What is Axie Infinity Crypto?

Do you remember watching pokemon as a child?

Even if you didn’t, you probably remember how popular the anime series was in the late 90s and early 2000s. Due to the series’ popularity, every item you could think of became a pokemon merchandise. There were pokemon bookbags, lunchboxes, plushies, socks, and video games.

Another item popular in the pokemon collection was the card game. Most kids didn’t even know how to play card game, but everyone collected them to fit in.

Due to the love of pokemon comes the birth of axie infinity crypto! In light of people’s love for nostalgia and the fact that crypto is so popular today, it makes sense to combine the two. 

However, you have no clue what axie infinity crypto is. Well, keep reading down below to learn more about axie infinity crypto.

Related: What is Dash Crypto? 

Axie Infinity: What Is It?

Axie Infinity was launched in 2018 and became popular in the summer of 2021. Currently, it has around one million daily players. The game is based on the pokemon concept of having animal-like creatures for battles. In the game, there are pets known as Axies, and players can raise and battle them to gain crypto. 

It is also possible to receive crypto in the game by trading Axies. The game has two types of cryptocurrencies: Axie Infinity Shards (AXS) and Small Love Potion (SLP). With AXS, players can buy and sell their currency on exchanges such as Coinbase, and with SLP, players receive them by playing the game.

The in-game marketplace is known as a non-fungible token (NFT), a unique crypto asset worth a certain amount. In the marketplace, you can use Axies and virtual real estate as NFT. 

In addition, every item is worth the same amount in the marketplace, regardless of its specialty. Lastly, most transactions happen on a speedy sidechain known as Ronin, designed to have lower fees than the Ethereum blockchain.

How Does Axie Infinity Work Like a Game?

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The Axie Infinity game has a play-to-earn concept where players must do specific steps to earn their currency. Players breed and raise their Axies to sell them and buy real estate and accessories to sell them on the NFT marketplace in the game. 

Also, players can collect tokens that the game generates from playing. The primary tokens, AXS, players will need to start playing the game. 

You can buy and sell AXS on exchanges like coinbase. Furthermore, AXS is the governance token, allowing players to have a say in the game’s future based on their holdings.

The SLP tokens are awarded to players for spending time playing the game. So, the more you play Axie Infinity, you can easily generate SLP tokens quickly. Also, you’re awarded SLP tokens by beating your opponents in battles and completing game quotes. 

However, you can’t use SLP tokens in coinbase as you can with AXS. Instead, you buy and sell SLP tokens on a decentralized (DEX) exchange marketplace such as SushiSwap or Uniswap.

Do you need a bank account for your cryptocurrency? With Unbanked, you can buy, sell, and send cryptocurrencies anytime, anywhere.

Related: What Is Crypto Banking?

How Does Axie Infinity Work Like a Game?

The Axie Infinity game has a play-to-earn concept where players must do specific steps to earn their currency. Players breed and raise their Axies to sell them and buy real estate and accessories to sell them on the NFT marketplace in the game. 

Also, players can collect tokens that the game generates from playing. The primary tokens, AXS, players will need to start playing the game. 

You can buy and sell AXS on exchanges like coinbase. Furthermore, AXS is the governance token, allowing players to have a say in the game’s future based on their holdings.

The SLP tokens are awarded to players for spending time playing the game. So, the more you play Axie Infinity, you can easily generate SLP tokens quickly. Also, you’re awarded SLP tokens by beating your opponents in battles and completing game quotes. 

However, you can’t use SLP tokens in coinbase as you can with AXS. Instead, you buy and sell SLP tokens on a decentralized (DEX) exchange marketplace such as SushiSwap or Uniswap. 

What Is the Best Way To Start Playing Axie Infinity?

Before you start playing Axie, you’ll need to get yourself an Ethereum-compatible crypto wallet and Ethereum (ETH) for currency. Suppose you need to figure out where to get ETH from; start by going to coinbase and sending the currency to the coinbase wallet. 

Remember, the wallet is separate from the coinbase app, and you’ll have to download it onto your phone. If you play the game on your computer, consider using this chrome extension. 

After this, go to the game’s market to buy three Axies pets to start playing the game. Also, you need to remember that the developer, Sky Mavis, takes a 4.25% cut of Axies, virtual real estate, and other items sold in the marketplace. So if you have a rare Axie, the percentage may be higher.

To help avoid the percentage cut, you can try breeding your own Axies. However, doing this will cost you some of the in-game currency. 

Does Axie Infinity Carry Any Pitfalls?

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What’s exciting about Axie Infinity is the game-based concept mixing with earning cryptocurrency. However, there are some negatives to playing this game to make crypto.

For one, you can easily lose interest in it because it is a game. Also, if another game-based crypto decides to launch and gain popularity, it’s a possibility for the Axie Infinity marketplace to crash.

So, if this happens, you save time in building your empire in the game. Luckily, stuff like this only happens sometimes.

Another pitfall is that there are scammers and hackers everywhere in the game. So, if you’re not careful, they can gain access to your wallet, seed phrase, and assets. 

Also, Sky Mavis is not responsible if this was to happen to you, and he will not be able to return anything stolen. The only thing he can do is suspend the account the hacker is using. 

Lastly, keep in mind that all cryptocurrency is volatile, including SLP. This means it can fall and rise anyway, and you wouldn’t expect it to happen. So you need to plan for volatility to occur and pull your assets at any time.

Related: What Causes Cryptocurrency to Rise and Fall

Is It Worth Playing Axie Infinity?

Currently, Axie Infinity has a prediction of hitting $6.00 soon and holds a 52 position on the CoinGeko right now. It is turning out to be one of the top-gaining cryptocurrencies on the market, and making investing in AXS is a good idea. So, if you’re wondering if Axie Infinity is worth the time, the answer is yes.

Here’s Everything You Need To Know About Axie Infinity

So there you have it; everything you need to know about Axie Infinity Crypto. With its unique and exciting gameplay and the chance to earn cryptocurrency rewards, it’s no wonder this game is quickly gaining popularity. So if you’re looking for an innovative way to get involved in cryptocurrency, check out Axie Infinity!

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