Crypto’s hottest game is facing an economic maelstrom

Eight months ago, Toronto management consultant Ansel Gravelle encountered a video game called Axie Infinity, who promised to pay cryptocurrency players to fight digital threats. After paying $ 1,000 for a one-month entry and play, Gravelle realized he could make a lot of money in some way.

Together with a colleague, the 24-year-old founded a company in July that offers “training” to fund players who can’t afford it. Axie is entry fees, taking up to half of the money they earn to be able to access the game.

“Once you have a headquarters, you can get an education in a matter of hours,” Gravelle said. He hopes to start working full time on this business, called AxieFacts, starting in January.

Gravelle is not alone – more than any other work, Axie with its competition it has become a popular portal for launching the common cryptocurrency markets, setting blocks for the construction of new online networks and currency systems and tokens for trading on digital books. The game has brought all the wealth, full of businesses like Gravelle that rely on survival.

Axie, which is based on the Pokemon franchise, rewards players with symbols of victory and battle.

Many players in developing countries rely on wealthy winners to pay for entry into the game of three monsters, or Axies, non-fungible tokens that can be freely purchased and traded on exchanges. Sponsors take 30 to 50 percent of what players get.

Players can also use symbols to produce new monsters, which can be sold to new players who want to join the game.

But computer game experts have recently begun to question the legitimacy of Axie is economy, which largely depends on the size of the new players to remain successful.

Even video games have their share of revenue, Axie and other cryptocurrency titles allow players to convert their gaming assets into real money through legitimate means. The risk is that players will earn more money than they have to earn over the course of the financial game.

Sky Mavis, the company that made it Axie, Recently tried to eliminate the free fall in the price of Smooth Love Potion (SLP), cryptocurrency token players get inside the game.

More and more, players have opted to exchange the SLP symbols they win at local currency games instead of cultivating them back to new monsters to sell to other players, the game developer said. This has contributed to the increase in SLP tokens in the game.

The downturn has affected emerging players such as the Philippines who joined them Axie after the first users bragged about quitting their jobs to earn money from the game.

In the last three months, all but the most knowledgeable Axie players receive the lowest daily wage in the Philippines, according to video game research firm Naavik. Some low-skilled players dropped below the starting salary in September, after being reduced by their sponsors.

Sky Mavis said during the epidemic, the game’s paycheck became “a way to save thousands of lives in the Philippines”, and said Naavik’s report “greatly excludes the community and focuses on the players who play it. Axie just to make money ”.

Number of Axie Daily users increased more than four times in the three months to 2bn in October, according to figures released by Sky Mavis. Experts are now beginning to look for signs of growth.

“They can have 50bn [users], but if the larger line is flat then money is not being made, ”says Lars Doucet, a video game consultant who co-authored Naavik’s research.

Axie is Succeeding can mean a lot to many startups who have earned money from financial experts to create profitable games with lucrative cryptocurrency tokens. In addition to traditional roles, the game has forced manufacturers to re-engage as central banks, creating tweaks to curb rising inflation and other economic changes.

Sky Mavis has acknowledged that Axie relies on new heirs to grow and promises to produce new ones that will make the game more valuable to people who are not really affected by the money they earn.

Axie is Senior coaches promote hope for the game, healing it’s a way to deal with the economic ills of traditional sports because it pays people to play. In October, Andreessen Horowitz’s cryptocurrency portfolio made one of the largest transactions to date at Sky Mavis, leading the $ 152m fund which gives the company $ 3bn.

“What we are seeing from here is the tremendous growth in the number of people working in the metaverse,” said Arianna Simpson, a friend at Andreessen’s cryptocurrency portfolio, referring to a growing global group.

Sky Mavis plans to sell more than 90,000 real estate in the game that can be purchased as anonymous tokens, and will allow developers to create new games Axie nature.

Sky Mavis, which takes a 4.5 percent reduction in activity within the game, made $ 1.2bn, almost last year, according to data providers Token Terminal. The developer promised to hand over the Treasury keys to the player, although he did not specify a specific time to switch.

In the meantime, small companies that provide financial support have benefited greatly from the popularity of the game.

Token provided by Yield Guild Games, first responder of Axie players in the Philippines, have risen to a market price of about $ 800m in a few months. YGG, which has also raised funds from Andreessen, which has approximately $ 850m of highly linked properties Axie and other cryptocurrency games since September.

The potential for future investments prompted Akhil Jindal, an engineer and computer scientist, to drop a medical program in the Boston region this month to launch a cryptocurrency trading platform, Proof of Sport.

Game Testing supports over 700 players Axie and similar games, according to its website, which states the company seeks to promote “good, compassionate, and responsible citizens of the metaverse”.

“This is a mock trial,” Jindal said. “If it works, it changes the game, and if it doesn’t work, then there will be a lot of lessons to learn.”

Aleksander Larsen, co-founder of Sky Mavis, said Axie had never experienced the number of players leaving the game.

Axie Infinity Shards (AXS), the various cryptocurrency game brands that represent ownership of the game, rose to a priceless $ 8.8bn price while readers are clamoring for its size. Sky Mavis owns about 20 percent of AXS tokens.

“I think we will continue to amaze the world with what we can do with beautiful animal games,” Larsen said. “People have never seen anything like it before.”

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