How To Earn With Axie Infinity?
NFTs stand for Non-Fungible Token which is nothing but digital assets which cant be copied or modified or tampered with. It is a unique asset since its one of a kind digital asset. NFTs can be anything digital. It can range from tweets, memes, gifs, pictures, videos, real estate, game equipment, etc.
What Are NFT games?
Video games have been increasing in popularity over the years. Recently this industry has gotten a push because of the pandemic and work from home. However, there is a big drawback to the traditional video gaming experience. There is no return on investment opportunity for the players.
Players generally try to improve their gaming experience by investing in different game articles. Players buy gaming equipment like guns, skins, clothing, swords, unlock extra missions for extra rewards, etc. However, as mentioned earlier, there are no returns to the player except some dopamine release for a short time.
This is not the case in NFT games. There are equal opportunities for gamers to earn money through various investing strategies.
Consider a game in which the player has earned/bought an NFT. As the game appreciates, the demand for the game and its NFTs will increase. This will also increase the cost of the NFTs associated with the game and hence can promise a huge profit. Recently, in Decentraland which is a real estate-based NFT game, virtual land got sold nearly for $1 million. There have been similar instances in which the equipment has gotten sold for more than a million-dollar.
Some of the earning strategies are,
- Investing In pools of stake in the game
- Renting/leasing or selling the NFT
- Investing in-game tokens
That’s why these games are often regarded as “Play to Earn” games. Some of the famous NFT games are,
- Axie Infinity
- Minecraft etc.
Axie Infinity is a game that is based on Ethereum Blockchain technology. It’s a game that is the number 1 game currently on the list of the games on the Ethereum Blockchain by daily, weekly, and monthly active user count. Till now, it has managed to earn a whopping revenue of 13,000 ETH which is more than $16 Million. It has a daily active user base of 800,000 in July which is 4900% higher than what it was in January.
Axie Infinity is a game with a universe of pets called Axies. The game mechanism is similar to that of Pokemon and involves events like breeding, battle, collecting, and eventually building a land-based kingdom for their pets.
How To Start Playing Axie Infinity?
It is a pretty straightforward process to create an account on Axie Infinity and start playing the game. The steps are common with most of the NFT games. Since these transactions within the NFT games are only possible by using a crypto wallet, it is needed to be linked to the game.
Metamask, which is a crypto wallet is generally recommended to be linked to the game. Trust wallet can also be used, however, it doesn’t support desktop operations. This wallet will be used to load Ether (ETH) to the game. Then you are needed to link your ronin wallet to the account created. Ronin’s wallet will hold all your digital assets of the game. However, in certain countries, players don’t have to create a meta mask wallet and can operate the game with only Ronin wallet. The list of those countries can be found here. A detailed step-by-step guide can be found here.
But as prerequisites to play the game, 3 Axies are needed to be bought by the players to start the game. But just like any other asset, their price is influenced by the demand and supply of the asset. The game is so high in demand that these axies are not cheap.
The cheapest of them starts at 0.0698 Ether which is about $230. The player has to buy 3 of them to start playing the game. So entry barrier is quite high for the game.
How To Earn From Playing Axie Infinity?
2 important in-game resources are needed to start earning money from the game. These are Smooth Love Potion (SLP) and AXS which is an in-game currency. These can be earned by the players as they advance in the game and participate in events.
Some ways to earn in Axie Infinity are,
· Competing in PVP battles to win leader board prizes.
There are some PVP events and tournaments in which participation and winning will grant rewards in the form of SLP and AXS. The prize of them will be depended the on the ongoing season. Currently, it’s season 18 and the prizes are as below.
· Breeding Axies and selling them on the marketplace.
Anyone who has played crypto kitties knows what breeding is. This is where you can use 2 Axies to create/breed a new Axie. This new Axie can be traded in the marketplace for new players to buy. To breed new Axies, players require SLP and AXS. An axie can be bread a maximum 7 number of times. The cost of SLP used will increase with the number of breeding with an Axie.
· Collecting and speculating on rare Axies such as Mystics and Origins.
Origins are the Axies which are limited assets. There will only be 4088 number of Axies ever, and hence it has a lot of value. These Axies have a special origin tab on them and have other attributes like victory dance after a win in a battle.
Mystic Axies on the other hand are different in appearance to that of the normal Axies and have special body parts which are only seen in Origin Axies. These Mystic body parts can even be more than 1. Learn more about it here.
· Farming for the love potions that are needed to breed Axies. These can be sold on exchanges such as Uniswap and Binance.
Starting in 2021 players can earn a governance token, AXS, which represents a real slice of the game universe as it has governance rights and fee-sharing built into it. Since players can earn this token by playing, a Ready Player One type quest emerges where players can earn part of the universe. However, these quests are not winner takes all and reward each player based on their effort and skill.
This AXS is trading at a record high of $70 at the time of writing this article and by keeping in mind the increasing trend, the value will probably shoot even higher.
There are different classes of Axies that can be bread/collected. While breeding, the Axies will carry some of the data and traits of the parent Axies. So we can create the best Axie by permutations and combinations with different Axies. This will breed the best Axie out of the options we have and in turn will promise higher returns. Learn more about it here.
There has been a rise in real estate NFTs. Many players from real estate games like Decentraland, Upland are making half a million dollar plus by selling virtual real estate. Axie Infinity is following in the same footsteps. Axie Infinity has launched phase 1 of its Land NFT. These include Real estate NFTs of the game’s town named Lunacia. These real estate NFTs can be traded by players to earn money via marketplaces.
The cheapest land available right now is priced at 3.99 Ether ($13,206) and the most expensive land available right now is 99999998 Ether (330972243380.55).