Axie Infinity: How To Earn Money With This Play-To-Earn NFT Game

Date Jul 30, 2021
Blog category Cryptocurrencies
By Sieg C
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Axie Infinity is the newest online craze. Through cute little monsters, you can earn heaps of cryptocurrency using only simple commands by playing Axie Infinity!

Axie Infinity is a play-to-earn cryptocurrency game that has been exploding in popularity in the last few months. It’s creating a huge buzz in crypto communities from all over the world, as it has delivered high revenue to its investors. This simple yet high-return investment has convinced many investors to start playing too.

But, is the battle between cute little monsters really worth it? What’s with Axie Infinity that sets it apart from other cryptocurrency investments in the market? Here are some important things you need to know about Axie Infinity.

What is Axie Infinity?

Axie Infinity is a play-to-earn game where players can own cute little monsters called Axie. Each Axie is a non-fungible token (NFT), meaning that each monster is a unique digital collectible in its own right. In-game tokens are called Smooth Love Potion (SLP) and Axie Infinity Shard (AXS) — both of which are built on the Ethereum network

According to the latest estimates in the last week of July 2021, it now has a market capitalisation of over US$2.5 billion. It jumped over 600% from mid-June to mid-July, with the price hitting an all-time high of $45.04 by July 30th.

Read: What Is NFT? Your Guide To Non-Fungible Tokens In NZ

How does a play-to-earn game work?

Play-to-earn is a relatively new concept in online gaming, but it’s now gaining traction. Each player earns cryptocurrency tokens within the game. These tokens can be used to make in-game purchases that help you level up. You can also trade these tokens for hard cash on decentralised exchanges to make real-world transactions.

Axie Infinity isn’t the only play-to-earn online game available in the market, but it’s arguably the most popular. This is big thanks to the community that it’s been building since the project was initially launched in 2018. The timing also coincides with the rising popularity of NFTs, contributing to the game’s booming popularity as well.

How does Axie Infinity work?

Axie Infinity is a role-playing game (RPG), involving battling against cute monsters called Axies. The battles can be against computer-controlled teams or live online opponents. If you think that it has similarities with Pokemon, that’s because the game is based on the popular game.

To get started, you need to purchase at least three Axies to create your own team. You can breed and pet them to improve their skills. Items such as Axies and plots of land can be bought through AXS and SLP. While it primarily runs on Ethereum, you need to purchase using a crypto wallet to minimise transaction fees and delays. 

A caveat? This sounds simple, but getting started in the Axie Universe can get very expensive. As the prices of NFT shoot, players need at least $600 to buy three Axies. This used to be between $5 to $10 only per Axie. As the prices of Ethereum can fluctuate, your Axie can also fluctuate depending on your time of purchase.

How does the Axie universe work?

All of the battles and quests happen inside Lunacia — an economy within Axie Infinity. Players can level up by playing Adventure Mode (PVE), where they rank up in the leaderboard by going through different levels called Ruins. Users can farm anywhere from 1 SLP to 20 SLP, depending on the difficulty level.

To battle against other Axie owners, play using Arena Mode (PVP). Each win through the PVP improves your matchmaking rating (MMR) and rewards you with SLPs ranging from 0 to 12 tokens. In contrast, each loss decreases your MMR. 

Aside from these modes, you can also complete basic missions like a Daily Quest. 

What are the Axie classes and body parts?

Not all Axies are created equal. Each Axie can be categorised into one of these 9 classes: Dusk, Beast, Bug, Mech, Aqua, Reptile, Plant, Bird, and Dawn. As with any class, they have their own strengths and weaknesses. They can also be further customised through their body parts: eyes, horns, mouth, back, and tail.

Each body part is associated with a unique class. The further you customise, the more bonus abilities will be granted to your Axie. There are endless configurations of customisations to make sure you have unique Axies.

Read: Guide To Cryptocurrencies In NZ: Invest, Buy and Trade

What are Axie stats?

Your Axie’s strength, efficiency, and overall powers are measured by stats. These are dependent on the class and body parts of your Axie. These stats are health, skill, speed, and morale. They also have a combination of 4 different abilities, including attacks, defence, evasion, and recovery. Overall, there are 132 possible moves or cards in the game.

Aside from engaging Axies in a fight, you can also breed them. You can make a baby by breeding two Axies together. Every breeding requires a set number of SLPs, with each subsequent breeding requiring more SLPs. An Axie can only breed up to a maximum of 7 times.

What is an Axie Scholarship?

Axie Infinity scholarship was launched by the community in January 2021. The scholarship programme allows current players to provide the necessary capital for aspiring players to enter the game. This is possible through farming out Axies to scholars using profit-sharing methods. While helping other people, players can earn assets at the same time.

The scholarship programme is especially popular in Indonesia and the Philippines. This opens an opportunity to earn income amidst the rising unemployment rate due to the pandemic. A lot of people that have been putting off their resignations have also found hope with Axie. Since the boom in prices, an average player can earn around 4,500 SLP or $1,500 per month.

What are the steps to play Axie Infinity?

First of all, you need to have access to a Web 3.0 digital wallet. You use this crypto wallet to create an Axie Infinity account and cash out rewards and prizes within the game. Once you’ve officially entered the game, you can use your PC, Mac. Android, or iOS devices to play.

Step 1: Download a MetaMask wallet

Use MetaMask cryptocurrency wallet to deposit ETH. It’s a user-friendly wallet that stores Ether and other ERC-20 tokens. This is an ideal wallet for Axie Infinity as it both supports SLPs and AXS. Once Ether is on the wallet, this will be used to purchase Axies.

Step 2: Create an Axie Infinity account

Now that you have Ether to buy Axies, it’s time to create an account. Head on over to the Axie Marketplace and click “Login with MetaMask”. Simply follow the steps on how to set up your account. You’ll be prompted to provide a username, valid email address, and password.

Step 3: Download Ronin Wallet

After downloading and installing Ronin Wallet as a website browser extension, transfer ETH from your MetaMask wallet to your Ronin Wallet via the Ronin Bridge. These are safe platforms based on the Ronin sidechain, developed alongside Axie Infinity.

Step 4: Install Axie Infinity on your device

Once you’re finished transferring your ETH to your Ronin Wallet, go to Axie Marketplace to install the game on your device. You may also want to exchange your ETH for Axie NFTs. The price of each Axie may vary depending on the value of ETH at the time of purchase.

Step 5: Play!

Once you’ve completed all the steps, there’s only one thing left to do — play! Simply log in to your account, and you’re all set. As with any game, you need to conduct your research on the strategies, gameplay, and money-making tactics to earn big!

Read: How To Cash Out Bitcoin And Other Cryptocurrency In NZ

Final thoughts: Should you give Axie Infinity a shot?

Why not? Axie Infinity is an innovative RPG game that lets you earn big bucks in just a short amount of time. Most of all, it’s an enjoyable game, with easy-to-follow steps and great potential for big returns of investments.

However, you may also need to consider the ever-growing crypto market. A new game may suddenly increase in popularity, driving the value of Axie Infinity down. Of course, this isn’t absolute. You may see Axie Infinity stay above the competition, despite the threat of competitors. Always watch out for trends and opportunities in your crypto investments.

Get the right tools for your crypto investments

Regardless if you play Axie Infinity or invest in a traditional cryptocurrency market, make sure you have the right tools — be it a crypto wallet or exchange. Use glimp’s comparison tool to help you find the right tools that match your needs.

Compare crypto wallets and exchanges today, right here at glimp!

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