Trading cryptocurrencies has become a popular option for many people to make money these days, particularly with the advent of play to earn games. On CoinGecko, a cryptocurrency review site, you’ll find a list of 9,900 digital tokens, the bulk of which were created in the previous five years. Cryptocurrency trading has helped a lot of people.
However, since the trend is accelerating, trading is no longer the only way to profit from cryptocurrencies. Playing mobile play to earn games is another way to gain money. The more you play, the better you get and, perhaps, the more money you earn.
As seen by the cost of its digital tokens, Axie Infinity (Axie) is now one of the most popular play to earn games in town. A quick scan of the internet shows that Axie Infinity Shards (AXS), the game developer’s token used to raise funds to create Axie, had risen 176 percent to US$138 as of Oct 5 from about US$50 two weeks ago.
Because it allows holders to vote on significant changes made to the game by the designer, AXS is frequently referred to as the project token. Its worth rises in direct proportion to its popularity and potential in the future. Click here to get everything you need to know about play to earn games.
Smooth Love Potion (SLP), the in-game token obtained by Axie players by killing monsters and battling other players, has been on a wild ride since April. It jumped 929 percent to 36 cents per token in May, up from 3.5 cents only two weeks earlier. On October 5, after a series of wild swings, the dust settled at 8.9 US cents per token.
ASX and SLP may be traded on the market via unregulated decentralised exchanges that use smart contracts to match and execute trades automatically online.
Ee Wui Yang, a crypto entrepreneur and Axie veteran, estimates that playing Axie for two hours a day may make between RM1,000 and RM2,000 per month.
“It used to be a ‘grindy’ game” (involving a lot of repetitive actions to level up or earn cryptocurrency). A gamer must spend six to seven hours every day to earn a thousand or two [ringgit]. However, now that the developer has improved the game, players just need to play for around two hours per day, comparable to other play to earn games,” he says.
The game’s monthly revenues are determined by factors such as the price of the SLP and the exchange rate of a fiat currency against the US dollar. This is due to the fact that an Axie player would need to swap his SLP for stablecoins such as Tether (USDT), which are commonly backed by the US dollar, before converting them to fiat currency.
“For example, since one US dollar is more valuable in the Philippines than in Malaysia, players in the Philippines would play similarly to play to earn games more enticing than Malaysians.” Singaporeans would undoubtedly find it less enticing,” he claims.
What’s the best way to start the game?
It’s vital to understand non-fungible tokens before getting into Axie and other similar play to earn games (NFTs).
Simply said, an NFT is a non-transferable digital token with its own identity. As a result, an NFT may be used to represent a range of different products, such as artwork, with ownership traceable via a blockchain record.
The July sale of the Doge to the Moon NFT for 36.3 Ether in an online auction is a well-known local application (equivalent to RM325,000 then). The artwork was created by Red Hong Yi, a Malaysian contemporary artist best known for her work on the cover of TIME magazine’s April issue.
A player must purchase three NFTs from the Axie Marketplace before starting the game. Each token represents an in-game monster with its own state and abilities that a player may use to win battles.
The Axie NFT is priced in Ether, which means that in order to buy monsters online, a user must first buy Ether on an exchange and then store it in the Ronin Wallet, an unique cryptocurrency wallet.
Naturally, the game’s entry barriers raise as demand for Axie NFTs (or monsters) grows and the price of Ether rises. On the Axie Marketplace, a monster costs at least 0.04 Ether (about US$140, RM585) as of October 6. There are now approximately 335,000 monsters for sale on the marketplace.
Axie players may make money by selling their monsters at a profit when demand is high, in addition to earning SLP from in-game battle.
According to Jason Kwong, CEO of NFT art business Imperium Universe, Axie players may also generate money by breeding new monsters in the game. “Each monster you buy is divided into one of nine different clusters, each with its own set of attributes. “By coupling two animals from different clusters, a player may construct a new monster with unique traits,” he says.
In the realms of traditional and non-traditional gaming, this is not a new concept. For example, there are currently horse-racing play to earn games where players may buy an NFT representing a certain kind of horse and enter it in a race.
“You may also buy an NFT for a certain breed of horse and couple it with another horse of a different breed.” Some players may even pay you for breeding with your horse. In Axie, it’s the same. Additional NFT play to earn games of this kind, I believe, will be published,” Kwong says.
Axie has started allowing players to buy land that may be used as a base of operations for their monsters as well as a tactical edge in battle. A 4.25 percent charge is applied to each NFT sold in the game.
The ultimate objective is to create a metaverse, which is a virtual environment inside an online game where individuals may earn, spend, and live in cryptocurrency. Kwong continues, “It’s almost like a parallel reality to the one we live in.”
Blockchain and non-volatile memory are at the heart of this project.
Axie, a game created by Sky Mavis in Vietnam, used to be a game that could be played by nearly anybody and allowed them to earn cryptocurrency. It was usually assumed that it was a part-time employment meant to augment one’s income.
“In certain areas in the Philippines, there were even film footage showing groups of people playing it collaboratively,” Kwong adds.
Since Axie’s debut in May, a slew of new players has rushed to the game, pushing up the price of Axie NFTs and decreasing the barrier to entrance. There are also more professional players in the game with higher knowledge and talents. In summary, making money as an Axie player in the present day has become considerably more difficult.