Axie Infinity Review
Axie Infinity operates on a newer model of gaming enabled by blockchain technology. It’s not your traditional minting, sale, and trade kind of equation.
The trading is done under a peer-to-peer system and forms one of the central mechanics of a video game.
Axie Infinity at a Glance
- Uses the newer pay-to-earn model
- It’s a video game as opposed to your standard NFT marketplace
- A peer-to-peer system is used where Axie Infinity plays the middleman in the equation
- Only “axies” are traded
- The platform operates exclusively on Ethereum
Commissions and Charges
There is a 4.25% Commission on all trades in the Axie universe. At the center of the trading is fictional creatures known as axies. They are much like Roblox or Pokémon, and players are encouraged to use, battle, and trade their axes for real-world profit.
Newer players are encouraged to purchase axies from other players to get into the game. Axie Infinity simply acts as a middleman by facilitating the process and retaining the stated commission.
The roughly 5% that Axie keeps is sent to the community treasury. 20% of this is held by the developers, while the rest is owned by other stakeholders in the tokens.
Ethereum is the only accepted medium of payment for Axie Infinity. Throughout the process of getting into the game, you are going to set up a Ronin wallet, which has exclusive compatibility with the platform.
That means you need to acquire the relevant Ethereum on a cryptocurrency exchange or from your existing pool and deposit it into your Ronin wallet. Alternatively, you can use the Ramp Network to purchase Ethereum with Fiat on Ronin. Note, however, that this option is not available in certain countries.
If you are looking for flexibility to pay with your credit or debit card or with payment gateways, such as PayPal, you are not going to find that here. Unless you have and plan to use Ethereum, you are not going to be able to enjoy Axie Infinity.
Axie Infinity Categories
Typically, you are used to NFT marketplaces offering a host of different pieces of digital assets that fall under different categories. This includes art, sports, collectibles, in-game content, etc.
Based on Axie Infinity’s model, you can already deduce that things are a bit different here. The only category that applies to the platform is gaming because the trading aspect is focused on one specific asset, covered below.
The central point of trade here is axies, the mythical creatures that players own. There is a lot of depth to the design of each creature, with the inclusion of classes, stats, levels, visual styles, etc.
Players are incentivized to collect various axies. Raising the creatures make them more adept at battle, which presents an element of fun to the player base. However, there is an earning incentive that allows players to trade their axies to other players for profit.
Additionally, axies can be bread to introduce new ones to the world, presenting yet another advantage for existing players.
Such an asset puts the control in the hands of the players, creating a very value-driven market.
About Axie Infinity
Axie Infinity has been in the works for quite some time. Of course, no one can forget the impression that CryptoKitties made in November 2017, becoming the first NFT trailblazer.
Trung Thanh Nyugen, the founder of Sky Mavis, conceptualized the idea of Axie Infinity within a month of this. The idea was to create a Pokémon-inspired universe that allowed players to contribute to the ecosystem and earn tokens through skill.
Of course, instead of Pokémon cards, players would earn Axies. Additionally, players could make a living with ERC20 tokens, exchangeable for local currency.
The development process started in 2017. The game would be released in the same year, with various developments created and released in increments throughout 2018 and 2019.
Using Axie Infinity
While playing Axie Infinity and trading with other players is a straightforward process, getting into the product and using it is a more difficult one.
First, you are going to need Ethereum. Then, you need to sign up for a MetaMask wallet, transfer your Ethereum, downloader a Ronin wallet, do another transfer, and download Axie Infinity on either desktop or mobile.
Additionally, you’d need to download discord and set up your account to become a part of the community. This requires a phone number verification, then entering a special command to be placed into the main rooms. To begin playing, you need to acquire 3 axies. Currently, the cheapest you can get one for is about $195.
From there, you play both PvP and PvE battles to improve the stats on your axies. Build your community, breed your creatures for new ones, and trade with other players to earn.
Creating with Axie Infinity
There is no creation in the traditional NFT sense based on what the Axie Infinity business model is. The closest you can get is the breeding process that introduces new creatures to the world.
Pros and Cons of Axie Infinity
- A Peer-to-peer system puts the control in the hands of players
- Greater revenue earning opportunity with fun baked into the mix
- High level of replay value
- The cost to get in is prohibitive
- The process to get started is on the complex side
A Few Interesting Facts about Axie Infinity
Axie Infinity has all but mastered the new play-to-earn model, which could represent a huge part of gaming’s future
Much of Axie Infinity’s development took place during the crypto market crash era, which provided a unique ability to develop the product with the benefit of obscurity.
Many people have quit their jobs to play Axie Infinity full time.
The platform once earned $79 million in just over half a month.
If the traditional NFT marketplace doesn’t sound interesting to you, then you may want to consider diving into the fun world of Axie Infinity. It’s a great way to earn while interacting with a fictional world and other players. Should that sound enticing to you, go ahead and register to get into the swing of things!