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Axie Infinity

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This is an old revision of this page, as edited by GlobeGores (talk | contribs) at 21:44, 7 February 2022 (→In-game economy: add name of the in-game cryptocurrency (Smooth Love Potion) to the article, as it is distinctive, add an additional ref). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Axie Infinity
Developer(s)Sky Mavis
Engine
Platform(s)Windows
Android
macOS
iOS
ReleaseMarch 2018
Genre(s)NFT
Online game
Mode(s)Single player, PvP

Axie Infinity is an NFT-based online video game developed by Vietnamese studio Sky Mavis,[1] known for its in-game economy[2] which uses Ethereum-based cryptocurrencies.[3]

Description

Axie Infinity is a trading and battling game that allows players to collect, breed, raise, battle, and trade creatures known as "Axies" (characters based on axolotl), which are digitized as NFTs. As of September 2021, the majority of players were based in the Philippines.[4]

In-game economy

New players need to purchase at least three axies to begin playing.[5] In February 2020, Sky Mavis estimated that the average player had spent around US$400[1] to match this starting requirement. By December 2021, the starting cost for three axies was up to US$1,000.[2]

The game uses a "pay-to-earn" model (also called "pay-to-play-to-earn" model) where after participants pay the starting costs, they can earn an Ethereum-based in-game cryptocurrency called "Smooth Love Potion" (SLP) by playing. Axie Infinity allows users to cash-out their SLP tokens every fourteen days.[4] This model has been described as a form of gambling[6][7] and as an unstable market that is overly reliant on the inflow of new players.[2][8]

Participants are able to purchase virtual land and other in-game assets as NFTs.[9]

In June 2021, during a pandemic lockdown, CNBC reported that some people in the Philippines were playing the game as their main source of income,[10] though earning rates from playing fell below the minimum wage of the Philippines in September 2021.[2] In August 2021, the Philippine Department of Finance clarified that income from Axie Infinity is taxable, and suggested that the SEC and BSP may classify the cryptocurrency as a currency or a security.[11]

See also

References

  1. ^ a b Thu Huong Le (21 February 2020). "Tech in Asia - Connecting Asia's startup ecosystem". Tech in Asia. Retrieved 11 August 2021.
  2. ^ a b c d Kruppa, Miles; Bradshaw, Tim (26 November 2021). "Crypto's hottest game is facing an economic maelstrom". Financial Times. Retrieved 11 December 2021.
  3. ^ Gonzales, Gelo (23 August 2021). "What is 'Axie Infinity' and how is it different from traditional video games?". Rappler. Retrieved 11 December 2021.
  4. ^ a b Pankratyeva, Alexandra (9 September 2021). "Crypto games: play-to-earn phenomenon". Capital.com. Retrieved 1 October 2021.
  5. ^ Godbole, Omkar (7 July 2021). "Axie Profiting From Booming NFT Economy as Bitcoin Struggles". Yahoo! Finance. Retrieved 11 August 2021.
  6. ^ Laurent, Lionel (3 September 2021). "Anxiety About Gaming Should Be Over Money, Not Morals". Bloomberg.com. Retrieved 1 October 2021.
  7. ^ Harris, Ainsley (24 September 2021). "The danger of the internet turning money into a game". Fast Company. Retrieved 2 October 2021.
  8. ^ https://zipmex.com/learn/what-is-smooth-love-potion-slp/
  9. ^ Shumba, Camomile (25 November 2021). "A plot of digital land just sold for $2.3 million on Axie Infinity, as the real-estate race heats up across the metaverse". Business Insider. Retrieved 11 December 2021.
  10. ^ Nunley, Christian (14 May 2021). "People in the Philippines are earning cryptocurrency during the pandemic by playing a video game". CNBC. Retrieved 8 October 2021.
  11. ^ de Vera, Ben O. (23 August 2021). "DOF: Axie Infinity players must pay income tax from trading "pets"". Philippine Daily Inquirer. Retrieved 14 October 2021.

Further reading

Retrieved from "https://en.wikipedia.org/w/index.php?title=Axie_Infinity&oldid=1070516132"