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What is Axie Infinity

Axie Infinity is a gaming platform that has created an ecosystem of fantastic experiences using blockchain technology. Undoubtedly, Axie Infinity is one of the big names in the play-to-earn industry, as it claims to attract millions of active users monthly.

This blockchain game rose to popularity in 2021 following two events. Firstly, there was a large influx of players from The Philippines and other third-world countries. Following this report, many gamers also rushed to play Axie Infinity, causing its utility token, AXS, to pump from $1 to $166 in 7 months.

Although some issues have ensued in 2022, Axie Infinity is still a go-to for blockchain gamers. Data from its internal NFT market confirms thousands are actively playing the game. This article will discuss, in detail, Axie Infinity’s gameplay, history, and in-game assets.

How to play on Axie Infinity

Starting on Axie Infinity is quite simple, as the game’s central focus is on monster pets known as Axie NFTs. So, a player must own at least three Axie NFTs before he can begin to play. Next, you may open the game, breed the axies or use them to fight.

Axie NFTs are sometimes called cute monsters. Yet, their purpose is not to stay idle but to train and fight; this is why they are monsters.

After acquiring three Axies, you may take one or multiple of them to Lunacia, an open world that is constantly besieged by entities called Chimera. The goal here is to fight and defeat as many Chimeras as possible.

If you think it is impossible to win against Chimera alone, you may team up with Axies of other players. Defeated Chimeras will spawn resources that players can use to upgrade Axie NFTs. Also, they may drop limited edition NFTs and AXS coins.

Meanwhile, players that fare better in open battles can go for the PvP mode. It is a card game where an Axie draws cards from its mouth, back, tail, and horn. This mode utilizes the traits, and versatility Axie NFTs possess to determine their role in PvP battles.

Each team of three Axies contains attackers and defenders. A defender has Shield Cards and can absorb damage, while an attacker will possess Damage Cards.

The end goal of PvP battles is to eliminate all Axie NFTs of the enemy side. So, each time you play a card, it is either to damage enemy Axies or to protect the lives of your own.

Game History

In 2017, Nguyen Thanh Trung, CEO of Sky Mavis, began building the Axie Infinity. He planned on creating a web 3.0 game with similar gameplay to Pokemon. Also, Trung and his team wanted the game to be immersive and open-source.

Sky Mavis launched the first version of Axie Infinity in late 2018. Later, the team began building a turn-based card game and released the alpha version in December 2019. Today, the card system is the PvP mode of Axie Infinity, as the game now features an adventure mode.

Blockchain Features of Axie Infinity

Ronin Network

Ronin is a blockchain network created by Sky mavis to ease Axie Infinity players of Ethereum’s expensive gas fees. Old players can use the Ronin bridge to convert Ethereum-based AXS, ETH, and SLP to the Ronin version.

Moreover, the blockchain has a dedicated digital asset wallet – Ronin Wallet. It offers a decentralized interface where Axie Infinity players can truly own Axie NFTs, cryptocurrencies, and other assets.

Sadly, in March 2022, Ronin Network suffered a hack that wiped out $620 million from the ecosystem. This attack and the current bear market infused apathy in many investors.

Consequently, the hype that Axie Infinity enjoyed in 2021 has dwindled immensely. Likewise, AXS’ price has also dropped by over 90% since its all-time high. 

Axie NFTs

These NFTs are the main characters of the Axie Infinity game. Players use them to battle and generate earnings. Also, players can breed Axie NFTs to produce new ones – offspring. 

The breeding process requires two Axies as the system will combine their genetics to create a new one. Also, the traits of both parents will determine the offspring’s characteristics.

Breeding attracts fees which players can play using SLP tokens. The fee increases each time you breed an Axie. Meanwhile, you can only breed an Axie a few times. Then it becomes sterile. This breeding cap helps to control the supply of Axie NFTs to ensure they do not become too much.

As of this writing, the floor price of an Axie NFT is 0.02 ETH. However, it would help if players bought more valuable Axies. Those with higher prices possess better traits and higher chances of winning PvP battles and defeating Chimeras.

Axie Infinity Shards (AXS)

AXS is a governance and utility coin in the Axie Infinity Universe. It helps to keep Axie Infinity decentralized as it gives voting rights to holders. Likewise, it is an incentive or reward token that players earn for actively exploring Axie Infinity.

AXS has a maximum supply of 270 million coins. Currently, 83 million AXS coins are in circulation, with a market valuation of $867 million. Sky Mavis plans to maintain a sustainable distribution model for AXS so it doesn’t lose its value due to excess supply.  

Smooth Love Potion (SLP)

SLP is mainly a reward token for the Axie Infinity game. Players can earn SLP by winning PvP games and when fighting in Luciana. Similarly, Axie Infinity distributes SLP tokens to those who complete daily challenges.

You have the option to cash out SLP tokens for Ethereum or other cryptocurrencies. At the same time, you can use earned SLP to breed new Axie NFTs. Axie Infinity will burn all SLP tokens used in breeding Axies, removing them entirely from circulation.

As of October 2022, SLP is worth $137 million at a market price of around $0.003. Its low price is due to an unusually high circulating supply and some issues Axie Infinity ran into (discussed earlier). 

Axie Marketplace

The Axie marketplace is an in-game market where players can buy or sell Axie NFTs and every other digital asset used in Axie Infinity Universe. According to the sale stats of the marketplace, users transacted over 4,440 ETH ($5.72 million) worth of in-game assets in September 2022.

In comparison to sales stats for 2021, this volume is relatively low. Nevertheless, this figure shows that Axie Infinity remains one of the top play-to-earn games.