Introduction to Axie Infinity (AXS)
In November 2020, the ERC-20 administrative token Axie Infinity Shard (AXS) was released. AXS tokens can be purchased, sold, or earned by participating in the game. The game was created by Sky Mavis, a Vietnam-based startup that began as a hobby project and has since grown into a well-known Ethereum game.
Axie Infinity might be a forerunner in the emerging play-to-earn trend, in which participants in blockchain games can earn money in the form of tokens or other incentives. The game characters in the Axie Infinity environment are known as Axies. They’re simply controllable and claimable non-fungible tokens (NFTs). They can be contained in the user’s wallet, transmit to other Ethereum addresses, or exchange with other players in a blockchain-based market.
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Axies aren’t the sole ERC-721 assets within the game; there’s also digital land and items. Players can use parties and strategies to battle creatures in Lunacia, the Axie Infinity realm in the Adventure mode (PvE – Player vs. Environment). They can earn Small Love Potions (SLP) when they win, which are then used to make Axies.
Axie Infinity Shard (AXS)
The Axie Infinity Shard (AXS) cryptocurrency was introduced in November 2020 and may represent an unused addition to the Axie Infinity universe. Holders of the AXS token will be able to invest it and earn it by voting and playing. These advantages are provided by the Community Treasury, which is replenished by in-game purchases. However, as of January 2021, neither the Community Treasury nor the staking capacity has been provided.
At the time of the initial public sale, it had a supply of little under 60,000,000 shares. Each year, until 2026, the total number of tokens distributed is expected to increase. A few coins were made aside for general trading, while some were held aside for Sky Mavis and the project’s advisers.
Axie Infinity is a free-to-play game that allows players to earn coins by playing the game. As of February 2021, there are over 27,000 players of Axie Infinity. The Ronin sidechain, along with a free version, is being implemented to encourage even more growth. There are already gamers out there making money from the game, and it’s hoped this will grow even more.
The Axie community has created scholarships for new players so that they may begin earning SLP without having to buy any NFTs or commit any money upfront. The only thing a new player needs to start is time, passion, and a willingness to learn. Earnings are divided among the player, the owner of the NFT, and the community manager, who is in charge of recruiting, training, and mentoring the new player.
Sky Mavis does not provide these scholarship opportunities. Rather, members of the Axie community who already possess more Axies than they can combat each day rent them out, increasing the utility of underutilised Axies.
Axie Infinity is a new dApp that allows you to rent your non-financial NFT assets to other users. Renting out your assets is one of the oldest business ideas, but it’s only viable in Axie since the player’s login and password is distinct from the crypto wallet. Unlike most other dApps, where the user identity serves as the wallet, this one does not. In Axie, the owner may lend, utilise, and enjoy their assets without having to hand over their private keys.
After a few days of playing under a scholarship, an unscrupulous Axie owner may opt to keep all of the SLP revenues given to their pocket and refuse to pay the player their portion. Similarly, a gamer might use numerous pseudonymous identities to gain advantages from different scholarship schemes at the same time. This is a severely forbidden activity that community leaders closely supervise.
Despite know-your-customer (KYC) constraints, the phenomenon is gaining traction, with programs growing more complex. The first model developed amongst friends when an amiable Axie owner volunteered to share an NFT with a friend, letting the person keep it on the condition that he or she repays the asset’s worth whenever SLP was earned.
More recent models have relied on Excel spreadsheets to manually handle a large number of scholarship winners and their earned rewards. Some are even using smart contracts and bots to automate payouts for hundreds, if not thousands, of Axie leaseholders. Once again, the world’s impoverished people are at the vanguard of innovation, developing and providing answers to their own needs.