Axie Infinity is one of the rare outperformers in the recent bearish market conditions, highlighting the potential for next-generation blockchain-based gaming platforms. As Bitcoin continues trading in the doldrums of the low $30k range, Axie Infinity’s token AXS reached all-time highs of almost $30.
The growth of Axie Infinity is a reflection of the tremendous potential of blockchain-based gaming platforms. The unique attributes of blockchain technology are particularly relevant to gamers where in-game economies can be established and custodianship over assets becomes paramount.
In the latest version of The Punters Pick, we highlight some of the attributes of Axie Infinity that have spurred its recent success. We also consider some of the ways that blockchain technology and NFTs are changing the online gaming industry.
CryptoPunt Development Roundup
Before this week’s content, we review our weekly development roundup. As per usual, the CryptoPunt has logged another strong week of progress on both the backend and frontend. Over the next week, we will be focusing on further refinements and fixes while also preparing the rules and code structure for the Blackjack game.
🔗 Backend progress:
- Code updated to show game history
- Cooperated with Chainlink on the optimal way to integrate oracles into the gaming platform
- Completed oracle integration to Jackpot game
💻 Frontend milestones:
- Design for the pending withdrawal button completed
- Started design for the CryptoPunt Vault (i.e. fund management)
- Also started designs for the Blackjack game
- Bug fix on the frontend chat system
- Rules and code structure preparation for Blackjack game
- Refine the frontend for Jackpot and Coinflip based on historical data
- Implement smart contract into CryptoPunt vault
- Update codebase knowledge sharing among the CryptoPunt team
🤔 Major Challenges
- Implementing a fair deck
- Facilitating multiplayer sessions onchain
Axie Infinity has recently surfaced as one of the best examples of how blockchain technology can change the online gaming industry. Created in 2018 by Sky Mavis, the implementation of NFTs into the gaming protocol attracted significant adoption.
Axie Infinity implements diverse features from blockchain technology. Axie Infinity gamers can buy, win, and breed collectibles in the form of NFTs. Gamers can also sell or trade these NFTs in an in-game marketplace for real value. These possibilities have acted as a strong tailwind behind the adoption of the Axie.
Over the past month, the volume of NFTs traded on the platform increased by almost 511% with the number of traders rising by 305%. All key statistics surrounding the platform point to huge adoption. Blockchain and NFTs are integral to the utility that the platform provides and the recent spurt in adoption would be nonexistent without these technologies. NFTs, in particular, are creating some interesting possibilities in online gaming.
NFT redefines online gaming
Since the explosion of NFTs in 2020, their implementation inside blockchain protocols, especially as gaming collectibles, is redefining the gaming industry. NFTs have played a role as in-game assets and have served as an avenue for extracting rewards and incentives from the gaming ecosystem.
Apart from the value accessible through NFTs and collectibles, Axie Infinity gamers can also participate in other profit-generating opportunities on the platform like staking AXS. This gives them the power to vote and participate in the governance process of the gaming platform. Staked tokens have the potential of generating profits for their owners through weekly rewards initiatives.
Blockchain brings versatility to gaming
These integrations simply reflect the versatility that blockchain and NFTs have enabled on Axie Infinity. It has grown to be bigger than just a gaming platform where users engage themselves for entertainment. It has evolved into a fully fledged marketplace with various opportunities to earn tangible rewards. A small community in the Philippines has even been able to earn a living from participating in the Axie Infinity ecosystem. These implementations are not restricted to Axie Infinity but extend to several online gaming platforms.
Gaming platforms like CryptoPunt make it easy for gamers to level up their crypto holdings by providing permissionless access to popular gaming and gaming options. Users can bypass registration and KYC verification. CryptoPunt users simply connect their wallets and start gaming immediately.
CryptoPunt is a next-generation gaming and gambling Dapp. Underpinned by the Ethereum blockchain, CryptoPunt is positioning itself to be the leading blockchain-based gaming application. Users can start gaming in less than one minute with no KYC or registration process. CryptoPunt will offer a broad suite of games, including an option that has a virtual world and in-game economy.