Axie Infinity Marketplace is unlike any other marketplace because it only sells specific items and characters originally from the Axie Infinity ecosystem. The marketplace does not focus on anything else. Players own the Axie Infinity ecosystem. Axie Infinity players transact their NFTs and game assets for digital currencies. To play on Axie Infinity, players must have at least 3 Axies. The marketplace offers NFTs like in-game items, Axies, bundled packages, etc.
History of Axie Infinity Marketplace
Axie Infinity is a game that was founded in Vietnam. This game is focused on fantasy creatures called Axies. Players who play the game earn ERC-20 AXS tokens. It is one of the largest and best games ever played on Web 3.0 platforms. This platform helped a lot of the Philippines during the Covid-19 pandemic as a means of income.
How Axie Infinity Marketplace Operates?
Axie Infinity Marketplace operates differently from other marketplaces; this includes the fees associated with the transactions. A 4.25% marketplace fee is charged to the seller when a trading transaction takes place. For example, if a seller sells an Axie Infinity NFT for 50 USD, the seller only receives 47.87 USD. This fee is not charged to the buyer. The commission, i.e., the money that remains from the sale price, is paid to Sky Mavis. Buyers must only worry about gas fees since there are four separate gas fees, Slow, Standard, Fast, and Rapid gas fees.
The Axie Infinity Marketplace accepts different payments from other NFT Marketplaces. Unlike other marketplaces, Axies Infinity does not accept credit card and PayPal payments. The platform supports Ethereum, and all its transactions are carried out through Ethereum, thus it supports the Metamask wallet that is used for small transactions.
How to Buy and Sell NFTs on Axie Infinity Marketplace?
For players to manage and trade NFTs on this platform, they must connect their crypto wallets and go to the Axie Infinity Marketplace to start the process.
- To begin the process, the crypto wallet must be connected to Axie Infinity Marketplace.
- SLP tokens, AXS, or any other cryptocurrency can be purchased from the crypto exchange.
- Once the Axie Infinity Marketplace is open, users can choose the Axie by browsing through the NFTs.
- Once the process is complete and confirmed, the purchased NFTs will be sent to the wallet.
How to Buy Game Items on Axie Infinity Marketplace
As stated above, Axie Infinity requires 3 Axies for players to play games on the platform. Players can buy Axies from other players on the marketplace. Prices of Axies are continuing to increase because the game is becoming more popular. Coinecko.com reported that Axies now have a base price of 0.15 ETH, which is equivalent to USD 285. If you want to purchase an Axie on the marketplace, you must have enough ETH in your Ronin wallet. Steps to follow:
The first step is to deposit into the Ronin wallet through the Ronin Bridge. The other option is to use a centralized exchange to make deposits or withdrawals using your MetaMask wallet.
Other users opt for the Ramp Network to buy ETH on Ronin. However, the Ramp Network hasn’t been introduced in some countries yet.
How to Sell Game Items on Axie Infinity Marketplace
A connected Ronin account is required if you want to sell game items on the Axie Infinity Marketplace. When the connection has been confirmed, head over to the ‘inventory’ section. Browse and select the Axie you wish to sell and click on it. You can either sell at a fixed or auction price.
- Fixed Price: When selling Axie using this option, you must the fixed price you want to sell your Axie. Once done, the Axie will be listed on the Axie Infinity Marketplace at the listed fixed price. This method is much easier and simpler as compared to the auction price.
- Auction Price: If you decide on the auction price, then you must set the duration of your sale. Set the starting and ending price of your digital asset. The auction will end at the final price set when the duration set time expires. You can also opt for setting a high price for the digital item at the start of the auction and a low price as the final price. Moreover, you can also change the duration of the sale.
- Click ‘confirm’ and your item will be included in the marketplace list.
- If you wish to cancel your sale, i.e., if it hasn’t been bought, or you changed your mind about wanting to sell it, you click on the Axie. Head over to the ‘Cancel Selling’ button. Click ‘confirm’ to complete the process of cancelling the sale.
Advantages of Axie Infinity
Axie Infinity is a large platform that is available on both mobile and desktop applications. Moreover, the Axie Infinity game has a play-to-earn system. Players earn AXS, which are Ethereum-based tokens that can be exchanged for real-world money. The most important benefit is that Axies are non-fungible tokens, thus people generate money from them through buying, selling, and exchanging these digital assets. Players can also buy and sell the Axies on open markets. The game has been set up in an open digital pet environment, thus it has features that can be expanded by future developers. Players based in the Philippines have used Axie Infinity in numerous ways to provide for their families during the pandemic.
Disadvantages of Axie Infinity
The digital pet universe is an enjoyable digital space; however, it has its cons. Developers of the game have capped the earnings players can earn daily when they complete their daily quests. To earn something tangible, players must put in a lot of effort and time. This means that for one to have a consistent and steady income, they must play the game more often. The game is also associated with high entry costs; thus, players are required to have 3 Axies (which costs close to $500) before they can play on the platform.