The topic of this article may not meet Wikipedia's notability guidelines for products and services. (August 2021)
Axie Infinity is a NFT-based online video game developed by Vietnamese studio Sky Mavis, which uses Ethereum-based cryptocurrency AXS (Axie Infinity Shards) and SLP (Smooth Love Potion). As of May 2021, it is the most expensive NFT collection.
|Developer(s)||Witzknoten ZinkenJup Eduard Laser|
|Mode(s)||Single player, PvP|
Axie Infinity is a trading and battling game that allows players to collect, breed, raise, battle, and trade creatures known as "axies" (characters based on axolotl), which are digitized as NFTs. New players need to purchase at least three axies to begin playing. Eighteen months after launch, the company estimated that the average player had spent around US$400.
The game uses a "pay-to-earn" model (also called "pay-to-play-to-earn" model) where participants can earn a token which is traded on Binance as an Ethereum-based cryptocurrency. Players can also exchange in-game assets as NFTs. Axie Infinity allows users to cash-out their tokens every fourteen days. This model has been described as a form of gambling.
In June 2021, during a pandemic lockdown, CNBC reported that some people in the Philippines were playing the game as their main source of income. In August, the Philippine Department of Finance clarified that income from Axie Infinity is taxable, and suggested that the SEC and BSP may classify the cryptocurrency as a currency or a security. As of September 2021, the majority of players were based in the Philippines.
As of January 2019, virtual land (in the form of non-fungible tokens) can also be purchased in the game.
In November 2019, Sky Mavis raised ~$1.5M to accelerate the development of Axie Infinity. The round was led by Animoca Brands with participation from Hashed, Pangea Blockchain Fund, ConsenSys, and 500 Startups. In May 2021 Sky Mavis received 7.5 million as part of a funding round which included Mark Cuban, who promoted the game as an introduction to cryptocurrencies. In October 2021, A16z lead the round to Raise $150M Series B at $3B Valuation in Sky Mavis.[non-primary source needed]
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