The fantasy creatures known as Axie serve as the inspiration for the protagonists of the video game Axie Infinity. Vietnam is the country where the game was first played. Players who participate in Axie Infinity are rewarded with ERC-20 AXS tokens, also known as Axie Infinity Shards. When this evaluation was initially written on March 30, 2021, the website boasted that it had more than 19,000 monthly active on-chain users.
The Axie Infinity Marketplace was in the news on February 9, 2021, after it was revealed by CoinDesk that one of its NFTs, a piece of virtual land within the game, had been sold for 888 ether at the time, which was equivalent to almost $1.5 million. What an unbelievable sum of money!
To begin, what exactly is an NFT Marketplace?
A marketplace for NFTs is referred to as an NFT Marketplace. So far so wonderful. However, what exactly is an NFT?
““Non-Fungible Tokens” is what “NFT” stands for as an acronym. Anything that can be changed into another form can be replaced. For instance, one kilo of 24 karat gold can, at least in theory, be replaced with any other kilo of 24 carat gold. This is because 24 karat gold is not distinguishable by its color. If something is non-fungible, it denotes that it is one of a kind and cannot be interchanged with any other object that is currently available.
Despite the fact that NFTs are theoretically comparable to cryptocurrencies, these digital assets may represent antiques and artworks, collectibles such as trading cards, and other items that have distinctive characteristics. For the purposes of authentication and validation, these tokens are encrypted and stored in a distributed ledger known as a blockchain. Even while conducting transactions, each token must be sold as a full coin. This is in contrast to cryptocurrencies, which can be divided into a greater number of smaller units. When NFTs are cut up into smaller pieces, they lose some of their value. On the other hand, the artist can make copies of them, and each extra copy can be sold independently (but the total number of duplicates will then always be known).
Axie Infinity’s Concentrated Efforts on the Marketplace
The Axie Infinity player community owns the entire ecosystem in its entirety. These gamers are able to exchange their in-game assets and non-fictional tokens (NFTs) for various forms of digital currency. Because of the game’s focus on fictional creatures, one may consider it a representation of the digital pet universe. Every participant needs to begin with a minimum of three axes in their possession.
The Axie Infinity Marketplace is unique among NFT Marketplaces in that it offers nothing but characters and products from the Axie Infinity ecosystem. Other NFT Marketplaces often sell a wide variety of virtual goods. You’ll have to look in other places if you want to find a new digital art motif to hang on the wall of your living room using your iPad, as this won’t be one of them.
Charges for Using the Axie Infinity Marketplace
A marketplace charge of 4.25% is deducted from the amount the seller receives for their good or service whenever a transaction takes place on the Axie Infinity Marketplace (but not the buyer). This indicates that you will only earn 95.75 dollars for an Axie Infinity NFT that you sell for the price of one hundred dollars (USD). As a commission, the remaining portion of the purchase price is given to Sky Mavis, the company that was primarily responsible for developing Axie Infinity. However, beginning in the year 2021, all fees collected from marketplace transactions will be deposited into The Community Treasury, which will ultimately be used to reward AXS token holders.
The only kind of fee you really need to be concerned about as a buyer is the gas fee. There are four distinct pricing tiers for gas depending on the speed that you travel at: slow, standard, fast, and rapid. The price of gasoline changes depending on both the category and the specifics of the transaction. Take a look at this quick picture.
The configuration of the Axie Infinity Market
Various NFT Marketplaces offer their NFTs, the most recent bid, the amount of time left in an auction, and other information in a variety of different ways. It is up to you and no one else to decide what kind of content you are most at ease watching and using. The image that can be found below is a screenshot taken from the Axie Infinity Marketplace:
Players have access to a marketplace in Axie Infinity where they can purchase non-fungible tokens (NFTs) such as Axies, Land, in-game products, or a packaged package. When customers purchase these NFTs, they have the ability to access a variety of facts and statistics, depending on the specific NFT being purchased. This is a picture of an Axie that is now for sale on its marketplace.
Methods of Payment for the Axie Infinity Marketplace
Deposits and payments made with a credit or debit card are accepted by some of the NFT Marketplaces available today; in addition, some of these Marketplaces accept deposits made using PayPal.
The Axie Infinity Marketplace does not yet handle purchases made using PayPal or Credit Cards. Due to the fact that it makes use of the Ethereum network, the transactions are executed through the usage of Ethereum (ETH). For more manageable transactions, the company suggests using the Metamask wallet, but for larger transactions, it advises using an exchange like as Coinbase or Binance.
