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COLLEGE OF LIBERAL ARTS AND SCIENCES
AXEing the Axie Infinity (AI): The AI of Modern Gaming, Business Model Strategem,
and Global Economy Towards Cryptocurrency Era
In partial fulfillment of the requirements for
The Degree Bachelor of Arts Major in
International Development Studies
Aguila, Desireh Ann
Bartolata, Joshua Miguel
IDS41
Presented to:
Prof. Jumel G. Estrañero
COLLEGE OF LIBERAL ARTS AND SCIENCES
I. INTRODUCTION
The era of cryptocurrency has begun! Cryptocurrency is a digital form of currency or
online money secured with cryptography (Frankenfield, 2022), making it so that counterfeiting
would be utterly impossible. Most trusted cryptocurrencies are decentralized, meaning any
government, bank, or entity does not control them. Also, most trusted cryptocurrencies are
coded to ensure that the users of the said cryptocurrency will remain anonymous. They exist
on their own and have value only because people believe in them, their technology, and what
it stands for as a tool for trade in the 21st century. Cryptocurrency is an alternative to state-
regulated legal tender (Frankenfield, 2022). All the transactions that take place on any given
digital platform where crypto exists reside in a blockchain that can never be changed; this
makes crypto more transparent and trustworthy than most major currencies like the US dollar
and euro. It is not like any other form of currency that anyone has ever seen or used before, and
it is something that people can use right away without having to wait months, or even years,
for your money to be in a sort of bank account. Anyone can use it online, and there are so many
different ways to make payments with it. Also, everyone can use cryptocurrencies anywhere
globally, because they are not tied to any central bank or monetary authority. The
cryptocurrency network can be effectively used as an international payment system. It means
that people can send value between any two points without needing a central authority or bank
behind it. Bitcoin was the first-ever cryptocurrency to grace the world (Haar, 2021). It is widely
considered the poster boy of the cryptocurrency movement. The next trusted alternative, or
altcoin in the cryptocurrency space, is called Ethereum. Even though Bitcoin and Ethereum are
both Cryptocurrencies, they have different uses. Bitcoin's technology is all about its usage as a
currency, while Ethereum has a key component in its blockchain called smart contracts, which
ideally allow people to trade not just money but other properties, too, like stocks, bonds, and
many more. Using Ethereum's smart contracts, a new kind of innovation called Non-Fungible
Token (NFT) has been created.
NFTs, or non-fungible tokens, are the most recent cryptocurrency trend to hit the media.
The transactions of NFTs are recorded in the ledger of the blockchains to provide "receipts" of
the purchase of digital or multimedia items (Banerjee, 2022). Notable NFTs include Jack
Dorsey's First tweet, Beeple's $69 million NFT, and of course, the infamous Nyan Cat, a gif
that has become famous on the internet as a meme (Tabassum, 2021). Some consider NFT's
like the new "tulip mania" due to irrelevance and lack of utility (Banerjee, 2022). However,
COLLEGE OF LIBERAL ARTS AND SCIENCES
some cryptocurrency enthusiasts and programmers used the NFT technology to create a digital
community of like-minded gamers that would like to earn through playing games.
Axie Infinity is an NFT-based play-to-earn card game in the Ethereum blockchain
created by Sky Mavis that aims to spread the message of digital ownership, the positives of
crypto technology, and the concept of the metaverse (Nunley, 2021). The "axies" (playable
characters of the game) are sold as NFTs, which are then used to battle for the sake of
generating Smooth Love Potions, the main source of income for Axie Infinity Players. Due to
the alluring concept of a "Play-to-Earn" game, people from all over the world, especially in the
Philippines, flocked and bought their axies to try and earn while enjoying the confines of their
homes during the COVID-19 pandemic (Bonheur, n.d). Despite Axie Infinity's success in 2021
when it comes to being popularized and letting millions of people play and earn simultaneously,
some questions linger in the air: Is Axie infinity's business model sustainable and good for the
global economy?
