Remember the cartoon-turned-game Pokemon Go? A simple Augmented Reality-powered gaming platform that made extensive use of the smartphone’s GPS and camera.
Axie Infinity is a pokemon-inspired blockchain-based gaming platform developed by Sky Mavis. We aren’t going to see much about the gaming side of Axie infinity but the trading (marketplace) side. Do you wonder – why? According to this article from Business Insider, blockchain-based gaming tokens have fared better last year (2021).
Marketplace – The Trading Hub for Gaming NFTs
Gamers used to trade gaming assets (like weapons) away from the actual game, enabling the potential for fraud. Axie Infinity like NFT marketplace, is an attempt to circumvent those off-the-game issues, allowing the gamers to trade gaming assets (on-game) in the form of non-fungible tokens (NFTs).
With the emergence of climate change, Covid-19, the supply chain problem, and everything in between, the virtual gaming world offers an unrivaled escape from reality. However, we’re increasingly seeing this escapism become a reality, with gamers blurring the lines between themselves and their avatars. The physical and virtual world mix can revolutionize how businesses connect with consumers and construct their gaming commerce strategies; in-game products now have a dual meaning for individuals, which may be a double benefit for products.
The gaming NFT marketplace like Axie Infinity allows the gamers to own their in-game work & assets. They can buy, sell, and monetize their gaming assets whenever they wish! On the other hand, the gaming platform owners enable other developers to create experiences on top of their in-game assets.
Another game (apart from Axie Infinity) that institutionalizes in-game NFT trading is Fractal, a brand-new gaming NFT marketplace launched by Justin Kan (the co-founder of Twitch). NFTs are blockchain-linked digital assets, encompassing digital ownership of them. Many new gaming businesses generate revenue by pre-selling NFTs with in-game value to players to support the development of their games.
Axie Infinity’s Version of Support-A-Creator Program
Axie Infinity is the forerunner in the blockchain gaming world, harnessing a whopping $4 billion (in total NFT sales) to date. But that doesn’t stop it from adopting off-the-chain trending concepts. Yes, we’re talking about Epic Games’ (an American game developer) Support-A-Creator program that enables creators to earn rewards in games like Fortnite and Roblox.
Sky Mavis has recently embraced this program with an increase in marketplace transaction fees. It will apply to every transaction on the Axie Infinity marketplace that runs on Ronin (Ethereum’s side chain).
Axie Infinity sees a creator in ‘every’ player of the game. It’s mostly to reward community members that bring in new players, according to Sky Mavis. The developer will implement a system that will allow Axie gamers to enter a code from a specific content producer—such as a streamer or influencer—and that content creator will receive an extra 1% of their earnings.
Creator codes will help increase an Axie Infinity like NFT marketplace across different social channels. When players shop on the Axie marketplace without using a creator code, the entire 5.25 percent goes to the community treasury, which is used to fund a variety of marketing and growth initiatives for Axie Infinity.
How do Game Guilds help?
While talking about Axie Infinity, we can’t afford to proclaim just the positives, do we? Players in an NFT game like Axie Infinity must possess three Pokemon-like animals known as Axies, each of which is a unique NFT that may be battled, traded, and bred. For a team of three, the cost has historically been approximately $1,000, which is too expensive for the average participant.
In came – Game Guilds – involves loaning the creatures (Axies) in the form of scholarships. Players are drawn to NFT-based games by guilds, which allow them to earn money by changing in-game tokens into cryptocurrency swiftly.
What’s Next for Axie Infinity?
The term “metaverse” has become a popular buzzword among investors in stock and cryptocurrency markets. And Axie has reaped the benefits of the trend. While the AXS token is still down 66% from it’s all-time high, it has increased by 45,000% since its November 2020 low.
Demand for the AXS token, which is used not just for breeding but also for staking, governance, and (eventually) marketplace payments, might continue to climb in the future if Axie Infinity continues to gain popularity with gamers and crypto fans.