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Are you a fan of blockchain gaming and looking to take your experience even further? Axie Infinity has created an immersive, digital land where players can grow, battle, and trade virtual creatures called “Axies”. This metaverse, which uses Ethereum technology as its backbone, offers endless possibilities for creating unique experiences that are bound only by the limits of your imagination.
In this blog post, we will provide step-by-step instructions on how to get started with Axie Infinity, from purchasing your first set of Axies to winning legendary battles in tournaments! Allowing you to tap into cryptocurrency rewards along the way. So buckle up and let's explore what awaits us in this fantastic blockchain-powered virtual world!
The Axie Infinity Universe
Axie Infinity stands out from other online games due to its integration with blockchain technology. Players can own their virtual assets, such as Axies - Pokémon-esque creatures that players can battle, breed, collect, raise, and build kingdoms for - on the Ethereum platform.
This allows users to reap rewards when they reach an advanced level of skill and makes the game much more engaging than a standard online gaming experience.
Axie Infinity’s Initial Growth And Hype
In September of 2020, the game had around 50,000 monthly active players. Just one year later, it had just under 2 million monthly players, a 3,811% year-over-year increase.
At the end of 2021, Axie Infinity boasted over 300,000 DAUs, an increase of more than 30x since the beginning of the year. Furthermore, growth in their Discord has gone absolutely parabolic, making them one of the largest Discord servers across the world.
Axie Infinity Recent Decline: The Ronin Bridge Hack
On March 23 2022, The Lazarus Group(a North Korean syndicate) astoundingly managed to gain access to five of the nine private keys held by Ronin Network's transaction validators, empowering them to approve massive amounts of ETH and USDC from the cross-chain bridge. The criminals then initiated their laundering process – which Chainalysis began monitoring immediately – involving more than 12,000 crypto addresses thus far, proving that these hackers are well-versed in savvy money laundering tactics.
However, It is not all doom and gloom just yet. 56,000 ETH stolen from the Bridge belonged to Axie Infinity DAO and will remain under undercollateralized while developers collaborate with law enforcement to recover these funds. Fortunately, on the 28 of June 2022, all liabilities totalling 71,600 ETH and 25.5M USDC have been totally recouped in Ethereum - fully backed 1:1 by both ETH & USDC!
The Ronin Bridge connects the Ronin sidechain to Ethereum (ETH) and is key for the operations of the Axie Infinity ecosystem.
Axie Infinity Increased Security
The revolutionary Bridge is outfitted with a circuit breaker system that serves as an extra layer of security. Any withdrawal request exceeding $1 million will necessitate 90% approval from the validators, and anything above ten times this amount would require manual verification prior to processing.
On top of that, its smart contract software allows administrators to set daily withdrawal limits through the Bridge; it has been initially established at $50 million but can be adjusted if needed.
Now With That Out Of The Way: let’s move on..
Axie Infinity Play To Earn Business Model
By participating in turn-based battles with other users or computer opponents, players can accumulate tokens. These tokens are then used to breed new monsters and mint them as Non-Fungible Tokens (NFTs). These transactions are all logged onto the Ethereum blockchain, enabling each monster to be tracked as a unique object!
By having an NFT-backed monster, not only does it attest to the real time and skill required for its creation, but also boosts up its overall value. Consequently, these monsters can be exchanged in the game's marketplace with actual cash!
How To Earn Off Axie Infinity
There are several paths to financial success within this game, yet the only cost- effective way is by playing. To do so, you must have a minimum of three Axies and then start reaping your rewards in SLP and AXS tokens. Other methods come with substantial up-front costs that can be prohibitive for many players.
It's possible to enjoy Axie Infinity while earning SLP, even if you don't actually own any of your own axies. With these agreements known as scholarships, individuals with extra axies can hire players—known as scholars—to play for them and split the rewards accordingly per an agreement; this is often arranged at 70/30 or 60/40 splits.
Do be aware that playing on someone else's behalf constitutes a job-like commitment that demands a large portion of one’s time; furthermore, it may prove difficult to earn such positions due to the intense competition vying for scholarship opportunities.
If you're looking to maximize your profits with Axie Infinity, breeding is the way to go. All it takes is two unbred Axies and 4 AXS tokens, plus a variable amount of SLP based on how many times each NFT has been bred before. Then just wait for five days as the newly-bred axie reaches maturity and hatches into an adult that can finally be used in-game! And because these digital beings are so valuable, selling them on the marketplace after they've hatched will give you some serious Ether returns.
How To Get Started Playing Axie Infinity
- Get started with registering for your e-wallet account, Ronin - it's an effortless process that only requires you to provide a valid email address.
- Add your Ronin e-wallet as an extension to your mobile device.
- To kick off your adventure with Axie Infinity, visit axieinfinity.com and select the "Getting Started" tab!
- Once you have logged in, navigate to the Axie Infinity Marketplace.
- Ready to own your very first Team of Axies? Utilize the Ronin wallet and take advantage of this amazing opportunity!
- Utilize your discernment to select carefully; you should plan on keeping these Axies with you for many years and use them in battle, as well as breed them. That being said, it's essential that the chosen ones possess formidable abilities and advantageous skill sets.
- When considering the purchase of an Axie, it is important to consider its performance in strength, speed, battle prowess, and morale.
- Don't underestimate the importance of morale - it can be crucial in success or failure. An Axie with a low level of morale will quit at the first sign of trouble, while an Axie that is full-hearted and motivated will stand their ground as your ultimate defender; just like Captain America against Thanos in Avengers: Endgame! Providing your team members with ample motivation and inspiration can help them weather any storm to secure victory for you.
Ending off
Despite the hack, Axie Infinity has taken the necessary steps to ensure that their community feels safe and secure when playing the game. They also have a new business model that will be more sustainable in the long run.
If you're interested in getting started with Axie Infinity, I would encourage you to check out their website and see which game is your favourite.
Thanks for reading!
Author Bio
I'm a blockchain enthusiast and co-founder of Decentraclub, a blog page dedicated to providing readers with educational content about the decentralized space. I have an in-depth knowledge of cryptocurrency, blockchain technology, NFTS, web 3.0 and the metaverse that I use to inform my writing on my blog page.
Feel free to check out decentraclub.co for more pieces like this.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.