The cryptocurrency market is developing, embracing an increasing number of innovative initiatives that offer so many advantages, growing the sector, and enabling income generation. The previous few days have seen an increase in the popularity of projects like metaverses and blockchain games. Axie Infinity is one of these video game initiatives.
This game has been the subject of sustained buzz since 2020, which continued to build throughout 2021. Axie Infinity has gained popularity in underdeveloped nations like the Philippines for the straightforward fact that it is built on a play-to-earn paradigm and blockchain infrastructure. Players can earn AXS or SLP through games, which they can then exchange for real money by using the Ethereum blockchain’s Ether coin.
Without a doubt, this network offers a great deal of potential for profit and earnings, but you should understand more about its drawbacks and benefits before making any decision. The following are a few benefits and drawbacks of this game-based cryptocurrency network that will aid you in deciding whether or not to join the system.
Advantages
Following are the advantages of Axie Infinity.
- Non-fungible tokens
One of the key features and, hence, one of the key benefits of Axie Infinity is that Axie is a non-fungible currency. An NFT is a virtual item that can be bought, given, and exchanged, to start. Many people have made money by producing, and trading virtual goods centered on NFT.
Through the use of blockchains and NFT coin, a variety of media, including memes, videos, songs, online collectible cards, and even files, have been tokenized. A player who possesses numerous Axies effectively possesses a variety of digital commodities with a prospective market worth. These Axies can be exchanged or purchased on a public market.
- Operates on both pc and smartphone
Running on computers and smartphones is another noteworthy aspect or benefit of Axie Infinity. It notably works with Apple’s macOS, Microsoft Windows, Android, iOS, and iPadOS operating systems. It can therefore be downloaded and used on almost every device.
This video game’s cross-platform flexibility opens it up to a wider audience, attracting more players and increasing its potential for growth in the future.
- Upcoming advancements
The game is set up as an open-ended virtual environment, according to Sky Mavis. This implies that the system’s efficiency and playability will both be enhanced in the future. With Axie at its core, there is a clear effort to build an entire virtual setting based on blockchain technology.
The game also has numerous playing options for people. Gamers can select from three distinct positions. A “manager” who gathers Axies, a “student” who plays, and finally, a “breeder” who produces and distributes Axies.
Disadvantages
The few downsides of this online gaming platform are listed below.
- High initial cost
Yes, the program is play-to-earn. It is not, unfortunately, free. Axie Infinity’s potential upfront cost is one of its greatest drawbacks. At one point, the gamers had to spend USD 500 to buy at least three Axies. But the price has since increased to more than USD 1000. Keep in mind that a user must start with at least three Axies.
However, many players have discovered a means to participate in the game without spending any money. They start by looking for another player who is willing to share their stock of Axies NFTs.
- Problems with NFT
The fast rise in fame of buying, trading, and transferring non-fungible coins has alarmed many analysts. Several have observed that the buzz in the industry, herding behavior, and overpayment of virtual NFT goods could result in an economical bubble that would inevitably burst.
There are concerns related to the digital currency sector as well. Many Crypto coins have seen a surge in value over the years, but their value has remained unstable. Historical patterns show that the industry has gone through sharp highs and sharp losses both in the short- and medium-term.
Conclusion
Along with the previously mentioned benefits, this game has many other pros that add to its worth Plans for this game’s further progress are still optimistic. However, vigilance should still be used. Axies NFTs are still vulnerable to inflation and overestimation.
