When the world was hit by a health crisis in 2020 not seen in a century, who would have imagined that a year later millions of people in various countries would make a living raising digital monsters or planting plants in the metaverse? But that’s how surreal 2021 has been, with Axie Infinity leading the projects. play to earn, who are creating a new version of work and salary.
Earlier this year, Axie Infinity posted a surprise tweet: “Is this real life?” a world record transfer of non-fungible tokens had been completed (NFT). It involved the purchase of a piece of virtual land for which someone, at the time, paid 888 Ethers (about $ 1.5 million then and $ 3.5 today).
That way, Axie Infinity was starting to stamp a footprint, first for its astronomical sale of land and then for its accelerated growth. In fact, several months later, in July, the project achieved a higher return than Metamask, PancakeSwap, Synthetix, and MakerDAO combined, just as reported one of the founders of the company behind the initiative, Sky Mavis.
The future of work and wages 3.0
While the developers were busy creating a new style of play, a community grew around the project that studied the Axie Infinity proposal and did not take long to discover new possibilities.
Above all, from the hand of a game that could not contain the millions of players who entered its metaverse when the price of its Small Love Potion (SLP) token jumped above 1,000%, scaling from $ 0.03 to $ 0.36. User demand was such that in the middle of the year the servers of its platform collapsed.
In Axie Infinity players receive daily rewards with their SLP token. That currency is what gamers use to improve their characters, and they can also trade it in secondary markets, with a fluctuating value in dollars. From there arises the power of the project as a business.
However, it could have been the world paralyzed by the confinement in the middle of the coronavirus pandemic that lit the flame of the popularity from Axie Infinity and from users who created new alternatives. This is because those who did not have the resources to raise and play with digital pets, received scholarships from others who began to work as employers.
Williams Rojas, a 20-year-old Venezuelan who lives in Argentina, told CriptoNoticias how he managed to multiply his investment by four when he implemented his scholarship program. Consists in acquire multiple Axie Infinity accounts and put them to work to make a profit, giving percentages of the winnings to those who trade daily in the game.
So that’s how the game, moreover, became a source of income that even helped change lives in the midst of the pandemic crisis. The testimony of a Venezuelan family confirms this, also a community in the Philippines that is fighting poverty in the midst of the Covid-19 pandemic.
Axie Infinity’s popularity leaves positives and negatives
As Axie Infinity grew in popularity, similar projects emerged, but in the digital world it is difficult to separate the real from the unreal. So, in August, fueled by the play-to-earn game fever, more than 35,000 people paid a total of $ 203 million for virtual lands in a game that until then only offered promises. Today the project is in alpha version and little is known about its features or release date.
Even months later, an idea inspired by the hit Netflix series The Squid Game was launched and generated such euphoria that its SQUID token jumped 83,000% in a short time, but it turned out to be a scam. The creators of the “game” had fled with about $ 2.6 million, leaving behind an approximate of 43,000 scammed people.
Later, the Plant vs Undead project also launched its proposal capitalizing on the good time of Axie Infinity. Digital Farming Game Captured Community Attention by offering a low entry fee earning sympathy from the millions of people who have been unsuccessful in seeking scholarships to raise digital pets.
As with Axie Infinity, the Plant vs Undead servers also crashed due to the massive arrival of new digital farmers, but after solving these problems, the project began to bring benefits to its players. However, over time, the constant changes made in the methods to earn cryptocurrencies, have demotivated the community.
In Venezuela, for example, became the main source of income for a police officer and entire families turning to digital farming to protect themselves from the economic meltdown. Apparently, the inhabitants of this country are still clinging to the game, although the fertile terrain that once had more than 800,000 active gamers is now nothing more than a desert, since the project now has few active players, most have abandoned the platform.
In Cuba as in Venezuela, play to earn games have become an alternative to survive to the economic crisis facing both countries. This is because the Crypto Gaming United company is awarding scholarships to residents so that they can generate income with raising virtual pets.
Play to Earn Games: An Engine to Drive Cryptocurrency Adoption
With more than 1 million active players per day, Axie Infinity became a magnet to attract nocoiners. A term that is used in reference to people who have no interest in cryptocurrencies, their exploration, purchase or trade.
So the play to earn method spontaneously accelerates the adoption of cryptocurrencies. To do so, it relies on a new formula that shows that cryptocurrencies are desirable for individuals seeking to transform their economic reality.
With more and more users entering the game and obtaining positive experiences with cryptocurrencies, there is no going back, since from there they access a new world, in which they are also forced to learn. In that way, yesThey strive to understand in detail terms such as Ethereum, Metamask, NFT, as well as others typical of the cryptocurrency environment and that are part of the vocabulary of those who work in this ecosystem.
On the other hand, Axie Infinity continues to add active players and currently has more than 110,000 users, according to data from DappRadar. However, it has already been overtaken by other similar projects, such as Splinter Lands and Alien Worlds, both with more than 240,000 active gamers. It means that, With the arrival of more players to the ecosystem, the adoption of cryptocurrencies is also growing.
The figures also show that while 2021 was the year of Axie Infinity, another different scenario is presented for 2022, although it is definitely clear that the fever of play to earn games is only just beginning.