Imagine being able to make money — a lot of money – while playing a Pokémon-style game.
Axie Infinity is part of a new gaming trend known as “play-to-earn,” which merges cryptocurrencies with gaming.
The Phillippines, whose economy was especially hard hit by the Covid-19 outbreak, saw the Axie Infinity craze take up. Due to the lockdown, many people resorted to axie infinity coin price as a source of revenue – and have continued to play-to-earn after the restrictions were restored.
But how does axie infinity coin price operate? What are the potential dangers for gamers?
What is Axie Infinity?
Axie Infinity is a digital pet community where you may purchase animals known as Axies and use them to fight, explore, and mate with other Axies. It was created by the game firm Sky Mavis and operates on the Ethereum cryptocurrency. Although the game has an 18+ classification, it is aesthetically enticing to younger children due to its Pokémon-style design and lack of a clear age-verification mechanism.
To begin, you must first purchase three Axies using Ethereum. The first purchase of these Axies might cost up to $1,500 (£1,115) in bitcoin. Axie is presently working on a lower-cost version of the game, which might be offered for download in the App Store or Google Play Store for free. Learn more tips on how to play axie infinity on iphones.
Sky Mavis has created its own digital wallet, Ronin, which is compatible with axie infinity coin price. After you’ve connected your Ronin wallet, you’ll be able to buy Axies using it.
There are two major methods to play the game, both of which require you to hunt for two separate assets. Smooth Love Potion (SLP) is one of them. SLP is earned by completing daily missions and playing adventure games or arena matches. SLP is a resource that can be used to breed Axies in an infinite amount.
AXS tokens are the other resource. There are only 270,000,000 of them available in the game. AXS is a cryptocurrency based on Ethereum. AXS token holders have governance rights in the game, which means they may make choices concerning the game’s future. They may be able to buy out Sky Mavis and operate a truly decentralized economy in game if this trend continues.
In the game’s universe, dubbed Lunacia, players may also buy virtual pieces of land.
You may either sell your Axies for AXS tokens or search the game for these tokens. These may then be converted to fiat money, such as the British pound.
NFTs and axies
An Axie is a non-fungible token (NFT). Non-fungible refers to anything that cannot be replaced. You own the unique URL that describes an NFT if you purchase one. Even if someone took a screen capture of your NFT, they wouldn’t be able to change its unique data identity.
Even while you’re not playing, axie infinity coin price allows you to possess that character as the owner of the NFT.
Scholars, bosses, and guilds
Using Axie Infinity’s managers and scholars system is one method individuals have avoided the hefty price of enrolling.
Managers are people who have either been playing the game from its inception or who have amassed a significant collection of Axies thanks to their money.
Managers donate their Axies to players that are unable to pay the full purchase price. These academics then use their borrowed Axies to play the game, earning SLP and AXS tokens in the process. In exchange, the management requests a percentage of their earnings. This might range from ten percent to sixty percent.
Managers and their scholars may create ‘guilds’ with other management and scholar teams to tackle more difficult tasks.
As consumers see it as the most cost-effective option to join Axie Infinity, applications to become a scholar have grown in popularity.
Is there anything more you need to know?
Variation in value
It’s vital to understand, as with any cryptocurrency-related enterprise, that the value of your currency or NFT might fluctuate dramatically. If the game fails or the value of AXS tokens or Ethereum falls, Sky Mavis is not liable for any money you lose.
It’s possible to invest a significant amount of money into the game only to discover that the worth of your Axies has dropped and they are no longer as lucrative as they once were.
Restrictions on age
Although Axie Infinity is labeled 18+, there is no age verification. When you join up for Axie, you do it using your cryptocurrency wallet, and the suggested wallet, MetaMask, allows users under the age of 18 to do so with parental authorization. This is likewise true of other cryptocurrency wallets. If you’ve let your kid to open one of these wallets, keep in mind that they might simply join up to play the game.
Children should not play Axie Infinity because they are especially susceptible to being exploited by other gamers and may not fully comprehend the ramifications of spending ‘real’ money.
Axie Inifinity’s manager/scholar model is a simple method to earn a lot of money without leaving your house – in theory, at least – but it’s currently too costly to even join the game unless you enroll as a scholar.
Playing Axie Infinity does not guarantee a job. While some managers care about building a community, others are more concerned with making a profit. You may end up earning less than minimum wage if your boss demands for a share of more than half of your earnings from playing.
Scholars are often in unstable circumstances, and a profit-driven management might take advantage of this. Children who have circumvented the age limitations would likewise be considered vulnerable gamers.
So, what’s next?
Gaming can be a highly rewarding job if you’re willing to put in the time and effort, as we’ve seen with Esports players. However, axie infinity coin price is unique because it makes use of bitcoin, which is notoriously volatile.
Ensure that your kid does not use Axie Infinity until they become 18, since they might lose a lot of money or be exploited by other gamers or scammers.