NFT – Millennials are very drawn to AXIE INFINITY, a digital token that combines gaming and now has a market capitalization of over $2.5 billion.
The gaming token, which was released in November 2020, has risen over 25,000 percent so far, implying that a $1,000 investment would have grown to Rs 2.5 lakh in just nine months.
Axie Infinity was developed by a company called Sky Mavis, but it aims to evolve into a community-owned organization over time. It has 40 full-time team members, and the leaders have backgrounds in gaming and technology.
This works on a unique concept of “PLAY TO EARN”. Playing to make money is a relatively new concept in gaming, but it’s catching on. Players in these games earn cryptocurrency tokens, which they may then trade for real money on decentralized markets.
Axies are charming creatures that players own in Axie Infinity. Each Axie is a Non-fungible token (NFT), meaning it is a one-of-a-kind digital collectible. Axies can be bred and battled, as well as quests for resource farming.Because the tokens are valuable, gamers can use them to pay for things like rent or food in real life.
The game is not only a play hub but is a method of wealth creation that is creating good revenues:
Axie has made about $90 million in income in the last 30 days, according to Token Terminal data. The other top ten apps on Token Terminal’s list totaled roughly $41 million at the time of publishing.
Purchases made in-game, such as land, generate revenue ,Axie charges fees for breeding and charges a 4.25 percent fee for buying and selling Axie NFTs. The fact that 95% of it is being recycled is quite astonishing.
The money and wealth creation are based upon a definite participative agenda and helps to manifold amount with participation.
You’re more likely to buy AXS tokens as an investment if you believe they’ll appreciate over time. Axie Infinity, on the other hand, is a community that encourages token holders to participate rather than an investment vehicle.
Participation might also be costly. Especially when the price of Axies has skyrocketed because of Axie Infinity’s success. Players used to be able to get started with just a few clicks and then it is getting increased. The current price of participation is around $200.
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According to Axie, there are around 250,000 daily active players. It’s a time-consuming and strategic game. Players must not only carefully breed their Axies to gain specific skills, but they must also perform tasks to earn energy that allows them to participate further.
To get around these high costs, the Axie community has developed scholarships. This is a profit-sharing model where Axie owners rent their NFT to new players so they can play the game and start earning SLP without having to buy any NFT or invest any money upfront.
Axie Infinity’s life-changing play-to-earn revolution will draw greater attention to blockchain games and is likely to appeal to a wider audience. However, broad adoption is not set in stone, and we can expect more advances involving these adorable digital creatures.
Crypto-related games, according to experts, will be another huge trend shortly, with gamers not only exchanging NFTs between games but also selling them to cult members. Gaming as a vocation is increasing in popularity in the Western world, and young people’s gaming spending has soared. With the money involved, through playing games, the concept is getting much weightage from the audience.
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