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EXPLAINERS

 * Gaming
 * Axie Infinity
 * GameFi
 * NFT - Non-Fungible Token

Published April 26, 2022 | 10:00 am HKT Last updated 6 months ago
By Zoltan Vardai
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WHAT IS AXIE INFINITY AND HOW IS IT USHERING IN GAMING 3.0?


AXIE INFINITY IS A BLOCKCHAIN-BASED GAME THAT REWARDS PLAYERS WITH
CRYPTOCURRENCIES AND NFTS. LEARN ALL ABOUT HOW AXIE INFINITY IS CREATING A
PLAY-TO-EARN REVOLUTION IN THIS FORKAST EXPLAINER.

Image: Sky Mavis

You’ve probably heard of World of Warcraft, arguably the most popular MMO
(massively multiplayer online game) of all time. Well, Axie Infinity can be
thought of as its blockchain-powered cousin, except the collectibles are
replaced by non-fungible tokens (NFTs), and instead of fictitious gold, you earn
cryptocurrency.

Players need digital pets known as Axies in the form of NFTs. These cute,
Pokemon-inspired monsters will be pitched into battle against one another in a
digital arena.

Sound familiar? It should, since it’s based on the values of classic MMOs like
Runescape, Guild Wars 2, and The Elder Scrolls Online.

One critical difference is that players can actually make a living without being
top-ranked. Axie Infinity kicked off a play-to-earn revolution for gamers around
the world, especially in developing nations where, in some instances, people
quit their jobs to take up gaming as a source of income. Is Axie Infinity
creating the open metaverse economy of the future? To answer that, we’ll take a
look at how the game works, its underlying technology, and its future potential.



Here’s what you’ll learn in this Forkast explainer on Axie Infinity:

 * The history of Axie Infinity
 * What is Axie Infinity
 * Underlying technology
 * AXS and SLP
 * What makes Axie Infinity stand out?
 * Hacks and vulnerabilities
 * Checklist for getting started
 * How Axie Infinity is ushering gaming into 3.0


THE HISTORY OF AXIE INFINITY

The development of the game can be traced back to early 2018 and the efforts of
Trung Thanh Nguyen, Aleksander Leonard Larsen and Jeffrey Zirlin, all of whom
would cofound the gaming studio Sky Mavis in Ho Chi Minh City the following
year.

The trio shared a vision to develop a more reliable alternative to early
iterations of blockchain-based games as they were inspired by the popularity of
World of Warcraft.



To get the game off the ground, a sale of Axies was held in February 2018, which
resulted in 3,112 being “adopted” in exchange for Ethereum. 

Sky Mavis raised US$1.5 million in November 2019 to accelerate the development
of Axie Infinity, attracting prominent investors such as Yat Siu of Animoca
Brands, Sébastien Borget of The Sandbox, and Simon Kim of Hashed.


WHAT IS AXIE INFINITY

Axie Infinity is currently the most popular blockchain-powered game of its kind,
attracting more than 1 million daily active players. Players can collect, breed,
and battle Axies for daily rewards.

There are nine classes of Axies, and much like with Pokemon, each class has an
advantage during battle. Despite belonging to the same species, each Axie is
distinct. Axies come with six body parts, with each part containing one of three
genes: dominant (D), recessive (R1), and minor recessive (R2). Each Axie can be
bred up to seven times, with some attributes being more powerful than others,
depending on the Axie’s class and the player’s desired combat build. Players can
use the Axie Breeding Calculator to determine the most likely genes of their NFT
offspring.



Players need three Axies to battle in the game’s player vs. player (PvP) arena
mode, or player vs. environment (PvE) adventure mode. A victory will reward
players with Smooth Love Potion (SLP) tokens. SLP along with AXS, the game’s
native cryptocurrency, are required to breed new Axies. 

Built on the core principles of play-to-earn gaming, Axie Infinity incentivizes
players by rewarding them for their victories and completion of daily quests
with SLP tokens. What makes this reward system unique is that SLP can be
exchanged for other cryptocurrencies and fiat on crypto exchanges.

Moreover, Axies can be sold in exchange for Ethereum as NFTs, using the Axie
Infinity Marketplace.


UNDERLYING TECHNOLOGY

Axie Infinity was initially built on the Ethereum network and Axies as ERC-721
tokens, with its two cryptocurrencies AXS and SLP being ERC-20 tokens. Sky Mavis
has since developed Ronin, a permissioned, Ethereum-compatible sidechain built
to host the game. The migration of Axie Infinity to Ronin began in April 2021.



Axies, land plots, and all other in-game collectibles are NFTs, offering secure,
censorship-resistant proof of ownership. This also helps them retain their
value, as they can always be sold on the game’s marketplace.

Players get rewarded with SLP tokens for winning in-game battles. One can say
that in-game collectibles in this game are for the first time truly
player-owned.

Players wishing to purchase from the marketplace need to open a Ronin wallet and
connect it to their accounts. The game is available for Windows, Mac, Android
and iOS users. 


AXS AND SLP

The game’s native governance token, Axie Infinity Shard (AXS), can be bought on
crypto exchanges or earned in-game. In July, the token received significant
attention from crypto enthusiasts as it surged over 800% in under a month. AXS
has a fixed supply of 270 million with a predetermined allocation and unlocking
schedule.



AXS can be used as a transactional currency on the game’s NFT marketplace.
Players can stake AXS, of which Sky Mavis intends to allow its use as a
governance token to vote on upcoming upgrades and influence the usage of the
community treasury in the future.

