Axie Infinity was developed by Sky Mavis and built as an engaging, fun and educational way of introducing blockchain technology to the masses through a play-to-earn model. It is described as a trading and battling game which enables participants to earn tokens by contributing to the ecosystem or through gameplay. It is hoped Axie Infinity will evolve into a decentralised organisation as users and ecosystem participants acquire ownership through the distribution of Axie Infinity Shards (AXS) – Axie Infinity’s governance token which is distributed among players and those participants who decide to stake. AXS tokens can be traded on crypto exchanges such as Binance, Huobi and FTX.
Axie Infinity is a Tamagotchi and Pokémon-inspired universe where users can raise and build kingdoms for their Axies (NFT creatures), battle, collect or trade. The game is ranked the top of all Ethereum games by daily, weekly, and monthly active users. It has generated millions in revenue.
According to the team, Axie Infinity intended to operate using a Game-as-a-Service model. This means that new features and revenue streams will continue to be added over time. For instance ecosystem transactions can involve in-game consumables or virtual land. Platform fees could be implemented for different game levels etc. Axie Infinity has a community treasury which accumulates fees if the staking dashboard is enabled.
The fees and revenue that is generated is placed in the community treasury and governed by holders of AXS tokens. Currently the main fees are breeding fees which are paid in AXS and a 4.25% marketplace fee that is deducted from NFT asset sales such as Axies or land. When users play a variety of games within the Axie Universe and through user generated content initiatives, they can also earn AXS. When staking, players can lock up their tokens and receive newly created AXS. Stakers are however still required to vote and play in order to claim the rewards.
Axie Infinity players have the ability to earn through competitions in PVP battles where leaderboard prizes are up for grabs. Participants can also collect rare Axies, breed them for selling on the marketplace and what’s even better is that a governance token AXS has been introduced which players will be able to earn. Yield farming is also another element where participants can farm tokens for breeding new digital pets such as Smooth Love Potion (SLP) tokens which are earned as rewards by Axie Infinity players through battle or adventure mode. These tokens are also available on exchanges such as Binance and Uniswap. Axie has some credible ecosystem partners including Ubisoft, Samsung and others.
To get started, a user needs to download a digital wallet such as Metamask and ensure that they have some Ethereum in the wallet. Ethereum can be purchased from many different exchanges including Coinbase, Luno, Changelly, Coindirect, KuCoin, Bittrex, Binance, OKEx, and almost every other crypto exchange. In addition, a user needs to download the Ronin wallet and deposit ETH using the Ronin bridge. From there, a user needs to then make an acquisition of at least three Axies from the marketplace. Once that’s done they can login with Metamask to set up their credentials. Thereafter, the user can download the app. The complete onboarding guide can be found here.
Data related to Axie can be found at Nansen.ai, Axieworld or the Axie Official Dashboard.
Originally posted on Decentralised Africa
https://decentralised.africa/axie-infinity-gaming-platform-nft-marketplace-review/
