| Revision as of 18:23, 19 November 2021 edit71.71.130.69 (talk)No edit summaryTag: Manual revert← Previous edit | Revision as of 21:34, 22 November 2021 edit undo49.146.165.166 (talk) →DescriptionTags: Reverted references removed Mobile edit Mobile web editNext edit → | ||
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| ''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 ]), which are digitized as NFTs. New players need to purchase at least three axies to begin playing.<ref>{{Cite news |last=Godbole |first=Omkar |date=7 July 2021 |title=Axie Profiting From Booming NFT Economy as Bitcoin Struggles |language=en-US |work=Yahoo! Finance |url=https://finance.yahoo.com/news/axie-profiting-booming-nft-economy-183813777.html |access-date=11 August 2021}}</ref> Eighteen months after launch, the company estimated that the average player had spent around US$400.<ref name=techinasia/> | ''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 ]), which are digitized as NFTs. New players need to purchase at least three axies to begin playing.<ref>{{Cite news |last=Godbole |first=Omkar |date=7 July 2021 |title=Axie Profiting From Booming NFT Economy as Bitcoin Struggles |language=en-US |work=Yahoo! Finance |url=https://finance.yahoo.com/news/axie-profiting-booming-nft-economy-183813777.html |access-date=11 August 2021}}</ref> Eighteen months after launch, the company estimated that the average player had spent around US$400.<ref name=techinasia/> | ||
| 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 ] as an ]-based cryptocurrency. Players can also exchange in-game assets as NFTs. ''Axie Infinity'' allows users to cash-out their tokens every fourteen days.<ref name=Pankratyeva/> |
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 ] as an ]-based cryptocurrency. Players can also exchange in-game assets as NFTs. ''Axie Infinity'' allows users to cash-out their tokens every fourteen days.<ref name=Pankratyeva/> | ||
| 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.<ref>{{Cite news |last=Nunley |first=Christian |date=14 May 2021 |title=People in the Philippines are earning cryptocurrency during the pandemic by playing a video game |work=CNBC |url=https://www.cnbc.com/2021/05/14/people-in-philippines-earn-cryptocurrency-playing-nft-video-game-axie-infinity.html |access-date=8 October 2021}}</ref> In August, the Philippine ] clarified that income from ''Axie Infinity'' is taxable, and suggested that the ] and ] may classify the cryptocurrency as a ] or a ].<ref>{{cite news |last1=de Vera |first1=Ben O. |title=DOF: Axie Infinity players must pay income tax from trading "pets" |url=https://business.inquirer.net/329458/dof-axie-infinity-players-must-pay-income-tax-from-trading-pets |access-date=14 October 2021 |work=Philippine Daily Inquirer |date=23 August 2021 |language=en}}</ref> As of September 2021, the majority of players were based in the ].<ref name=Pankratyeva>{{cite news |last1=Pankratyeva |first1=Alexandra |title=Crypto games: play-to-earn phenomenon |url=https://capital.com/crypto-games-play-to-earn-phenomenon |access-date=1 October 2021 |work=] |date=9 September 2021 |language=en}}</ref> | 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.<ref>{{Cite news |last=Nunley |first=Christian |date=14 May 2021 |title=People in the Philippines are earning cryptocurrency during the pandemic by playing a video game |work=CNBC |url=https://www.cnbc.com/2021/05/14/people-in-philippines-earn-cryptocurrency-playing-nft-video-game-axie-infinity.html |access-date=8 October 2021}}</ref> In August, the Philippine ] clarified that income from ''Axie Infinity'' is taxable, and suggested that the ] and ] may classify the cryptocurrency as a ] or a ].<ref>{{cite news |last1=de Vera |first1=Ben O. |title=DOF: Axie Infinity players must pay income tax from trading "pets" |url=https://business.inquirer.net/329458/dof-axie-infinity-players-must-pay-income-tax-from-trading-pets |access-date=14 October 2021 |work=Philippine Daily Inquirer |date=23 August 2021 |language=en}}</ref> As of September 2021, the majority of players were based in the ].<ref name=Pankratyeva>{{cite news |last1=Pankratyeva |first1=Alexandra |title=Crypto games: play-to-earn phenomenon |url=https://capital.com/crypto-games-play-to-earn-phenomenon |access-date=1 October 2021 |work=] |date=9 September 2021 |language=en}}</ref> | ||
Revision as of 21:34, 22 November 2021
2018 non-fungible token online game2018 video game
| Axie Infinity | |
|---|---|
| Developer(s) | Sky Mavis |
| Engine | |
| Platform(s) | Windows Android macOS iOS |
| Release | March 2018 |
| Genre(s) | NFT Online game |
| Mode(s) | Single player, PvP |
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.
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 led the round to Raise $150M Series B at $3B Valuation in Sky Mavis.
See also
References
- ^ Thu Huong Le (21 February 2020). "Tech in Asia - Connecting Asia's startup ecosystem". Tech in Asia. Retrieved 11 August 2021.
- Godbole, Omkar (7 July 2021). "Axie Profiting From Booming NFT Economy as Bitcoin Struggles". Yahoo! Finance. Retrieved 11 August 2021.
- ^ Pankratyeva, Alexandra (9 September 2021). "Crypto games: play-to-earn phenomenon". Capital.com. Retrieved 1 October 2021.
- 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.
- 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.
- "Sky Mavis Raises ~$1.5M to accelerate the development of Axie Infinity". Medium (Press release). 19 November 2019. Retrieved 11 August 2021.
- https://a16z.com/2021/10/05/investing-in-axie-infinity/
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