Axie infinity coinmarketcap
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Once the cost of entry became so high as to make the game unattainable for many people in developing economies, as usual, human ingenuity sprung up to create a solution. Considering three Axies are needed to play the game, this might seem like a steep price just to start playing, but it is down significantly from the 0.203 ETH it cost for entry-level Axies when Forkast.News reported on the game in July. Through playing, users are rewarded with the in-game token SLP, which is used to breed and train more Axies but can also be traded on crypto exchanges.Įntry-level Axies are selling for around 0.027 ETH, or US$116 at press time according to Axie Marketplace. Play to earn gamingĪxie Infinity is kind of like Pokémon players breed, train and fight teams of three “Axies,” cute little monsters that are also minted as NFTs. Monthly revenue for the game has also fallen for the second consecutive month, according to data from, with October’s revenue down 45% from August’s high of US$364 million.Īs developers tweak forms of the game to try and rebalance the reward system and stabilize the price of SLP, it begs the question whether Axie Infinity’s model is sustainable in the long run. It now rests in a similar range to where it was before the boom in May, trading around US$0.07 since late September, according to data from CoinMarketCap. SLP’s price spiked again in July, bringing it back to close to its all-time high of US$0.4191 it set back in May, but since then has been steadily falling. “What an amazing time to be alive,” he added.īut the good times did not last forever. “Kids in Africa or in China or wherever can be sitting around playing a game on their phone or playing a game on their laptop and can be making $50 a day in a country where the average wage is like $1.67 a day.
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“Now we’ve got to the stage where Internet 3.0 is democratizing money,” Jeremy Britton, CFO of Boston Trading Co., told Forkast.News, speaking of the hoped-for next stage of the internet’s evolution in which blockchain will allow for easy trading of value, not just information. For many industry and technology watchers, it represents the beginning of a transformation for society. For many players, the game has been transformative to their lives. dollar - and nowhere more so than in the Philippines, where the game proved so popular that the government started a specific campaign to tax players’ earnings from the game. This was especially true in countries with low buying power compared to the U.S. Riding the wave of excitement surrounding non-fungible tokens, the game was one of the first examples of blockchain’s promise to disrupt existing financial systems and generate value in new ways - by paying people to play a video game.Īfter the game’s in-game cryptocurrency Smooth Love Potion, or SLP, grew in value by over 1000% in less than a week in early May, the game turned practically overnight from a fun pastime that could earn players a little extra cash to a full-time job for some. Axie Infinity was the breakthrough success in the blockchain gaming world.