Introduction
In fact, Axie Infinity, a blockchain-based game, has emerged as a game-changer in the industry, introducing a new paradigm that combines gaming with blockchain technology.
With its unique play-to-earn model and utilization of non-fungible tokens (NFTs), Axie Infinity has captured the attention of gamers and enthusiasts worldwide.
In fact, in this article about Axie Infinity, concept Play-to-Earn, NFT games in general, some interesting facts about this project and little bit more.
Enjoy your reading!
Blockchain Technology and Gaming
Before delving into the impact of Axie Infinity, it is crucial to understand the underlying technology that powers the game – blockchain.
Blockchain technology is essentially a decentralized and transparent ledger that records transactions across multiple computers, in fact. Obviously, this decentralized nature eliminates the need for intermediaries and ensures security and trust in the gaming ecosystem.
Especially, by utilizing blockchain technology, Axie Infinity offers players true ownership of in-game assets and provably scarce digital items.
Without doubt with NFT sector of cryptocurrencies there would be much more attractive NFT games.
Actually there are dominant 2 concepts – Play-to-Earn and Play-and-Earn.
Since Axie Infinity belongs to the Play-to-Earn model, I will describe this model a bit.
The Concept of Play-to-Earn
One of the key aspects that sets Axie Infinity apart from traditional games is its play-to-earn model.
Unlike conventional games where players invest time and effort solely for entertainment, Axie Infinity allows players to earn real-world value by playing the game.
Through the ownership and breeding of digital creatures called Axies, players can participate in battles and complete quests to earn in-game tokens.
These tokens, known as Smooth Love Potions (SLPs), can be traded on various cryptocurrency exchanges, enabling players to convert their virtual achievements into tangible rewards.
Axie Infinity was a huge sales success. The game has nearly 1.98 million item owners. Overall, the game’s statistics are really impressive.
Exploring the World of NFT Games
At first, Axie Infinity belongs to a growing category of games known as non-fungible token (NFT) games.
NFTs are unique digital assets that can be bought, sold, and traded on blockchain platforms. In the context of gaming, NFTs provide players with true ownership of their in-game items, enabling them to monetize their virtual assets.
This has significant implications for the future of gaming, as it empowers players to create value and participate in the virtual economy like never before.
Furthermore, NFTs foster a sense of rarity and exclusivity, as each item is distinct and cannot be replicated or destroyed.
Indeed, many games are being developed in the Play-to-Earn sector. Only 27.6% of the total are live games.
There will be a lot going on in this sector in the next few years.
As an interesting fact, I will add that due to the blockchains used, Binance Chain is the leader.
Then Ethereum, Polygon, Solana and the rest.
Axie Infinity in Gaming Economy
Axie Infinity’s impact on the gaming economy cannot be overstated as well.
By introducing a play-to-earn model, the game has created a new way for players to generate income.
This has particularly resonated with individuals in regions with limited economic opportunities, as Axie Infinity allows them to earn a living by playing the game.
This has led to the emergence of Axie Infinity scholarship programs, where experienced players lend their Axies to others in exchange for a share of the earnings. These programs have provided individuals with a means to participate in the digital economy and improve their financial circumstances.
Axie Infinity Gameplay
At its core, Axie Infinity is a turn-based battle game where players assemble a team of Axies and engage in strategic battles against other players. What a great move, indeed.
So, each Axie possesses unique traits and abilities, making team composition and strategy crucial for success.
The battles are conducted in a 3×3 grid, where players take turns commanding their Axies to attack, defend, or use special abilities.
Winning battles rewards players with experience points, in-game resources, and the coveted Smooth Love Potions (SLPs). These SLPs can then be converted to real-world currencies or reinvested in the game to enhance the Axie breeding process.
The gameplay of Axie Infinity looks really attractive.
Certainly, the fantastic world is a place where you can completely break away from reality.
Additionally, the Play-to-Earn mechanism encourages players to return to the game.
Success Stories through Axie Infinity
Since its inception, Axie Infinity has produced numerous success stories of players earning a substantial income through the game.
For instance, players in developing countries such as the Philippines and Venezuela have found solace in Axie Infinity, where they can earn several times the average monthly income of their respective nations.
