What is Axie Infinity? Axie Infinity is where cryptocurrency meets gaming. Axie's mission is to bring blockchain technology to the masses in a fun way. It's a play-to-earn crypto built on the Ethereum (ETH) network.
Users can earn the Axie Infinity Shard token (AXS) and the other in-game token, Smooth Love Potion (SLP) in several ways. To earn tokens, players breed, raise, and battle Axies in this Pokemon-inspired universe. Investors who don't want to play the game can buy both tokens on decentralized exchanges.
Like CryptoKitties (collectible digital kittens which led the NFT craze), Axies are cute digital pets -- and each one is unique. They are also non-fungible tokens (NFTs) that can be bought and sold. The lowest-priced Axies available today cost around $200 and the most expensive one sold for 300 ETH (almost $550,000). You need to buy three Axies to be able to participate in the game.
The earning potential is what's made the game so popular, especially in developing countries. And the high participation is what's driving Axie's impressive revenue streams. According to CoinDesk, Axie generated more revenue in June than major decentralized exchanges like Uniswap and Aave.
Should you buy? There are a few questions to consider before you buy Axie Infinity.
- Are you interested in crypto gaming? As with any investment, it isn't a great idea to buy something you don't understand in the hopes that the price will go up. As such, it is important to understand crypto gaming if you want to buy this coin.
It is certainly an interesting segment of the cryptocurrency industry, especially as NFTs have revolutionized the concept of in-game assets. As blockchain technology develops, crypto platforms may be able to host more complex games and we'll likely see more pay-to-earn coins like Axie.