As per Axie Infinity’s white paper, the game is gradually evolving into a
decentralized autonomous organization (DAO), enabling complete community
governance.

Axie Infinity’s second token, Smooth Love Potion (SLP, was recently traded at
US$0.116458, with a current market cap of US$249 million, ranking as the 253rd
largest cryptocurrency.

Players need to spend SLP and ALX to breed Axies. SLP spent for breeding is
burned by the protocol to offset the token’s inflation. Paired with the fact
that each of the seven breeding levels of an Axie costs progressively more, this
tokenomic model makes it even more expensive. This mechanism also controls the
population and scarcity of newly-minted Axie NFTs.



Contrary to the increasing SLP costs, players need to spend four AXS each time
they want to breed a new digital pet. AXS tokens used for breeding flow directly
into the community treasury.


WHAT MAKES AXIE INFINITY STAND OUT?

One of Axie Infinity’s most distinguishing aspects is that it leverages
blockchain to drive gaming into Web 3.0. While other attempts have existed in
the past, this is the first game to attract a functional, worldwide economy of
gamers. In theory, players can earn a generous income through regular play.

Players get rewarded with SLP tokens for winning in-game battles. One can say
that in-game collectibles in this game are for the first time truly
player-owned.

Contrast this with popular MMOs such as World of Warcraft, where the in-game
currency is fictitious gold that has no external value. Items and rewards earned
by players can’t be traded, sold, or transferred between characters. Players
stand to lose all their items and progress if gaming studio Blizzard decides to
ban their account, whereas, with Axie Infinity, these assets belong to the
player.



Besides players, investors are also finding value in Axies. In September 2020,
crypto research company Delphi Digital spent US$162,000 worth of Ethereum on
five Axies as an NFT investment. The mystic Axies derive their value from their
rarity, and will likely increase in price as more players join.

Another valuable aspect of Axie Infinity is that they’re striving for
decentralization. In addition to gradually shifting to a DAO, the team is
working on Lunacia SDK, a map editor enabling players to create game modes and
other experiences and save them as NFTs. Lunacia SDK aims to gradually
decentralize the game creation process.

Axie Infinity has published a complete roadmap of its future goals. The roadmap
contains all major past and future milestones, which is a good indication of the
ongoing development process.


HACKS AND VULNERABILITIES

Despite its success in creating a fully functional play-to-earn game, Axie
Infinity was victim to a major hack on March 23 where hackers stole around
US$600 million (around US$550 million at the time) in Ether and USDC from the
Ronin Bridge.



Sky Mavis has since vowed to compensate user losses and raised US$150 million
from the likes of Binance, Animoca Brands and a16z.

The United States alleges North Korean hackers were responsible for the attack.

The exploit delayed Axie Infinity’s long-awaited V3: Origins update, which
eventually introduced free starting Axies for new players.

Previously, Axie Infinity had a high barrier to entry due to the costly fees
required to purchase starting Axies.




CHECKLIST FOR GETTING STARTED

 1. Download a Ronin wallet and deposit some ETH for your purchase. Caution:
    There is no Ronin mobile wallet, and any wallet claiming to be one is a
    scam.
 2. Buy your first three Axies as NFTs from the marketplace.
 3. Setup your email and password via Ronin or MetaMask here.
 4. Click “Play Now” on the top right corner of the homepage to download the
    game and start playing.

An exhaustive guide from the Axie Community is available.


HOW AXIE INFINITY IS USHERING IN GAMING 3.0

Axie Infinity is unique in living up to the ideals of Web 3.0 gaming by enabling
players to earn a living in the metaverse. The big question is whether Axie
Infinity will prove sustainable as the gaming industry evolves toward the
play-to-earn economy.

Among the positive indicators, Sky Mavis raised US$7.5 million from backers
including American billionaire Mark Cuban in May 2021. Meanwhile, its ASX token
has generated US$1.7 billion in total sales volume, making Axie Infinity the
most valuable NFT collection, according to DappRadar. 



Axie Infinity set a record in February last year for the largest NFT transaction
of all time, when virtual real estate in the Genesis Estate went for 888.25 ETH,
or roughly US$1.5 million.

The game has generated US$1.3 billion in revenue over the past year, reaching a
daily peak of US$17.5 million on Aug. 6, 2021, according to a report from
blockchain analytics firm Nansen.

It also boasts more than 1 million daily active players. New users are expected
to be attracted pending the release of Axie Infinity on iOS and Android.
However, after a number of delays, the company has yet to issue a definitive
timeline for when these versions will be released. 

Axie tokens SLP and AXS are trading down at least 70% from their respective
all-time highs as user growth declined late last year partly due to its costly
barrier to entry, leading to lower profits for players. 



Axie Infinity’s Origin update on April 7, 2022, included a set of free starter
Axie NFTs in an attempt to onboard new players.

The next major milestone on the roadmap is $AXS staking, which will likely
incentivize more investors to hold the token. Provided that the game’s adoption
curve is fueled by new in-game features and continuous ecosystem expansion, Axie
Infinity hopes to become a hallmark for sustainable, play-to-earn gaming models
in a metaverse-oriented future.


AUTHOR PROFILE


ZOLTAN VARDAI

Zoltan is a writer at Forkast with a deep passion for storytelling and
blockchain. Prior to joining the team, he worked as a marketing and content
writer, focused on software and technology. Zoltan holds a master’s degree from
the Ludwig Maximilian University of Munich and is interested in the future of
global financial decentralization.

Author's profile on Twitter @ZVardai

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