Axie Infinity: Play and Earn Cryptocurrency

By Sadira Sittampalam | Published: 2:00 AM Jan 1 2022
Tech Talk Axie Infinity: Play and Earn Cryptocurrency

By Sadira Sittampalam

Axie Infinity is a new game that has been released that runs on blockchain technology. It is a Non-Fungible Token (NFT) based game where the goal is for players to raise, battle and trade NFT pets called Axies. While playing the game, it is also possible for you to earn different types of coins which then can be exchanged for real-world money.

Non-fungible tokens

But first, what exactly are NFT’s? ‘Non-fungible’ basically means that it is unique and cannot be replaced by something else. An example of a fungible token is bitcoin, as you can trade one bitcoin for another and you will have the same thing. It is the same thing with regular money as if you give someone a Rs 100 note and they give you back a Rs100 note, it won’t make a difference. However, non-fungible tokens are one of a kind and unique. 

If you were to trade it for anything else, it would be something completely different. So NFT’s can be anything digital such as music, drawings, art etc. So, you could potentially sell a digital drawing you created as an original piece of art.

But what is to stop people from making copies? They can always just screenshot the digital art. Well, it is the same thing as making copies of say, the Mona Lisa. We have verified that there is only one in existence and so anything else would not be worth as much as they are fakes. 

The only reason NFT’s are possible is because of blockchain technology, which, in simple terms, has a method of proving that you own something digitally. Essentially, it uses its decentralised technology to declare a certain piece of art has one owner. NFT’s are already picking up as there are people who have paid very large sums of money for certain pieces of art. For instance, the pop singer Grimes auctioned a 50-second video she made as an NFT, and someone bought it for $390,000.

Axie Infinity and cryptocurrency

So Axie Infinity is a video game that has been built on the Ethereum blockchain and is quite similar to games such as Pokemon as you have these virtual creatures that you use to battle opponents. But what makes this game special? Well, Axies are actually NFTs, meaning your Axie will be entirely unique and you will own it. Even the in-game items and assets you earn are crypto. 

What this essentially means is that by playing this game and earning assets, you will be earning cryptocurrency in the form of AXS (the crypto coin of Axie Infinity). You can then sell this cryptocurrency to make real-world money. So essentially, you will be playing a game and earning money. Moreover, considering the amount that AXS is going for right now, it is a very worthy investment.

How much can you earn

Nevertheless, this is still a game, and you do actually have to be good at it to earn any money. So, it will also depend on your skill level, the quality of the team you are playing with, the in-game items and assets and the number of Axies that you have. Other factors that are also involved are the market prices for Axies. The in-game currency is called Smooth Love Potions (SLP), which can be earned by beating computer AI in ‘Adventure mode’ as well as by defeating other players in ‘Arena mode’. Daily-earnings can range from 85 SLP to 705 SLP which, at current market prices, means you could earn from $2 to $22 daily.

During the pandemic, when market prices were a little higher than it is now, this game became somewhat of a sensation in the Philippines as people were earning more than double is what they could earn at a regular job just from playing this game. In August 2021, the most proficient players were earning almost $41 per day. However, the majority earned around $7.03. Nevertheless, earning while simply playing a game is still very impressive.

How you can start playing

To start playing Axie Infinity, you first need to create an Axie Infinity account. Then you also need to download MetaMask and Ronin crypto wallets which will hold your Axie NFTs and in-game crypto. You will also need to purchase at least three Axies to start playing the game. However, these Axies are not as cheap as you’d expect. Since Axies are something that are in general to be owned solely by you and are entirely unique, they are going (at current market prices) at around $70. 

However, these are also some of the cheapest Axies, with some of the more expensive ones going at a few hundred dollars. You also need to consider that your team of Axies needs to be pretty competitive to start earning any real cash, so if you are serious about it, a bigger investment will probably yield better results.

However, if you don’t have enough money to buy your own team of Axies, you can participate in what is called an Axie ‘scholarship’. What this means is you will essentially be working under someone who will be loaning out their Axie assets to you so you can play the game and earn. They would be your manager for the game and would likely take a 40-60 per cent cut of your earnings.

AXS Growth

Right now, AXS is the 28th leading cryptocurrency. The combination of gaming, NFTs and cryptocurrency has made it a very unique token that has been gaining a lot of traction since its launch in November 2020. When it first started trading, it began at 15 cents per token. In November 2021, it reached a peak of $160.36 per token, which is a huge percentage gain. 

If you had invested $100 in AXS in November 2020, you would have AXS worth over $106,900 in November 2021. However, as with all cryptocurrencies, its value is not stable, and it has come down to its peak in November. Nevertheless, it is still trading at around $90 per AXS token.

Axie Infinity 2.0

Going forward, Axie Infinity has also announced a 2.0 version of the game, which will include gameplay improvements and the addition of a free-play entry to the game. Free-play entry could mean that you can save hundreds of dollars in entry fees into the game. They will also be expanding the maps/lands of this game, as while the land is available to purchase now, it is not a very big portion of the Axie Infinity model. 

These new growth opportunities have also created a lot more buzz for the platform, meaning it might be time to think about investing in the coin as it is more than likely that the stocks will rise when the updated game is released. However, all crypto investments should be done after adequate research into the matter, so make sure you read up a little bit more about it.

By Sadira Sittampalam | Published: 2:00 AM Jan 1 2022

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