Just for Funds

The Rise of Axie Infinity

by Juan Ramon Ampil

During the pandemic, more and more people opted to use digital platforms. The use of apps, for one, has helped people maintain physical distancing because they facilitate cashless transactions.

It’s no surprise why cryptocurrency and non-fungible tokens (NFTs) have also become more popular. A game called Axie Infinity — which was created by Vietnam-based developer Sky Mavis — promotes the use of cryptocurrency and NFTs by promising users the chance to earn while playing.

We asked two of our colleagues who are Axie Infinity players — CJ Antonio of Corporate Finance and Mark Teodoro of IT — to share their insights about this trend.

CJ and Mark likened Axie Infinity to a Pokemon game. Other players have also said it’s similar to a card game called Heartstone. According to a LevelDash.com article, in order to start playing Axie Infinity, you need to buy 3 “Axies.” The article further suggested, “You can then choose to battle against enemy monsters in Adventure Mode to level up your Axies, or battle with other players’ teams in the Arena and compete in the leaderboards.”

The article went on to explain: “Either way, both game modes will give you Smooth Love Potions or ‘SLPs’ as rewards. This is the main resource that players will want to farm and later sell for real-life money.”

CJ got into Axie Infinity because he saw the potential of play-to-earn and digital platforms. He shared that he and his group of four friends started with an investment of P50,000. They used this money to buy an Axie Infinity account. After two weeks of playing, they were able to earn at least P23,000 to P24,000.

However, CJ cautioned that just like any other investment, there is risk involved when you get into Axie Infinity. For starters, since cryptocurrency is not yet regulated, the value of your SLPs sometimes diminishes in an instant. Next, having an Axie Infinity account means you need to be careful about your registration details and passwords because the system is always a potential target for hackers. Moreover, since Axie Infinity is still in its beta stage, the system sometimes crashes. 

Mark, on the other hand, got curious about the game when he saw others discussing it on social media platforms. He was also intrigued by the promise of being able to earn while playing the game.

According to CJ and Mark, creating an account as of today would cost between P50,000 to P100,000. This, of course, still depends on the type of Axie Infinity account involved and the demand for it. 

Both Mark and CJ agree that even if you can earn through this game, it shouldn’t be your main source of income. They suggested that you should only get into the game if you actually have spare money to invest. As it turns out, they both subscribe to this old saying: “Don’t put all your eggs in one basket.”

To know more about Axie Infinity, check out this article and vlog from Carlo Ople through the links below:

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