What Is Axie Infinity?
|— The current pay-to-play and free-to-play models are designed so that studio-houses profit while the player is only rewarded with entertainment.|
— Play-to-earn is a disruptive model that flips the current set-up and allows players to earn tokens to make a living from the game.
— Axie Infinity is one of the biggest play-to-earn games available and it’s stirring a scene in emerging markets.
— As the game becomes more and more popular, we might just be heading for an explosion of opportunity, not only in the Axie world but in the play-to-earn industry as a whole.
What is Axie infinity? if you’re asking yourself this question, you’re in the right place.
Gaming is one of the world’s fastest-growing industries. The industry is expected to reach a massive $314.40 billion by 2025, up by nearly 10% from where it stands currently. And the surge is inspired by people seeking entertainment during the pandemic lockdowns.
While gaming as a whole has grown, there has also been a spike in a new innovative gaming experience that is setting itself to turn the industry on its head: Play-to-earn games. One game in particular is making waves in the industry. Axie Infinity is the name and the game and we’re going to take a look at how and why it’s a worthwhile piece of the gaming pie.
Axie Infinity: Sweet, but strategic
In a quick little nutshell, Axie Infinity is similar to Pokémon – a game focused on breeding, training, and battling little creatures (Axies). Players battle others and complete quests and are rewarded with little tokens called Small Love Potions (SLPs).
These are not only a fundamental part of the game, but they’re the driving force of the platform’s economy. SLPs are used in-game to create and train new Axies, but are also the native cryptocurrency for the game and are developed as an ERC-20 token. This means that they can be traded and sold for fiat currencies – setting the game apart completely from others like it.
The implication here: If you become good enough, you can make a career from it earning SLPs and selling them for fiat. And it’s a strategy that many are taking.
Axie is beyond a game: it’s a business
Axie demands skills and strategies. The more you play, the more you win. And because of the play-to-earn model, winning is earning.
When the pandemic hit the world, many people were left without a financial backup. Without jobs and with plenty of time on their hands, there was an incredible shift towards Axie to make ends meet.
In South-East Asia, this has been especially prevalent with many across Indonesia, the Philippines and Vietnam taking up the game to cover their bills. Emerging economies are said to make up as much as 80% of the player-base with 45% coming from Indonesia. As the game has become more popular, people have left their jobs to play Axie because it offers lucrative opportunities.
Axie isn’t just a game. It’s a business. An ecosystem. An opportunity. And a possible revolution of the gaming industry as a whole.
Play-to-earn but pay-to-play?
While the play-to-earn model is incredibly exciting, it doesn’t mean that it’s free to play. In fact, it takes quite the capital to get started. Firstly, you need at least three Axies to start playing. At today’s prices, one of the cheapest Axies will set you back about $195. But once it’s yours, it’s completely yours. And from there, you can make decisions about how to earn SLP tokens and generate money from the game.
Because of the massive capital costs, there have been scholarship programmes designed to help people play. The Leaping Corgi is one example of a programme that funds Axie players to help them start their gaming careers on the platform. It’s an incredible insight into Metaverse communities colliding with real-world humanitarian initiatives. And it’s changing lives.
Is this the future of gaming?
The doorway from entertainment to earning opportunity in the gaming industry is an exciting one to open.
The beauty of blockchain-based gaming is that it flips the model from corporate monopoly and swings the opportunity to the players. It creates an economic flow beyond the company and puts a brand new spin on how valuable their gaming skills can become. If the gaming industry is anything to go by, this particular model is headed in a pretty remarkable upward direction.
Knowledge is power – so keep on learning! If you enjoy getting to grips with crypto and blockchain, check out our School of Block video all about Play to Earn.