II. BODY
History of Sky Mavis
Like any other independent or “indie” game developer, Sky Mavis, the company that
founded Axie Infinity, has its humble beginnings. Axie infinity has been developed since
December 2017 by its founders: Trung Thanh Nguyen, the CEO of Sky Mavis and co-founder
of a Vietnamese e-commerce startup, Aleksander Leonard Larsen, COO of Sky Mavis and
former professional Dota 2 player and others like Tu Doan, the lead artist of Axie Infinity,
Jeffrey Zirlin, the growth lead, and Viet Anh Ho. Since 2017, the Sky Mavis team
incrementally added various parts that are vital to the game, such as the first Axies sold to the
players, In-House NFT Marketplace, the release of the breeding mechanic, the first release of
the “idle game,” which changed into a card battle game later on, and many more (Sky Mavis,
2021). According to Le (2021), Mark Cuban, a famous billionaire and investor from the USA,
stated that “I think Axie is an amazing platform. It is fun and engaging. It is a game you want
to play for hours on end. Add the Axie economy, and you have something special. I’m excited
to be part of it.” and he became part of the $7.5 million series A round of investments to Sky
Mavis in 2021. In Sky Mavis’ Series B round for funding, they gathered $152 million from
investors, which cemented Sky Mavis’ high market value as a company and the importance of
COLLEGE OF LIBERAL ARTS AND SCIENCES
their creation, Axie Infinity (Fabric Ventures, 2021). From the efforts of 5 friends in Vietnam
to a giant in the gaming industry, Sky Mavis has surprised the world with its impeccable timing
and innovative ideas for the world of gaming.
Rise in Popularity
Axie Infinity's rise can be attributed to several factors. First, Axie Infinity became
popular due to several exposures in both written and video formats of media. Nunley (2021) of
CNBC published an article about Axie Infinity and its help to Filipino players during the
COVID-19 pandemic. Several documentaries made also created more hype for the game, like
PLAY-TO-EARN's documentary entitled NFT Gaming in the Philippines (2021), which
gained 359,000+ views in around eight months, while a famous local show in the Philippines
called Kapuso Mo Jessica Soho featured Axie Infinity. People also spread Axie Infinity's
potential through social media platforms which further accelerated the game's growth. Lastly,
there is an interesting informal mechanic allowed by the game developers of Axie Infinity
called "Scholarship" programs, where rich players can manage their team of scholars through
lending unused axies for them to be able to play the game for free, with the cut of the earnings
going to the managers for their financial gain. From the premise of Axie Infinity as a play-to-
earn game to various factors mentioned above, Axie Infinity garnered hundreds and thousands
of players faster than anyone ever anticipated.
Axie Infinity and its earning mechanics
Axie Ecosystem illustrated by Axie Pulse
COLLEGE OF LIBERAL ARTS AND SCIENCES
Axie Infinity is a game unlike any other traditional game. To play the game, people
must first create a digital wallet to store, mine, or buy cryptocurrency (specifically Ethereum)
and use it to buy their very own Axies to play the game. If potential players do not want to pay
to play, they can apply for "Scholarships" in various gaming guilds for a chance to play Axie
Infinity for free (one prominent example is a Philippines-based gaming guild called Yield Guild
Games). Once players have 3 Axies, they can earn money through battling in 2 game modes:
Adventure and Arena. Players shall earn Smooth Love Potions ($SLP), an NFT used for
breeding and creating more axies, only if the players can win games that they can sell in various
cryptocurrency marketplaces for real money. Every player has limited energy to limit $SLP
earning and make it so that the production of $SLP will not be unlimited for every player.
Currently, players of Axie Infinity have various ways of earning within the game. One
way is through playing daily and earning $SLP for cash. The second method is winning in
Arena and becoming one of Axie's best players, which is rewarded with $AXS, the future
governance token of Axie Infinity which they can also sell. Together, players can use $SLP
and $AXS for breeding axies. Players can sell axies that they bred in Axie Infinity's
Marketplace. There are also instances where players use their $AXS and $SLP to invest in
other tokens and farm Sky Mavis' incoming token called Ronin ($RON), which shall be used
for transaction fees within Sky Mavis' very own Marketplace. Players can also buy cheap axies
and sell them for a higher market price. In the end, it depends on a players' creativity on how
to capitalize within the Axie Infinity game.