By dedicating time and effort to playing the game, these individuals have not only improved their financial situations but also gained a sense of empowerment and community support.
The data comes from Yahoo Finance and comes from 2022, when Axie Inifity was at the peak of its popularity. Either way, it’s 2024 and the game’s community has remained strong and loyal.
As previously mentioned, the Philippines is in first place with an overwhelming advantage over Venezuela and the rest.
Axie Infinity Challenges
While Axie Infinity and other blockchain games offer exciting opportunities, it is essential to acknowledge the challenges and potential risks associated with this nascent industry.
One of the primary concerns is the barrier to entry, as players need to invest in the initial purchase of Axies and navigate the complexities of cryptocurrency transactions.
Additionally, the volatile nature of cryptocurrencies poses risks, as the value of in-game tokens can fluctuate significantly. Furthermore, the sustainability of the play-to-earn model and the potential for oversaturation of the market are factors that need to be carefully monitored.
Axie Infinity Price in Depth
Nearly 4 years on cryptocurrency exchanges is not so short anymore. But how does this relate to the price of the project? I will discuss the individual stages in a moment.
1st Bull Market
$0.14 per unit is the price in November 2020. In hindsight, it can be said that it was a great opportunity.
Even if you only noticed the project after it was listed on the exchanges. Well, but there will no longer be such a price opportunity…
The price rose regularly, but it did not enter the street’s radar. She saw the opportunity much later.
In March 2021, the mega bull market began for Bitcoin and cryptocurrencies in general.
Cana at the beginning of May is already $10 per unit and a short correction lasting 2 months.
Then the price skyrockets.
How big?
The local bottom price after correction at the end of June is $3.59 per unit.
By November there are only huge increases. 5 months of very strong growth ended with a price peak of $164.90 per unit!!
From correction to peak… Count how many times yourself.
1st Bear Market
Well, it’s time for a bear market. This will last for almost 2 years. And the price at the bottom is $4.14 per unit!
And the decline is almost 99.7 percent.
In the eight months since the peak, the price has dropped to nearly $13 per unit. It is therefore clear that the most dynamic downward trend was in the first months of the bear market.
2nd Bull Market
Are we currently in a bull market on Axie Infinity? The current price is $5.34 per unit. From $4.14, that’s an increase of nearly 30% from the bottom. The price has undergone a correction, like most cryptocurrencies on the market. We can forget about a strong bear market for now.
The Future of Blockchain Games
Looking ahead, the future of blockchain games looks good to me. This project is on the one of the leading positions.
It seems to be, that more players recognize the potential of play-to-earn models and the ownership of NFTs.
The demand for blockchain games is likely to grow.
They will provide not only entertainment time, but will also be part of the investment.
Axie Infinity’s success has already sparked interest from major players in the gaming industry! Consequently, leading to partnerships and collaborations that will further propel the growth of the blockchain gaming ecosystem.
Finally, Axie Infinity has the potential to become a dominant force in the gaming industry, but competition don’t sleep.
In next section little bit about them, indeed.
It is worth researching that blockchain games will experience a great boom in the coming years.
This could also strongly contribute to the adoption of cryptocurrencies as a means of payment in the gaming and entertainment sector.
Axie Infinity Competitors
In sector play to earn Axie Infinity is on 4th position. Not so bad. However, I would like to take a look at Axie Inifity’s competition. Both before and after on the list. Why not?
Most of GameFi’s top projects were created on the Ethereum blockchain. In the case of Ronin, it is the specially created Ronin blockchain to develop games in the NFT sector.
Ultimately, Notcoin is based on the Toncoin blockchain.
Conclusion
Axie Infinity’s utilization of blockchain technology and the play-to-earn model has undeniably made a significant impact on the gaming industry.
By providing players with true ownership of in-game assets and the ability to earn real-world value, Axie Infinity has opened doors for gamers around the world.
The game has not only created opportunities for financial empowerment but also fostered a vibrant community that supports and uplifts its members.
Already at this point it can be said that Axie Infinity has been a huge success in terms of sales and popularity. It seems only a matter of time before others follow the example of this project.
