How the NFT-based game Axie Infinity is bringing income to the unemployed all across the world

Axie Infinity, one of the most popular blockchain-based games on the market, is providing a method for people who have lost their jobs due to the pandemic to earn money.

Axie Infinity's white paper contains the following information:

“Axie Infinity is a Pokémon-inspired environment in which anyone can earn tokens through competent gameplay and ecosystem contributions. Players can use their pets to fight, collect, grow, and develop a land-based empire.

“All Axie genetic data and visual assets are easily accessible by other parties, allowing community developers to create their own tools and experiences in the Axie Infinity realm...

“The fundamental difference between Axie and a typical game is that our players are rewarded for their contributions to the ecosystem via Blockchain economic design. This new gaming concept has been nicknamed "play to earn." Thousands of players from developing countries have joined Axie in search of a new source of income during the Covid pandemic.“

According to a Bloomberg investigation, unemployed people all around the world are turning to blockchain gaming as a viable side hustle. Vincent Gallarte, a newly laid-off IT analyst, began playing Axie Infinity as a way to supplement his income, according to the report.

Axie, founded by Sky Mavis, a Vietnamese game developer, provides a mechanism for users to gain access to crypto-assets by allowing them to acquire tradeable coins. In May, the initiative was able to gather $7.5 million in a funding round that included Mark Cuban, the billionaire, and Alexis Ohanian, the co-founder of Reddit.

According to the research, Axie's user base has grown dramatically throughout the summer, from 30,000 daily users in April to 1 million in August. Over the last month, Axie's network has generated around $30 million in Ether transactions per day, with the bulk of customers being in underdeveloped nations like Brazil, Venezuela, and the Philippines.

Despite the platform's potential as a side business, others are concerned that it would lead to player exploitation and abuse. To get started, new users must acquire three “Axies,” which cost roughly $200 each.

The Axie model is "unhealthy and unsustainable," according to Vanessa Cao, founder of venture financing firm BTX Capital.

She stated, "

“Just to play, players must invest hundreds of dollars up front. It's an erroneous notion. You can't expect them to pay before they've ever heard of the game.”

Elliot Wainman, a well-known crypto analyst and influencer, predicted that gaming-based blockchain initiatives would be the next key driver for cryptoasset adoption in late July.

According to The Daily Hodl, he stated:

“The only thing I see as fully detached from the crypto ecosystem are games. Because a game with inherent value has intrinsic value when you play it and enjoy it.“

As an example of the industry's potential, Wainman cited the "staggering growth" of the blockchain-based game Axie Infinity:

“I've been arguing for a long time that users are the most important factor, because if you have users, you'll have network growth, and if you have network growth with a hard-cap supply of assets, you'll almost certainly have asset appreciation. It's a crystal-clear strategy to boost the value of crypto ecosystems.“

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