Axie Infinity AXS Coin

Axie Infinity (AXS)

The Blockchain sector is undergoing massive developments and the evolution has taken even the crypto sector enthusiasts by surprise. It is not only about new crypto coins hitting the sector now and then. Blockchain-related technological solutions and products are also evolving rapidly. The recent craze in the Blockchain sector is developing gaming-centric applications and solutions. The popularity of NFTs has also played a role in the merging of gaming applications and Blockchain systems. The first mix of NFT, Blockchain network, and gaming was CryptoKitties- the popular Blockchain-powered feline collectibles game that was unveiled in 2017.

Axie Infinity-what is it?

While Ethereum-Based CryptoKitties paved the way for Blockchain Gaming solutions the subsequent offerings were even more amazing. The latest entrant is Axie Infinity- a gaming project that leverages the power of Blockchain. It is way different from typical Blockchain gaming applications. Axie Infinity is a Blockchain-based NFT game that has made crypto gamers and investors enticed. The NFT Gaming Platform is made on Ethereum. It has been created by Sky Mavis-a technology-centric game studio and the inspiration has been taken from the Pokémon series.

The basics of Axie Infinity

The gamers playing Axie Infinity buy NFTs representing some monsters known as Axies and then they fight one another and get rewards in turn. They also gain some SLP tokens while playing the game and these can be traded at exchanges later. Axie Infinity’s ecosystem makes use of 2 ERC-20 assets for financial utilities and DeFi applications. These are – Smooth Love Potion and Axie Infinity Shards. This is a unique Blockchain-enabled way of trading and earning assets through engaging gameplay. It has helped trigger the ‘play-to-earn’ movement. The platform is owned by Trung Nguyen and he is its CEO too. The Axie team has 40 seasoned employees and the headquarters is in Vietnam’s Ho Chi Minh City. 

While the Axie Infinity game relies on the Ethereum Blockchain, it is aided by a sidechain called Ronin. This helps in reducing fees and delays in transaction execution and managing network latency. You can play either with computer-controlled Axie teams and then there are real-life opponents. The in-game items are treated as NFTs and so players are able to monetize their gameplay. The cryptographically unique tokens can then be linked with digital content made with Blockchain. One unique aspect is that the ownership is conferred to the buyers. The NFT holders get proof of ownership on-chain and they can sell and trade the in-game assets with fellow players.

The players are able to buy varying Axie Infinity Land Plots and breed the monsters or axis. They can create a team made of powerful monsters. Axie is among the top gaming dApps. In mid-2021, the game touched $1 Billion Trading Volume. The platform is slated to become fully decentralized by 2023.

The gameplay basics

Axie Infinity has the Axie monsters and the battle between these monsters is the core of the game. Each Axie possesses qualities like speed, morale, skill, and health. Axies can belong to categories like Reptile, Plant, Beast, Bird, Bug, and Aquatic. There are 3 classes- Mech, Dawn, Dusk. These classes have specific sets of strengths and weaknesses. The players can participate in various battles and quests. Breeding the monsters requires paying fees. New players require at least 3 monsters to begin gaming and they can be borrowed or purchased. The strength of the monsters affects their price, naturally. With time, the cost of buying axis is getting higher.

The nice is Axie keeps a 4.25% fee for trading the Axie NFTs while the players keep 95% of the revenues. 

Apart from the monsters, players can trade other in-game resources like plots of land. There are 7 kinds of lands- Map, Lunas Landing, Mystic, Genesis, Savannah, Forest, and Arctic. Axie Infinity is setting up an SDK for the developers and players. As per the project whitepaper, the SDK will be a map editor. 

The dual token model

The Axie Infinity ecosystem is based on a dual token model, made of SLP and AXS. The latter is the ecosystem’s native governance token. So, the active AXS holders make up the decentralized organization powering Axie. The SLP or Smooth Love Potion is the utility token of the Axie ecosystem. This is used to breed new monsters and you can earn them just by playing the game. Both the tokens are based on the ERC-20 standard. In the future, AXS may be used for staking as well. The Axie Infinity staking program will go live soon. AXS was launched through an ICO in late 2020 on the Binance Launchpad. 

The price of AXS has been impacted by crypto sector volatility but the rise and fall have not been much drastic. The maximum supply is capped at 270,000,000 tokens. SLP has enjoyed similar Bullish Momentum like AXS since the beginning. SLP has a maximum supply of 1,002,129,279 tokens of which 1 billion tokens are in circulation. 

The USP and prospect of Axie Infinity

Axie Infinity has been able to carve a niche for itself in the Blockchain-based gaming sector owing to the unique approach. It enables you to earn while playing. There are 2 types of coins and in-game asset trading is also a possibility. It is unusual when compared to other popular NFT-based gaming solutions. 

From its early days, Axie Infinity has succeeded in wooing the top investors and heavyweight tech firms. It has tie-ups with heavyweight partners like Binance, Ubisoft, and Samsung. Its developer Sky Mavis attracted investment from Blocktower Capital, Mark Cuban, Konvoy Ventures, Libertus, etc. 

Pros

• The project is backed by a veteran technology company and run by experts in crypto sector.
• It is 1st to launch in NFT based gaming with an earning system embedded.
• The dual token economy is unique.
• The players get 95% of the revenue.
• It has attracted investment from heavyweight brands and tycoons.
• The growth has been astounding.
• There is plenty of gaming customization options. 

Cons

• Both tokens are affected by crypto sector volatility.
• With time, the price of axies is getting higher.
• Buying axis requires having 2 wallets and some amount of Ethereum.

Summing it up

Axie Infinity is definitely a unique and interesting Blockchain-focused crypto gaming project that has nearly no parallel in the sector, as of now. The project gets many things right, including a solid team of technology-savvy people, a dual token economy, an addictive game with an in-built earning mechanism in place. No wonder it has managed to form some major partnerships and attracted investments from technology behemoths in a short span of time. The tokens both are not immune to crypto industry volatility but their overall trend is bullish. If you love playing strategic games and feel inclined in Blockchain technology, this is one project worth considering.