in Axie Infinity (AXS), Smooth Love Potion (SLP), Blockchain Games, Insights, Asset Explainers
Axie Infinity is one of the world’s most popular blockchain-based games. Secured by Ethereum, players can collect and breed tradeable creatures called Axies, while earning SLP tokens for participating in battles. Just like Crypto Punks pioneered NFTs, Axie Infinity is a pioneer in the field of play to earn games.
In this article we’ll explain how the game works, why players like it so much, the difference between the AXS coin and SLP token, and why Axie Infinity is so much more exciting than a regular trading card game.
How Axie Infinity works
The Axie Infinity game is based on the Axie, an in-game creature that players can breed, raise and battle. All Axies are NFTs and players own them outright. The game cannot control what players do with their Axies, and even if Axie Infinity went down everyone would still have their creatures.
To get started every player must buy three Axies. These form the base of a player’s team, and they’re necessary to begin exploring the universe. Although it’s possible to buy a team of Axies for less than a hundred dollars, a low skill team won’t have much chance of competing in the world. By one estimate, a new player will need to spend about $1,000 just to set up an average team.
Axies are massively customizable, with more than 500 unique body parts it’s rare to see two creatures that are exactly alike. Each Axie has its own character card which explains all of the strengths and weaknesses that can help it in combat. Players who want to level up their Axies can battle them in tournaments to gain new experience.
Breeding is one of the most interesting features of Axie Infinity, since it allows players to create a new Axie with mixed characteristics from its parents. Players can breed any two Axies, so long as they pay a fee of 4 AXS tokens, and a varying amount of SLP tokens (determined by the number of breeding combinations).
Players who want to get new Axies without breeding can buy them from the marketplace. Axie Infinity’s decentralized marketplace is similar to OpenSea. Sellers can list their Axies and buyers can place bids on them. The marketplace lets buyers sort Axies by price, body parts, class and other characteristics. Prices are denominated in ETH and dollars.
Axie Infinity moved to the Ronin sidechain to reduce fees and speed up transaction times. To join Axie Infinity, players need to move ETH from the Ethereum mainchain to Ronin using the Ronin bridge. When a player moves ETH to Ronin it’s automatically converted into WETH (Wrapped ETH), which is used to pay for Axies.
Difference between Smooth Love Potion (SLP) and Axie Infinity Shard (AXS)
Smooth Love Potion (SLP) and Axie Infinity Shard (AXS) are the two tokens used in the game. AXS has appreciated significantly from its price a year ago, while SLP is currently trading lower than it was in 2021. Both tokens trade on major exchanges like Binance and Uniswap, and here’s how they’re used in the game.
Smooth Love Potion
SLP is a utility token that participants can earn for playing the game. The SLP token’s primary use case is paying for the breeding of Axies, although SLP is also used to buy in-game items.
Depending on which Axie is being bred, as few as 100 SLP tokens or as many as 2,100 tokens could be required. Players can get SLP for completing quests and battling in the arena. Alternatively, anyone who wants to start breeding their Axies right away can buy SLP on an exchange.
When SLP is used to breed an Axie the tokens are burned, which prevents the supply of SLP from increasing too quickly.
Axie Infinity Shard (AXS)
AXS is Axie Infinity’s governance token. In addition to SLP, players also have to pay AXS to breed their Axies. AXS can also be used to vote on governance decisions for the protocol, and investors can stake their AXS to earn passive income.
The rise of Axie Infinity
Recently Axie Infinity became the most popular blockchain game in history, with more than $4 billion in NFT trades since its release. Although the numbers are volatile, as of October 2021, Axie Infinity had 2 million active daily users. An astonishing number, and an increase of 5,000% from just six months previous.
While the average price to buy an Axie is about $200, the most expensive Axie ever sold went for an astonishing $800,000. A near million dollar price tag proves just how popular this trading game has become.
Exodus and Axie Infinity
At Exodus we’re fascinated with two technologies that go hand-in-hand, the metaverse and blockchain gaming. We know that our users are excited too, which is why we’re always striving to add Exodus support for the latest tokens and applications. The AXS coin and SLP token are now available in Exodus.
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.