In a nutshell, Axie Infinity's ecosystem works through the help of the Ethereum
blockchain. Axie Infinity runs in its ecosystem, or a sidechain derived from Ethereum's main
blockchain to make services on players more streamlined. The primary inflow of Ethereum in
the game system is from the deposits of people who want to be part of the Axie Infinity
metaverse. On the other hand, the outflow of Ethereum or other assets within the game is from
players who want to store the tokens outside the ecosystem for their safekeeping or exchange
said tokens for standard currency like the US dollar. Players can use Ethereum to buy Axies to
earn, breed, battle, and participate in the community's activities.
Controversies surrounding Axie Infinity
Despite Axie Infinity's success, there have been controversies surrounding Axie
Infinity. While Axie Infinity experienced a massive influx of players last July, the game's
servers could not accommodate the needs of its growing player base immediately (Ahmed,
2021). Though the problem was resolved after weeks of upgrades and repairs to the game's
COLLEGE OF LIBERAL ARTS AND SCIENCES
servers, it was only the beginning of the complaints of its growing player base. Due to the
game's growing player base, Axie Infinity has cut $SLP rewards from its players by half (from
150 $SLP per day to 75 $SLP per day in Adventure and Daily Quest Rewards), and the Sky
Mavis team decided that it is best to increase $SLP rewards in the Arena mode to emphasize
further the need of good Axie teams, which raised eyebrows within the community (Irorita,
2021). Last but not least, though Sky Mavis has continued its efforts to increase or stabilize
SLP's pricing to retain its player base and gain more players, SLP's price has downtrend
continually from its former all-time high of $0.42 to $0.0104 as of January 24, 2021 (Binance,
2022). These controversies mentioned are only a glimpse of the issues surrounding Axie
Infinity. Others are not cited in news outlets, like the devaluation of axies due to changes made
by Sky Mavis to balance gameplay, Partying of founders and other wealthy members of the
community, and SLP prices are continuously dropping other various complaints within the
Axie Community.
Few players of Axie Infinity have also complained that their accounts and teams have been
hacked. This generally includes $SLPs vanishing from their user inventory and even stealing
entire axie teams. Fake Ronin mobile wallet apps were also reported to be circulating online.
One of the most contentious was a counterfeit Ronin wallet discovered on the Google Play
Store. After these reports, they warned their users that there is no existing ronin mobile wallet
available (Sky Mavis made their Ronin Wallet app available in the app store after the incident).
According to analytics firm Naavik, Axie Infinity is experiencing inflation and price
fluctuations due to users cashing out instead of reinvesting their funds. The cryptocurrency
market is extremely volatile, and you never know when it will drop to the point where your
Axies or $SLP would be worth less than Php 1. The price of $SLP continues to fall, and the
market value is now significantly below its peak. The supply of $SLP in Axie Infinity's
economic system keeps growing, driving down its market price. The overall large supply of
$SLP indicates an $SLP imbalance in the game, which will only worsen if Sky Mavis does
nothing.
Axie Infinity today
Today, Axie Infinity is continuously developing to branch out the gaming experience
offered by the game further. Currently, Axie Infinity is in its off-season (a time where there are
no $AXS awards at stake and adjustments are made to the gameplay for a better gaming
experience). Players are now able to “release” their axie for items through the Lunar New Year
event, which rewards players items for the land gameplay and chance to win other epic prices,
COLLEGE OF LIBERAL ARTS AND SCIENCES
including a possibility to win an AOC token which can summon an Origin Axies, which are
worth thousands of dollars (Axie Infinity, 2022). Sky Mavis is also developing the land
gameplay and Axie Origin or version 2 of the current game, which both are all set to release
this year, according to their whitepaper.
Playing and Earning: Pros of Axie Infinity
It can be played from any device.
This video game's cross-platform compatibility makes it available and accessible to a
wide range of people, enabling it to acquire more players and improve future growth
possibilities and let the associated digital ecosystem and blockchain economy be sustained and
developed more. It does not need premium or top-of-the-line technology. The application can
run efficiently on a low-resource machine. It can play on computers, laptops, IOS, Mac, or
even old android, for example, run on up to five-year-old mid-range Android smartphones as
well as the most recent entry-level and affordable Android phones on the market.
"Trading" and battle are the centers of the gameplay.
In concept, the gameplay is relatively simple: it features battling pet-like playable
monster characters known as Axies and trading earned SLP to cash or other cryptocurrencies.
Axie can be played in four different ways. One method is to breed Axies and then sell them to
other players on a global market. The other way is to complete in-game tasks and fight other
players in PvP (player-versus-player) fights. Players can also put their Axies, which they have
bred and grown, to the test in-game.
