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Axie Infinity is a NFT-based online video game developed by Vietnamese studio Sky Mavis, which uses Ethereum-based cryptocurrency AXS (Axie Infinity Shards) and SLP (Smooth Love Potion). As of May 2021, it is the most expensive NFT collection.

Description

Axie Infinity is a trading and battling game that allows players to collect, breed, raise, battle, and trade creatures known as "axies" (characters based on axolotl), which are digitized as NFTs. New players need to purchase at least three axies to begin playing. Eighteen months after launch, the company estimated that the average player had spent around US$400.

The game uses a "pay-to-earn" model (also called "pay-to-play-to-earn" model) where participants can earn a token which is traded on Binance as an Ethereum-based cryptocurrency. Players can also exchange in-game assets as NFTs. Axie Infinity allows users to cash-out their tokens every fourteen days. This model has been described as a form of gambling.

In June 2021, during a pandemic lockdown, CNBC reported that some people in the Philippines were playing the game as their main source of income. In August, the Philippine Department of Finance clarified that income from Axie Infinity is taxable, and suggested that the SEC and BSP may classify the cryptocurrency as a currency or a security. As of September 2021, the majority of players were based in the Philippines.

As of January 2019, virtual land (in the form of non-fungible tokens) can also be purchased in the game.

In November 2019, Sky Mavis raised ~$1.5M to accelerate the development of Axie Infinity. The round was led by Animoca Brands with participation from Hashed, Pangea Blockchain Fund, ConsenSys, and 500 Startups. In May 2021 Sky Mavis received 7.5 million as part of a funding round which included Mark Cuban, who promoted the game as an introduction to cryptocurrencies. In October 2021, A16z lead the round to Raise $150M Series B at $3B Valuation in Sky Mavis.

See also

• Decentralized application
• Non-fungible token

References

1. ^ Thu Huong Le (21 February 2020). "Tech in Asia - Connecting Asia's startup ecosystem". Tech in Asia. Retrieved 11 August 2021.
2. Godbole, Omkar (7 July 2021). "Axie Profiting From Booming NFT Economy as Bitcoin Struggles". Yahoo! Finance. Retrieved 11 August 2021.
3. ^ Pankratyeva, Alexandra (9 September 2021). "Crypto games: play-to-earn phenomenon". Capital.com. Retrieved 1 October 2021.
4. Laurent, Lionel (3 September 2021). "Anxiety About Gaming Should Be Over Money, Not Morals". Bloomberg.com. Retrieved 1 October 2021.
5. Harris, Ainsley (24 September 2021). "The danger of the internet turning money into a game". Fast Company. Retrieved 2 October 2021.
6. Nunley, Christian (14 May 2021). "People in the Philippines are earning cryptocurrency during the pandemic by playing a video game". CNBC. Retrieved 8 October 2021.
7. de Vera, Ben O. (23 August 2021). "DOF: Axie Infinity players must pay income tax from trading "pets"". Philippine Daily Inquirer. Retrieved 14 October 2021.
8. "Sky Mavis Raises ~$1.5M to accelerate the development of Axie Infinity". Medium (Press release). 19 November 2019. Retrieved 11 August 2021.
9. https://a16z.com/2021/10/05/investing-in-axie-infinity/

• 2021 video games
• Blockchain games
• Ethereum
• Video games developed in Vietnam
• Virtual pet video games