The concept behind DeFi is to create an alternative crypto-based system where individuals can buy, sell, trade, speculate, bet, and play games within a decentralized and censorship-free environment.
This last possibility was made even more popular with the rise of NFTs. Once CryptoKitties went viral after creating one of the first blockchain-based games in the world, it was just a matter of time until these rare collectible tokens would spread and become a frenzy amid the crypto industry.
Currently, despite all the hype surrounding the life (or death) of yield farming, NFTs are still one of the supreme categories of crypto assets available in the market.
Following this bullish tendency, Axie Infinity is an NFT-based game where users can create, pet, and develop their digital little monsters. Best described as a blend between Pokemon and Tamagotchi, the universe of Axie Infinity is the centerfield where players battle, breed, and trade fantasy creatures called Axies.
Back to Basics – What Are NFTs?
A Non-Fungible Token (NFT) is a specific type of cryptographic tokens that represents a unique asset. Based primarily on the concept of scarcity, NFTs are tokenized versions of either digital or real-world assets.
NFTs are not interchangeable and cannot be counterfeited or replicated. On the Ethereum blockchain, the standard for the issuance and trading of NFTs are the ERC-721 tokens.
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Most recently, the new ERC-1155 tokens came out. This improved standard for NFTs allows a single contract to contain both fungible and non-fungible tokens.
These special tokens are resourceful assets, representing not only art and gaming collectibles, but also digital identity, licensing, documents, deeds, etc.
Recently, the DeFi space was taken by storm with astonishing numbers made by NFT-based markets. The NFT industry is growing more and more robust, as crypto investors started to realize that these tokens can represent virtually anything in the blockchain.
What Is Axie Infinity?
Axie Infinity is a DApp that allows players to interact within a unique digital pet universe, built in the Ethereum blockchain. Players can collect, train, raise, and battle fluffy fantasy creatures called Axies.
The game was a much-welcome novelty back in 2018, given that it was the first blockchain game to introduce a mobile app and to permit players to earn money simply by playing the game.
Users are required to have a digital wallet (e.g. MetaMask) and some Ether (ETH) to start playing the game. After downloading the application, which is available for iOS, Android, Windows, and mac0S, players just need to set up their digital wallets and purchase their first Axies.
Each Axie is a token by itself, as the game is based on a player-owned economy model, which allows players to sell and trade their Axies for digital currency. The Axies remain stored at the user’s digital wallets, just like any other token.
To start, players need at least 3 Axies, which can be purchased on the official Axie Infinity marketplace. So far, there are more than 140,000 existing Axies.
Having Fun with Axies
Each Axie has its unique traits with abilities that determine their skills and performance. Each Axie has four attributes, which are Health, Speed, Skill, and Morale.
The game requires quite a bit of strategy, so smarter players will be able to profit more. Players can create teams of Axies and battle other trainers, gaining experience points that can be used to level up Axie’s stats, evolving them, or breeding them to create better offspring.
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Just like a real pet, and Axie needs to be cared for in a special place. Within the game, these places are called terrariums, which are customizable living environments that can be decorated with special treasures and material producing items.
Some Axie breeders can have an edge over the competition by breeding next-level pets both for battle and for selling. In this sense, a player can set up a shop as an Axie breeder to supply Axies for other players.
Those who are fonder of games with story mode will not be disappointed, as the game offers an exclusive story mode option. Players can team up to fight against evil and win rare treasures in the process.
Earning Money with Axies
Axie Infinity’s universe is a huge marketplace, where Axies can be easily transferred or sold in exchange for Ether (ETH). Players can earn “Small Love Potion” (SLP) tokens by playing the game strategically. This ERC-20 token, required for those interested in breeding Axies, is also a profitable opportunity for players.
While some players just use the game as an entertainment tool, other ones look at it more like an investment. Pro-level Axie players tend to grind hours a day within the game, with some going up to 10 hours collecting, breeding, battling, or selling their Axies.
Unfortunately, fees charged for cashing out funds are high, since the Ethereum network is constantly congested. The best strategy for players is to wait and accrue as much SLP tokens as they can, and only then cash out funds.
To solve this issue, Axie Infinity has announced that the platform will come out with a side chain, where processing is a quicker and low fee/feeless for players.
Axie Infinity is an Ethereum-based game about collecting, breeding, and upgrading fantasy creatures called Axie. Within this digital pet universe that is a conceptual blend between Pokemon and Tamagotchi, players can profit by earning SLP tokens (ERC-20 standard).
Launched back in early 2018, Axie Infinity has attracted thousands of players, including more than 7,000 token holders and 4,500 active marketplace participants.
Axie has outgrown most title-ranking platforms in the top ten by volume based on NFT owners, with the top spots occupied by Gods Unchained and CryptoKitties.
Users simply need a digital wallet and some Ether (ETH) to start playing the game. Supported wallets include MetaMask, Samsung, Opera, TrustWallet, and Enjin. The game is a good sign for those investors and experts that believe in NFTs as the future of digital finances and DeFi as a whole.