The price of bitcoin was fluctuating between $670 and $681 on July 6, 2016. The iPhone SE was the newest phone in town, and Pokémon Go had just been released. It could seem like a long time ago to some. One can hardly believe how far technology has come in just six short years. A year later, in December 2017, the team at Sky Mavis in Hanoi, Vietnam, came up with the concept of fusing features of the crypto realm with online gaming. Axie Infinity, a popular online game that has been in production since 2017, is the subject of the following article.
Axies, the game's titular monsters, populate the Axie Infinity virtual world. With the goal of breeding, raising, and constructing kingdoms for their virtual pets, players can acquire and nurture virtual creatures called Axies. Axie Infinity stands apart from other online video games because of its unique combination of online gaming and blockchain technology. Virtual assets can be owned by participants in an Ethereum-based game, in which players get rewards who have mastered the game's mechanics.
As part of the game's onboarding process, players must connect their digital wallets to their Axie Infinity accounts via a series of steps.
The digital marketplace can be accessed once the accounts have been linked. Three Axies are required to play. Once a player obtains three Axies, they can begin playing the game by downloading the app. Since the average price paid varies depending on characteristics such as rarity, experience, attributes, and type there is a lot of intricacy surrounding the pricing of an Axie. The cheapest Axies, dubbed 'Floor Axies,' cost roughly $30 at the time of writing. Floor Axies are usually ineffective in combat and are unlikely to bring in any money for their owners. Currently, players may expect to pay a few hundred dollars for a viable team of Axies, and up to $1,000 for a rare Mystic Axie, at the time of the writing.
Non Fungible Tokens (NFTs)
When it comes to NFT gaming, Axie Infinity is the go-to company. NFTs represent in-game digital assets such as Axie animals. Anxieties can be traded for real money on the game's marketplace using these cryptographic tokens, as previously discussed.
Axie Infinity holds the record for the third-highest all-time sales in the field of NFT. With a total of $4.17 billion in NFT sales as of March 2022, Axie Infinity trailed both OpenSea, with $23.21 billion, and LookSrare, with $18 billion.
Governance Tokens - Axie Infinity Shards ($AXS)
The ERC-20 token, which has evolved as a technical standard for all smart contracts on the Ethereum blockchain, is one of the most significant Ethereum tokens. Axie Infinity Shards (AXS) are an ERC-20 governance token for the Axie Universe. This is the game's native currency, and those Axs holders can get rewards for staking, playing the game, and participating in important governance elections. An gain of nearly 3,000 percent has been recorded in the relative AXS to the US dollar as of February 27, 2022.
When it comes to Axie infinite, developer Sky Mavis has made a purposeful effort to decentralize ownership and governance to better match their interests with players. AXS tokens are an example of this.
Reward Tokens – Smooth Love Potion (SLP)
When playing Axie Infinity in battle or adventure mode, players can win reward tokens known as Smooth Love Potions (SLPs), which were previously known as little love potions. SLP Tokens are ERC-20 utility tokens that may be traded on a decentralized exchange like other cryptocurrencies. According to AXS, the value of an SLP relative to the U.S. dollar has fallen considerably during the last year. SLP, in contrast to AXS, has an uncapped quantity of tokens that may be created in the future. SLP's value has been substantially impacted by the uncertainties surrounding the supply of SLP in the future, as well as concerns about its stability. As a result of recent changes made by Sky Mavis to the emission rate, the value of SLP is anticipated to continue to plummet in the near future.
Play-to-Earn Games (P2E)
New to the gaming industry, the play-to-earn business model is designed to reward participants who contribute to the game's environment or ecosystem in a certain way. As a freemium model, the user is able to start the game for free and subsequently pay for additional features, content or even just to proceed more quickly through the game. The current free-to-play model of Axie Infinity requires players to begin with three Axies, but the firm is apparently aiming to release free in-game starter monsters in order to attract new users who aren't ready to pay the premiums required in the existing model by the end of February 2022. Despite the fact that beginner monsters may not be able to provide much in the way of reward tokens, the change could open the game up to a wider audience.
Players' Axies will have home bases in Lunacia, the Axie homeland, which consists of tokenized parcels of virtual land called Terra. Even though the gameplay is still being worked on, the idea is that users will be able to own virtual plots, rent them, and develop them themselves. You'll find AXS tokens and other resources spawning in Lunacia's nodes for virtual landowners to collect. Axies and land can be upgraded with resources. While the concept is still in its infancy, it has the potential to have a significant impact on the game's future and pave the way for its sustained success.
Tokens like Axies, Land, and other in-game items will be transferred from the Loom Network to a custom-built Ethereum sidechain called Ronin in early 2021.
Axie Infinity's sidechain, Ronin network, was designed specifically for this application. According to Sky Mavis, the company behind the Axie Infinity game, the new technology will enable near-instantaneous confirmation of transactions, save gas costs, and help Axie Infinity scale.
In the last 24 hours, the Axies price has been $49.02 USD, with a trading volume of $289,703,357 USD. Real-time AXS price to USD updates are provided. In the long term, Axie Infinity expects prices to rise to $505.415 by 2026, based on its forecasting model. Revenue is predicted to rise by roughly 1000.59 percent over the course of a five-year investment.