by Ethereum. The goal is to allow players to engage in a Pokemon-esque metaverse where creatures can be bred, collected, and used for battle.
There is a starting cost involved. The development house, Sky Mavis, suggested that a player may have to shell out as high as $400 to get started on Axie Infinity.
Players can progress through the game by collecting as many Axies as they can. Ethereum-based cryptocurrencies are the base of the rewards players can get by trading and winning.
The world of Axie Infinity is quite deep. So much so that there’s something known as Digital Colonialism developing where players operate on a salary to earn rewards for their bosses who loan them Axies.
That’s not all. Players can even own real estate that’s steadily approaching real-world pricing. For example, one piece of land on Axie Infinity was sold for as high as $2.3 million in November 2021.
What Is The Point Of Axie Infinity?
Broadly speaking, Axie Infinity is known to allow users to play and earn. For many, this may be a dream scenario for many who can simply battle it out online and earn cryptocurrencies and NFTs.
The platform is diversifying as well, with players getting the opportunity to buy assets in the metaverse. The overall point of Axie Infinity may be two-fold:
- To create a metaverse of its own
- Enable a modern play-to-earn platform
While Axie Infinity has soared in popularity, it has met with its fair share of hacks, roadblocks, and other issues. That’s why investors must evaluate multiple factors before choosing to invest in the coin or platform. You can consult a Cube Wealth coach or download the Cube Wealth App.
Is Axie Infinity Crypto A Good Investment?
The play-to-earn model of web3 games like Axie Infinity has given rise to a gaming economy. However, many believe that this is not too dissimilar to online gambling.
Moreover, the cost of getting started may be relatively high for many while the return on investment, albeit never guaranteed, can be difficult to achieve. Finally, the Ronin Network has been prone to hacks and attacks.
Thus, whether or not you should invest in Axie Infinity will depend on what you want to get out of your investment. You can consult a Cube Wealth coach or download the Cube Wealth App.
FAQs
1. What are Axie Infinity Shards (AXS) and Small Love Potions (SLP)?
Ans. AXS is the native cryptocurrency of the Axie Infinity ecosystem, used for governance, staking, and earning rewards. SLP, on the other hand, is used for breeding Axies and can be traded on various cryptocurrency exchanges.
2. Can you earn real money from playing Axie Infinity?
Ans. Yes, players can earn real money by playing Axie Infinity. They can sell Axies, SLP, and AXS in the marketplace and potentially generate income by participating in battles and quests.
3. Is Axie Infinity safe to play and invest in?
Ans. While Axie Infinity has gained popularity, it's essential to be cautious and do your research. Like other blockchain-based games, it involves certain risks, such as fluctuating cryptocurrency values and potential security vulnerabilities. Be sure to follow best practices for keeping your assets secure.
4. How can I get started with Axie Infinity?
Ans. To get started with Axie Infinity, you'll need to create a MetaMask wallet, acquire some Axies, and then start playing and battling. It's also advisable to join the community and learn from experienced players.
Conclusion
Axie Infinity has become a significant player in the growing world of blockchain-based games and NFTs. It offers a unique gaming experience that combines blockchain technology, play-to-earn mechanics, and the collectibility of NFTs. While it has the potential for players to earn real income, it's essential to approach it with caution and do your research. The ecosystem is continually evolving, so staying informed and participating in the community can enhance your experience and increase your chances of success in the world of Axie Infinity. As with any investment or gaming endeavor, make informed decisions and prioritize security in this exciting and dynamic space.
Note: Facts & figures are true as of 10-07-2022. None of the information shared here is to be construed as investment advice. Exercise caution when investing in unregulated assets like cryptocurrency.
