The dynamics of the gaming industry are rapidly changing. After the advent of the play-to-earn or GameFi models in the gaming industry, there are endless opportunities to earn in-game assets, including rare NFTs, wearables, and weapons.
Blockchain-based play-to-earn model is designed to benefit each player who adds value to the game ecosystem. The most significant project is, of course, Axie Infinity.
Axie Infinity is an adorable Blockchain-based breeding fighting game. The play-to-earn game allows players to breed fierce miniature monsters and fight to compete against enemies. Players can buy, sell and trade unique and rare collections of Axies on a dedicated in-game marketplace.
Axie Infinity’s ever-growing market cap
Axie Infinity holds the title of top-ranked coinmarketcap.com with a market cap of $7.3 billion. It has been featured on Forbes, continuously catching the investor community’s attention with a record-breaking market valuation of $3 billion.
As a well-funded project, Axie Infinity raised about $7.5 million in funding rounds from investors including Mark Cuban and Alexis Ohan, founder of Reddit.
Axie Infinity stands apart from other online games because of its unique user experience with engaging custom environments. In-game currency AXS and a dedicated marketplace are two groundbreaking features that attract investors and players more than anything else.
Users can stake their virtual assets in the Ethereum-based smart Blockchain game. Players who achieve high levels of expertise are rewarded for their efforts.
Axie Infinity price surge
Axie Infinity (AXS) has taken a substantial market share in the Blockchain-based gaming arena. The game generated a whopping $700 million from in-game transactions benefiting each entity, including players, shareholders, investors, and Sky Mavis developers of Axie Infinity.
According to reports, the AXS to USD rate is constantly updated, showing signs of continuous uptrends. The currency hit an all-time high of $165.37 in November 2021, up from $.1234 in November 2020. Axie Infinity is now trading at USD 63.13 with a 24-hour volume of USD 966,923,870. The current market capitalization of CoinMarketCap is USD 3 billion, with more than 50 million AXS coins are in circulation.
The following are some reasons for the increase in prices of this game.
The game’s business model is play-to-earn, which is one of the reasons for its price increase. New to the gaming industry, the play-to-earn business model is meant to reward users who contribute to the game’s environment or ecosystem in a certain manner. As a freemium model, play-to-earn relies on in-game purchases to unlock more features, content, and equipment and allow players to move through the game faster.
Number of users
The Axie Infinity platform offers new users a current staking payout of 73%, encouraging them to hold AXS. Axie Infinity has reached more than 8 million active users. Despite a minor slowdown in new users joining the ecosystem, the rise is still considerable and suggests that cryptocurrencies are widely adopted.
Ronin, an Ethereum (ETH) sidechain designed for Axie Infinity by Sky Mavis that is now the standard NFT scaling solution for crypto games, contributes to the project’s progress.
Even though Axie Infinity is the sole game operating on Ronin, the network has continuously ranked in the top three Ethereum bridges in terms of total value locked, with almost $3.4 billion in value being locked on Ronin.
The Country with the Largest Player Base
The Philippines has the largest number of Axie Infinity users. NFT games are becoming the best available source of income for the country’s young population. Filipinos earn a handsome amount of cryptocurrency with play-to-earn games, allowing them to supplement their income and support their families.
Identifying up-and-coming play to Earn Games
Several play-to-earn games are on the rise, with the potential to become the next Axie Infinity. This will create massive value for the gaming industry as well as people who wish to earn passive income through cryptocurrencies.
Below are the three most essential elements must-have in a play to earn game
Get Started with Research
Once you’ve decided to try out play-to-earn games, it’s time to find the right type of game for you. There are over 400 worth watching Blockchain-enabled games that may capture your interest! One place to start is data statistic websites, such as DappRadar, which offer a user interface specifically dedicated to tracking your favorite play-to-earn games and their categories. With CoinMarketCap, you can see how other Blockchain gaming tokens are being dealt with in the global market concerning their price, utility, and volume.
Projects with Engaging Gameplay
Play to earn is the hot thing these days, and engaging projects in this category are getting massive price appreciation. The most crucial factor for the success of any play-to-earn project is the appealing gameplay, which determines whether it becomes viral or not or whether it gets the traction it is supposed to receive.
- Attractive game characters
- Seamless experience
- Appealing custom environment
How easy is it to cash out
Play-to-earn games are based on Blockchain technology, which means that in-game assets, collectibles, and NFTs are secure and traceable. Recent projects have offered strong in-game currency with great utility, creating the demand for (NFTs), characters, weapons, and upgrades. Players can efficiently and immediately sell their digital assets, preferably on the game’s marketplace, and cash out.
Investors and players must enlist and select the projects that provide a solid in-game currency and a dedicated marketplace for upgrades and NFTs.