Presented in November 2021, Axie Infinity is a blockchain-based video game developed in 2018 by Vietnamese developer Sky Mavis that had approximately 360,000 active players, predominantly concentrated in developing countries. The game centres on digital creatures called Axies—comparable to Pokémon—which exist as non-fungible tokens (NFTs) minted on the Ethereum blockchain, giving each creature both in-game and monetary value.
Gameplay and Creature Economics
Players battle Axies against one another in duels and competitive matches. Each Axie is unique and can be traded or sold to other users, creating an internal game economy. The creatures exist in different rarity types with varying strengths and attributes. Most Axies have weak statistics, but some possess strong characteristics developed through breeding. These high-value creatures are the most sought after by players. Each Axie can only be bred a limited number of times, creating scarcity of the asset.
In-Game Currencies and Costs
Three digital currencies are required for breeding Axies: Smooth Love Potion (SLP), Axie Infinity Shard (AXS), and Ethereum (ETH) for gas fees. Breeding a rare Axie can cost significant amounts: approximately 10,200 SLP (US$1,120), 1 AXS (US$150), and 0.283 ETH (US$1,250), totalling over US$2,500. Marketplace statistics showed that 2 million creatures were bought and sold for a combined total of 140,956.7 ETH (US$639.5 million). The most expensive Axie ever sold reached 300 ETH, equivalent to US$1.375 million at the exchange rate at that time.
Earning Potential for Players
Approximately 40 percent of the game’s users are located in developing countries. Players in Ghana, for example, could earn between 854 and 2,562 Ghanaian cedis per month (US$140 to US$420)—a sum several times higher than the local minimum wage. This earning potential has attracted players seeking income supplementation in emerging markets.
Frequently asked questions
What are Axies in the game?
Axies are unique digital creatures that exist as NFTs on the Ethereum blockchain and can be battled, bred, and traded for monetary value.
How much does it cost to breed a rare Axie?
Breeding a rare Axie costs approximately 10,200 SLP, 1 AXS, and 0.283 ETH, totalling over US$2,500.
How much can players in developing countries earn?
Players in Ghana could earn between US$140 and US$420 monthly, significantly exceeding local minimum wage.