Everyone has heard of Pokémon. But have you heard of Axie Infinity? No? You’d probably be surprised to hear that the blockchain-based game is currently worth $1.5 billion.
Axie Infinity is an NFT-based online game that uses cryptocurrency. Vietnamese studio Sky Mavis developed the Ethereum-based game, which relies on two separate crypto assets: Axie Infinity Shards (AXS) and Small Love Potion (SLP).
Read on to learn more!
Is Axie Infinity the next Pokémon?
Axie Infinity draws obvious inspiration from Pokémon. In fact, they say so themselves in the game’s whitepaper. Players can battle, collect, raise, and build a land-based kingdom for their cute pets that are known as Axies.
The game has so far gone through different battle systems. Initially, the developers utilized an idle battle system similar to Final Fantasy Tactics. The game now uses a real-time card battle system.
Play to earn
“The key difference between Axie and a traditional game is that Blockchain economic design is used to reward our players for their contributions to the ecosystem,” developer Sky Mavis explains.
Rather than play-to-win or free-to-play, Axie Infinity is considered a “play to earn” game. The idea is that instead of charging players, the in-game economy can reward players with AXS for competing in leaderboards, breeding and collecting Axies, and farming love potions that help Axies breed.
How does it work?
Axie Infinity requires you to purchase or breed your pets. So unlike a free-to-play game like Pokémon Go, you cannot play for free. However, it offers players the opportunity to earn real money – at least if the value of AXS, SLP, and in-game items continues to go up.
Right now, Axies are going for over $400 each in the game’s marketplace. So the entry fee is steep and highly speculative. They come in the form of NFTs (non-fungible tokens) that are connected to a personal crypto wallet. Once purchased, they can be used in the game. You can also resell the NFT, potentially earning a profit.
How big is it so far?
At the time of publication, AXS has a market cap of $1.5 billion and trades for $24.73 per AXS according to Coinbase. The SLP market cap is valued at $141 million. Meanwhile, the game’s marketplace currently is seeing $40 million in items sold in a 24-hour period including Axies, land, and other in-game items.
What platforms are supported?
Axie Infinity is currently available on Windows PC, Mac, Android, and iOS. You’ll need to download it from axieinfinity.com. The download itself is free, although Axies are not.
This article is for informational and entertainment purposes only. It is not financial advice. Cryptocurrencies are high-risk and volatile assets. Consult a financial advisor before trading.