"Axie Infinity" is a virtual pet universe where players need to trade, raise and battle imaginative creatures called "Axies."
This game aims to introduce blockchain technology in a fun, interesting, and immersive way, which can only be done through a gamified approach.
It's a play-to-earn crypto built on the Ethereum (ETH) network.
In-game tokens
Players can earn in-game tokens such as Axie Infinity Shard token (AXS) and Smooth Love Potion (SLP) through breeding, raising, and engaging in battles with other Axies.
Those who don't want to play the game but still want to earn may do so by buying tokens on decentralized crypto exchanges.
Axies, aside from being adorable digital pets, are also a form of non-fungible tokens (NFT), which means that they can be bought and sold to earn sizable profits.
Now, Axies can cost a proverbial arm and leg.
The lowest-priced Axies in the market today costs around $200. For many game addicts, the price is still rather steep. However, compared to the most expensive ones, $200 should be peanuts.
Guess how much the top creatures can fetch? Around 300 ETH or $550,000.
"Axie Infinity" may not be for all, but there are actually many people today who are willing to spend for the game despite its price tag.
What makes this game highly interesting, especially in developing countries, is its big earning potential.
Is it a good investment?
It is a good investment if investors and players thoroughly know Axie Infinity's ecosystem, and above all, how cryptocurrency works.
It is never wise to venture into any investments just because of their earning potential and without understanding their nature.
This also applies to "Axie Infinity." Players and investors should not merely look at its earning potential but also at the swinging value of the tokens.
Overloading
Also, it has been shown that Axie Infinity can be prone to overloading. Since it is built on the Ethereum network, which has not yet conducted upgrades to improve its scalability, the game also has limitations.
Since the game's number of users has risen dramatically, Axie's system has been so overwhelmed with the inflow of users that it experienced a three-day outage last month.
The game will roll out a "staking" feature soon, which would provide Axie users with another income stream by allowing them to tie up their tokens for a set amount of time and earn interest.
Helping rural communities
Meanwhile, "Axie Infinity" has hit $1.1 billion in global sales, setting a new record for the highest-grossing NFT project ever.
"Axie Infinity" recently made headlines by providing jobless rural Filipinos a means to earn money during the global health crisis through its play-to-earn model.
