What is the Axie Infinity Marketplace? All You Need To Know
Axie Infinity is catching fire as mobile blockchain gaming takes off, attracting players from all over the world. The first place to start is the Axie Infinity marketplace, where you can buy and sell characters or teams. But what is it exactly? Let’s dive in.
Though the digital market is facing fluctuation in the Covid-19 pandemic, AXS still unbelievably consistently increased, especially, founders became billionaires just within a short time. Specifically, the game has over 350,000 active players and Axie Infinity Marketplace has recently been the most popular NFT marketplace in the world, with US$111,7 million in items purchased in 2021. So, what exactly is Axie Infinity? Is Axie Infinity profitable in the future? Let’s learn more about this game with us!
Summary of Axie Infinity (ASX)
Axie Infinity (ASX) is a game developed by Sky Mavis – the company specializes in developing NFT-based strategy and role-playing games. Launched in 2019, Axie Infinity is known as a digital pet universe inspired by Pokémon that once took the world by storm. Axie Infinity is built on the blockchain platform, where players battle, raise, and trade fantasy creatures called “Axies”.
While Axies are one-of-a-kind digital pets that take the form of NFTs, the metaverse also includes an ERC-20 governance token known as Axie Infinity Shards (AXS). This token aims at facilitating the eventual decentralization of ownership and governance of the Axie Infinity ecosystem. It serves the following purposes:
- Governance: AXS token owners can use it to stake their tokens and vote on governance issues.
- Staking: Players can stake their tokens in order to receive more weekly rewards.
- Payment: The AXS token can also be used to play or pay if necessary.
What has made Axie Infinity hot recently?
First and foremost, we must agree that Axie Infinity provides an engaging experience for players. While other games have paid to win using Blockchain in recent years, Axie Infinity recommends a new definition and experiences in gaming. With over 500 body parts that players can adjust, each Axie assists you in creating several incorporations to fight and build your strategies until the end of the game. It is made even more intriguing by the fact that Axie Infinity has the potential to turn $1,000 into $5,000 in a month through trading collectibles.
When battles and teams become overly popular in the game world, what distinguishes Axie from other competitors is that characters can increase or decrease in value, making them collectible in their own right. Each Axie is an NFT, and you can exchange them in Axie Infinity Marketplace – an NFT marketplace (along with other in-game items). Furthermore, Axie Infinity allows players to price what they own independently of their platform.
Everything to know about Axie Infinity marketplace
Let’s explain why this particular gaming platform could be at the center of the new world with our Axie review. The players own the entire Axie Infinity ecosystem. These players can exchange in-game assets and NFTs for digital currency. Because the game revolves around imaginary creatures, it is similar to a digital pet universe. To begin, each player must have at least three Axies. The Axie Infinity Marketplace, unlike many other NFT Marketplaces, only sells characters and items from the Axie Infinity ecosystem.
Axie Infinity Marketplace Fees
When you make a trade on Axie Infinity Marketplace, the seller is charged a 4.25% marketplace fee (but not the buyer). This means that if you sell an Axie Infinity NFT for $100, you will only get $95.75. The remaining portion of the sale price is paid as a commission to Sky Mavis. However, beginning in 2021, all marketplace fees will be deposited into The Community Treasury, which will eventually reward AXS token holders.
The only fees you need to be concerned about as a buyer are the gas fees. Slow, Standard, Fast, and Rapid are the four different gas fee categories. The price of gas is determined by the category and nature of the transaction.
Purchase Game Items on Axie Infinity Marketplace
To purchase an Axie, you must have ETH assets in your Ronin wallet. There are two ways to obtain ETH:
- Using Ronin Bridge, make deposits from your Ethereum wallet to your Ronin wallet. Most players deposit or withdraw funds from their MetaMask wallet using a centralized exchange.
- You can also use the Ramp Network to buy ETH with fiat on Ronin. However, the Ramp Network is not available in every country. As a result, you must first determine whether your country is on the distribution list.
Sell Game Items on Axie Infinity Marketplace
Once you link your Ronin wallet to your Axie Infinity account, the “Inventory” menu section is accessible. Then, click on the Axie you want to sell, it will show you the option of selling Axie at a fixed or auction price.
- Fixed Price Selling: The fixed price method of selling Axie is to set a fixed price, and then Axie will be directly listed on the Axie Infinity Marketplace. The fixed price selling method is much easier and more efficient than auction prices.
- Auction Price Selling: In an auction, you must decide on the starting price, the ending price, and the length of the sale. If no one bids on your Axie by the end of the auction, the auction will end at the final price you set. Alternatively, you can begin at a much higher price, end at a lower price, or keep it constant. Also, you can change the duration of the auction.
After you’ve decided on the type of sale, click “Confirm” to add it to the Axie Infinity marketplace.
Axie Infinity Marketplace Payment Methods
The Axie Infinity Marketplace does not accept PayPal or Credit Card payments. Transactions are carried out using Ethereum since it uses the Ethereum network (ETH). For smaller transactions, the platform recommends the Metamask wallet, while for larger transactions, it recommends exchanges such as Coinbase or Binance.
Earning Money Through Axie Infinity Marketplace
Breeding Axies has earned players a lot of money. The value of the Axie is determined by its abilities and scarcity. Because new players arrive every day looking to start their own Axie teams, this method would always yield money regardless of the Axie profiles.
Players can invest in the in-game Lunacia land plots. A player can use NFTs to purchase a plot of land and use it as their home base. Players can rent out their plots to other players to make money online.
Axie Infinity’s Potential
Axie Infinity has pioneered a new model in Blockchain – Play-to-Earn, demonstrating that this market can generate millions of dollars in revenue for users. The need for income is everyone’s need, which is why so many people have invested their time in this game. As a result, this market has the potential to completely expand and could be a hot investment trend in the future.
The gaming industry as a whole is booming. According to Newzoo data, at the current average growth rate, this market could reach $200 billion by 2023, with 3 billion participants. Meanwhile, the current total capitalization of the Blockchain gaming industry is only about $5 billion, which is still quite small so there is still a lot of room for growth.
Should I Invest My Resources in Axie Infinity?
After reading about Axie Infinity’s potential, you’re probably eager to play the game and earn money, aren’t you? Here are some points to consider:
- The risk of getting into Axie Infinity, or any other Play-to-Earn game on the market, is stability. The crypto investment market is volatile, so it fluctuates rapidly, especially when a downtrend period can last several years. Will players still stick with the game at that point?
- Existing stability in Axie Infinity is heavily reliant on new users. For the time being, there is a huge demand for SLP, AXS tokens, Axies, and in-game items; if this demand stops growing, the Axie Infinity economic structure will collapse.
- Some countries do not allow play-to-earn blockchain gaming and it is wise to know your country’s regulations related to cryptocurrencies and NFTs.
- There have been instances where the player’s Axie Infinity accounts have been hacked, even a support member’s Discord account. So, be aware that hacks and scams are still commonplace, just like the rest of the internet.
- Some countries prohibit play-to-earn blockchain gaming, so it is important to understand your country’s cryptocurrency and NFT regulations.
Investing in NFTs with Myconstant
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