Axie Infinity

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Axie Infinity
Developer(s)Sky Mavis
Platform(s)Windows
Android
macOS
iOS
ReleaseMarch 2018
Genre(s)NFT
Online game
Mode(s)Single player, PvP

Axie Infinity is an NFT-based online video game developed by Vietnamese studio Sky Mavis,[1] which uses Ethereum-based cryptocurrencies, Axie Infinity Shards (AXS) and Smooth Love Potion (SLP).[2] As of October 2021, Axie Infinity has 2 million daily active users.[3]

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.[4] Eighteen months after launch, Sky Mavis estimated that the average player had spent around US$400.[1]

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.[5] This model has been described as a form of gambling.[6][7]

Participants are also able to purchase virtual land (in the form of non-fungible tokens) in the game.[8]

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.[9] 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.[10] As of September 2021, the majority of players were based in the Philippines.[5]

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.[11] In May 2021, Sky Mavis raised a $7.5M Series A as part of a funding round which included Alexis Ohanian and Mark Cuban, who promoted the game as an introduction to cryptocurrencies.[12] In October 2021, Sky Mavis raised a $152M Series B at a $3B valuation, led by A16z, making Sky Mavis a Vietnamese unicorn.[13][14][15]

See also[]

References[]

  1. ^ a b Thu Huong Le (21 February 2020). "Tech in Asia - Connecting Asia's startup ecosystem". Tech in Asia. Retrieved 11 August 2021.
  2. ^ Gonzales, Gelo (23 August 2021). "What is 'Axie Infinity' and how is it different from traditional video games?". Rappler. Retrieved 11 December 2021.
  3. ^ Kruppa, Miles; Bradshaw, Tim (26 November 2021). "Crypto's hottest game is facing an economic maelstrom". Financial Times. Retrieved 11 December 2021.
  4. ^ Godbole, Omkar (7 July 2021). "Axie Profiting From Booming NFT Economy as Bitcoin Struggles". Yahoo! Finance. Retrieved 11 August 2021.
  5. ^ a b Pankratyeva, Alexandra (9 September 2021). "Crypto games: play-to-earn phenomenon". . Retrieved 1 October 2021.
  6. ^ Laurent, Lionel (3 September 2021). "Anxiety About Gaming Should Be Over Money, Not Morals". Bloomberg.com. Retrieved 1 October 2021.
  7. ^ Harris, Ainsley (24 September 2021). "The danger of the internet turning money into a game". Fast Company. Retrieved 2 October 2021.
  8. ^ Shumba, Camomile (25 November 2021). "A plot of digital land just sold for $2.3 million on Axie Infinity, as the real-estate race heats up across the metaverse". Business Insider. Retrieved 11 December 2021.
  9. ^ 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.
  10. ^ 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.
  11. ^ "Sky Mavis Raises ~$1.5M to accelerate the development of Axie Infinity". Medium (Press release). 19 November 2019. Retrieved 11 August 2021.
  12. ^ Thu Huong Le (11 May 2021). "Mark Cuban joins Vietnamese gaming startup Sky Mavis' $7.5m series A round". Tech In Asia. Retrieved 5 December 2021.
  13. ^ Simpson, Arianna (5 October 2021). "Investing in Axie Infinity". Retrieved 4 December 2021.
  14. ^ Takahashi, Dean (6 October 2021). "Sky Mavis raises $152M at nearly $3B valuation for Axie Infinity play-to-earn NFT game". VentureBeat. Retrieved 4 December 2021.
  15. ^ "Vietnamese startup Sky Mavis, creator of Axie Infinity, bags $152 million in Series B". Vietnam Investment Review. 6 October 2021. Retrieved 4 December 2021.

Further reading[]

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