What is Axie Infinity?
Axie Infinity is a blockchain-based game in which users buy NFTs of adorable creatures and then fight them.
During gaming, players may acquire SLP tokens, which they can then sell for cash at an exchange.
In early 2021, non-fungible token (NFT) crypto collectibles like artwork and movies surged in popularity, although many blockchain-based video games had already been in development before most people noticed.
When NFTs became popular, independent company Sky Mavis’ promising crypto game Axie Infinity took off. And when the NFT industry as a whole began to cool after all of the excitement, Axie Infinity became even larger.
How Does Axie Infinity Work?
Axie Infinity is based on the long-running Pokémon video game franchise, and the game puts you in control of collectible monsters and lets you fight them against each other in a traditional Japanese role-playing game (JRPG) combat.
The process is time-consuming and expensive, to begin with, but you will need much more initial expenditure than if you were buying a PlayStation or Xbox game. The advantage is that you can resale your Axie NFTs, but you also get crypto tokens that can be swapped for money using “play-to-earn” strategies.
Non-fungible tokens are used to represent in-game goods, often known as NFTs. Because of their non-repeating, cryptographically unique codes, these tokens may be associated with digital material, such as Axies and plotlands in Axie Infinity.
Whereas traditional in-game goods only provide the possessor access to something, the NFT provides actual ownership. This means you may sell Axies on the game’s marketplace, and use the proceeds to purchase or upgrade other things.
The marketplace in Axies lets you purchase and trade Axies. The process of breeding Axies also produces extra NFTs you may sell on the marketplace. Even the more expensive Axie NFTs have sold for over $600,000 as of this writing.
What is the History of Axie Infinity?
For their game, Axie Infinity, which utilizes nonfungible tokens (NFTs), Sky Mavis has raised $7.5 million. Mark Cuban, billionaire businessman and owner of the Dallas Mavericks, is a backer of the studio.
From the start, the Vietnamese development company sought to become involved in the huge migration to NFT games. NFTs have also gained significant traction in other sectors such as fine art, sports memorabilia, and music.
The video game version of collectible basketball cards, NBA Top Shot, is a great example. Over $500 million has been sold since it went public with Top Shot, which was built by Dapper Labs. And an NFT digital collage by the artist Beeple, which sold at Christie’s for $69.3 million, demonstrates how transformative an NFT collage can be.
Crypto enthusiasts have a lot of money invested in NFTs, and some of these investors are passionate gamers.