What is Axie Infinity game?

What is Axie Infinity game?

Axie Infinity game is a popular Pokemon-inspired, blockchain-based P2E game in which players collect virtual creatures called Axies in the form of NFTs. (Axie infinity price today)

These creatures can be collected, bred, and sold for a price based on their scarcity. They can cost anywhere from a few dollars to hundreds of thousands of dollars.

Axie Infinity game

Who is the team behind Axie Infinity game?

Trung Nguyen, a Vietnamese software developer who was inspired by the success of the famous CryptoKitties, collectible NFT kittens stored on the Ethereum network, founded Axie Infinity in 2017.

Nguyen wanted to use blockchain technology to incorporate all of its benefits into video games, giving players true ownership of the in-game items they collected.

Read also: How to Play Axie Infinity

Sky Mavis, a tech-focused gaming studio, is co-led by Nguyen. Following the success of P2E games, the team decided to develop a Pokemon-style game on the Ethereum blockchain. Sky Mavis was valued at $3 billion in 2021 after raising $152 million, making it one of the top gaming companies in the world.

Axie Infinity’s Project Launch

Axie Infinity launched in March 2018 with funding from notable investors including Mark Cuban, Blocktower Capital, and Libertus. However, the AXS token did not capture the attention of the crypto community until October 2020, when Binance hosted the AXS initial exchange offering (IEO) on its Launchpad. Each winning lottery ticket received 2,000 AXS worth $0.01.

Only one year later, in October 2021, after the project’s popularity skyrocketed and the token price skyrocketed, each ticket was worth roughly $250,000, representing a nearly 125,000% increase in just one year.

Axie Infinity’s Tokens: AXS and SLP Explained

Before we get into the game, we should discuss the Ronin Network and the two game tokens: the Axie Infinity Shard (AXS) and the Small Love Potion (SLP).

So why does Axie require two tokens, and what is the distinction?

The Network: Meet the Ronin Sidechain 

The Ronin wallet is a Chrome and Firefox browser extension. It’s Sky Mavis’ Ronin sidechain’s digital wallet. Ronin is also available as an Android app.

Ronin is intended to be a complete ecosystem for the Axie Infinity metaverse. It enables players to have a more open economy and avoid the higher gas fees on the Ethereum network.

Ronin is an Ethereum-linked sidechain with its own set of smart contracts that will allow users to migrate all in-game assets from the Ethereum blockchain to the Ronin blockchain, including Axie creatures, land, and land items.

Ronin Wallet is available as a Chrome or Firefox extension. Set up your password and remember to write down your seed phrase (never share your seed phrase with anyone). Once ready, you can access your wallet in Chrome’s top right bar by clicking extensions and selecting Roning.

Important: For increased security, Ronin can be integrated with a Trezor hardware wallet.

SLP Token Explanation

To begin with, Small Love Potion (SLP) is the token you receive as a reward for each battle won in Axie. It can be used to breed your Axie creatures and sell them in the Axie Infinity game Marketplace for a fixed price or via auction. Unlike AXS, the SLP token has an unlimited supply.

SLP can be exchanged for other tokens on Katana, Axie Infinity’s decentralised exchange on the Ronin network. The DEX is intended to enable anyone in the ecosystem to trade in-game assets as well as other cryptocurrencies such as wETH (wrapped Ether) and USD Coin (USDC).

AXS Token Explanation

AXS is an ERC-20 utility token in Axie Infinity game that is awarded to the best players from each of the game’s 19 seasons as a reward. Due to the scarcity of SLP, many players prefer to swap it for AXS. The Proof of Authority is the consensus algorithm, and Sky Mavis selects the validators. 

AXS holders have governance rights, which allow them to vote and make proposals for governance. They can use their AXS to win prizes and gain access to various in-game features.

AXS is used to activate the Community Treasury, which receives all revenue generated by the game. There are now only two sources of inflow: 25% from Axie Marketplace transactions and the AXS portion of the breeding fee.

As soon as the network reaches a sufficient level of decentralization, token holders will be able to change or implement new monetization strategies for the fund, and the Treasury will be governed by AXS holders.

The AXS token distribution has a capped supply of 270,000,000 that can never be exceeded. For the next 65 months, the total supply of AXS tokens will be unlocked. The maximum possible issuance of AXS in the coming years is shown below.

Axie Infinity game
Axie Infinity game

How to Buy Axie Infinity game Tokens

Purchasing AXS is essential to the overall experience because it is required for the game’s economy and governance, as well as providing a channel for passive inflows.

As previously stated, its limited supply is one of the reasons why many people prefer AXS over SLP. There are numerous ways to acquire AXS, ranging from exposure to the overall ecosystem to earning governance rights and receiving redistribution inflows. In any case, the token can be purchased on a variety of centralized exchanges, including Binance, Huobi, FTX, Coinbase, Kraken, Bitfinex, and others.

Axie Infinity game Users can also purchase AXS and SLP on a decentralized exchange like Uniswap and then use the Ronin Bridge to transfer them to their Ronin wallets and play the game. They would need a non-custodial wallet to do so, and here are some of the most dependable:

MetaMask Wallet: Download MetaMask, the most popular and widely used non-custodial wallet, from here.

Coinbase Wallet: Carrying the Coinbase brand’s reputation and security, their non-custodial wallet is also very simple to use and even has a built-in fiat-to-crypto on-ramp. It is available for download here.

Trust Wallet: Another popular non-custodial wallet with a user-friendly interface. It is available for download here.

MyEtherWallet, or MEW for short, is an industry veteran and one of the most well-known Web3 wallets. You can get it here.

The Axie Infinity game Land Lunacia is the name of the Axie universe, which is an open-world driven by its players and made up of several plots of land. This land has been divided into non-fungible tokens (NFTs), which players can purchase, lease, and develop. 

Lunacia is a grid of 301,301 cells. Each square represents a tokenized land plot. The land game is still in development, but players and investors are already flocking to purchase Genesis lots. According to CryptoPotato, a plot sold for $2.3 million in ETH, the highest sum ever paid for a genesis lot of real estate in a metaverse.

Read also: What is NFT ticketing, and how does it work?

 

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