Trading cryptocurrency is a popular way for many individuals to earn money these days especially with play to earn games. Take a look at CoinGecko, a cryptocurrency rating website, and you’ll see a list of 9,900 digital tokens, the majority of which were established in the last five years. And many have benefited from cryptocurrency trading.
However, since the trend continues to expand swiftly, trading is no longer the only option to benefit from cryptocurrencies. One may also make money by playing mobile play to earn games. The more you play, the more proficient you get and, ideally, the more money you make.
Axie Infinity (Axie) is one of the trendiest play to earn games in town right now, as seen by the pricing of its digital tokens. A short web search reveals that Axie Infinity Shards (AXS) — the game developer’s token used to collect funding to build Axie — has surged 176 percent to US$138 as of Oct 5 from about US$50 two weeks earlier.
AXS is sometimes referred to as the project token since it enables holders to vote on key modifications made to the game by the creator. Its value often increases in direct proportion to its popularity and future possibilities.
Since April, Smooth Love Potion (SLP), the in-game token that Axie players obtain by fighting monsters and battling other players, has taken a wild trip. In May, it increased 929 percent to 36 US cents per token, up from 3.5 US cents two weeks before. Following dramatic fluctuations, the dust settled at 8.9 US cents per token on October 5.
ASX and SLP may be exchanged on the market via unregulated decentralised exchanges that match and execute deals automatically online using algorithms known as smart contracts. Here is a good post to read about blockchain games http://robertgelinas.org/how-blockchain-games-are-different/
Ee Wui Yang, an Axie veteran and crypto entrepreneur, claims that by playing Axie for two hours a day, one may earn between RM1,000 and RM2,000 per month.
“Previously, it was a ‘grindy’ game” (involving a lot of repetitive actions to level up or earn cryptocurrency). To earn a thousand or two [ringgit], a gamer needs to spend six to seven hours every day. However, they just need to play roughly two hours every day now that the developer has made improvements to the game as similar to other play to earn games,” he explains.
Monthly earnings from the game are contingent upon variables such as the price of the SLP and the exchange rate of a certain fiat currency relative to the US dollar. This is because an Axie player would need to exchange his SLP for stablecoins, which are often backed by the US dollar, such as Tether (USDT), before converting them to fiat cash.
“For example, players in the Philippines would similar play to earn games more appealing than Malaysians, since one US dollar is more valuable in the former than in the latter. It is unquestionably less appealing to Singaporeans,” He asserts.
How do I begin the game?
Before diving into Axie and other similar play to earn games, it’s critical to grasp the notion of non-fungible tokens (NFTs).
Simply said, an NFT is a non-transferable digital token that is unique in its own right. This enables an NFT to be utilized as a representation for a variety of distinct goods, such as artwork, with ownership traceable through a blockchain record.
A well-known local use is the July sale of the Doge to the Moon NFT for 36.3 Ether in an online auction (equivalent to RM325,000 then). Red Hong Yi, a Malaysian modern artist best recognized for her work on the cover of TIME magazine’s April edition, produced the artwork.
Before beginning the game, a player must acquire three NFTs from the Axie Marketplace. Each token is a representation of an in-game monster with a unique state and powers that a player may employ to win fights. Click here to check Axie Marketplace.
The Axie NFT is priced in Ether, which implies that to acquire monsters online, a user must purchase Ether from an exchange and keep it in a special cryptocurrency wallet, Ronin Wallet.
Naturally, when demand for Axie NFTs (or monsters) increases and the price of Ether rises, the game’s entrance hurdles increase. As of Oct 6, a monster would cost at least 0.04 Ether (about US$140, RM585) on the Axie Marketplace. The marketplace now has over 335,000 monsters for sale.
Apart from earning SLP via in-game combat, Axie users may earn money by selling their monsters at a profit when demand is strong.
Axie gamers may also make money by breeding new monsters in the game, according to Jason Kwong, CEO of NFT art firm Imperium Universe. “Each monster you purchase is classified into one of nine distinct clusters, each with its own unique set of characteristics. A player may create a new monster with unique characteristics by pairing two creatures from distinct clusters,” he explains.
This is not a novel notion in the worlds of conventional gaming and non-traditional gaming. For instance, there are already horse-racing play to earn games in which users may purchase an NFT representing a certain sort of horse and enter it into a race.
“You may also purchase an NFT for a horse of a certain breed and pair it with another horse of a different breed. Certain gamers will even compensate you for breeding with your horse. It is identical in Axie. I think that additional NFT play to earn games of this kind will be released,” Kwong adds.
Axie has begun enabling players to purchase land that serves as a base of operations for their monsters and also provides a tactical advantage during combat. Each NFT sold in the game incurs a 4.25 percent fee.
The ultimate goal is to build a metaverse — a virtual world inside the online game in which people may earn, spend, and live in cryptocurrencies. “It’s almost like a parallel universe to the one we live in,” Kwong explains.
Powered by blockchain and non-volatile memory
Axie, developed by Vietnam-based game studio Sky Mavis, used to be a game accessible to almost anyone and allowing for the earning of cryptocurrencies. It was widely regarded as a part-time job intended to supplement income.
“There were even video clips of groups of people playing it cooperatively in some villages in the Philippines,” Kwong explains.
Since May, when Axie entered the scene, a flood of new players has flocked to the game, driving up the price of Axie NFTs and quickly lowering the entry barrier. Additionally, there are more professional players in the game who possess superior knowledge and abilities. In short, earning money as an Axie player has become much more difficult in the modern era.