Players can earn cash while having fun.
Players can exchange their earned tokens. Small Love Potion (SLP) and Axie Infinity
Shard (AXS) are tokens in the game that players earn through playing. The SLP is the currency
that players regularly earn and exchange to cash. The AXS is a token currently being used as a
breeding tool together with SLP; however, its primary use is to be the governance token of the
game when it becomes fully decentralized.
COLLEGE OF LIBERAL ARTS AND SCIENCES
Limitations and Issues: Cons of Axie Infinity
Investment is necessary
The initial investment necessary to play Axie Infinity is high for an unemployed player.
At its peak, the game required between 1,600 - 2,000 dollars to purchase your first three high-
quality Axies that paid out. The price may fluctuate depending on the market's value trend and
how good your Axies are. Even if there are scholarships available for free, someone will always
have to pay or use resources with monetary equivalent for an axie before someone can play it
for them for free.
Price Volatility
Since Axie Infinity is a blockchain-based game and uses cryptocurrency, the NFT assets
and earnings within the game will inevitably be highly volatile due to the general nature of the
cryptocurrency market. Investors should always be ready to lose money when investing in the
unregulated and highly volatile cryptocurrency world.
III. ANALYSIS
Axie Infinity Business Model
Sky Mavis has earned its revenue through various channels over the years. When
Axie Infinity was just in its initial release, it earned through the releases of NFT tokens like
Origin Axies (first Axies), Land, and Land items for future gameplay. After deploying
mechanics such as Axie Infinity's marketplace and breeding mechanics, Sky Mavis is now
able to earn through every marketplace transaction (about 4.25% of the prices of Axie, Land,
or Land Items) directly. On the other hand, Axie Infinity indirectly earns more value by
adding more Ethereum tokens within its system. To visualize the whole system of Axie
Infinity, the model provided by Axie Pulse above is the best representation of the current
flow of NFT tokens or "tokenomics" of Axie Infinity at the moment. Due to the
"decentralized" ideology in the crypto space in general, Sky Mavis is not earning through the
normal gameplay of players. However, Sky Mavis can control the prices for breeding, the
viability of every axie in the gameplay, and the issuance of new tokens for the game, which is
not aligned with the idea of decentralization. According to Axie Infinity's whitepaper, the Sky
Mavis team aims to decentralize all aspects of the game and its governance "once the network
has become sufficiently decentralized." Time can only tell if Sky Mavis will be able to
COLLEGE OF LIBERAL ARTS AND SCIENCES
release its control of the game, but for now, they are in charge of important decisions such as
"balancing" of gameplay, the release of new tokens within the ecosystem of Axie Infinity,
and more.
Axie Infinity and Instability
Without a doubt, instability will be the central issue of Axie Infinity moving forward.
Axie Infinity is built with cryptocurrency and decentralization in mind, which is known to have
price volatility within its nature. It will be hard for Axie Infinity to sustain its level of growth
and the price of its NFTs when the market is decentralized. For a clearer view of the instability
within Axie Infinity, here is a graph of the daily price of its primary token for players’ income,
$SLP:
$SLP Historical Daily Prices from Research.Binance.com
` At their peak, $SLP prices cost as much as $0.36, but it has declined ever since. On
January 30, 2022, the price of $SLP was $0.01, only 2.78% of SLP’s all-time high. SLP’s
decline can be attributed to oversupply, sudden increase of players, and bot farms that abuse
the system, and it is clear that the trend of $SLP’s price is continually going down. The most
evident reason for SLP’s decline is the oversupply of SLP in the market. Here is the current
mint-burn rate of $SLP according to axieworld.com:
COLLEGE OF LIBERAL ARTS AND SCIENCES
$SLP Mint and Burn according to Axieworld.com
There is more $SLP that is being minted, or created, compared to the ones that are
burned or used to breed more axies. This creates a scenario where there is an oversupply of
$SLP, which does not help its pricing. The price of $SLP would not harm Sky Mavis as it is
not part of their earning channels, but the current downtrend of $SLP prices hurt Axie Infinity's
player base since it is the bread and butter of most players in the community. In addition, $
SLP's decline in terms of price can also mean that the demand of $SLP is low while the supply
of $SLP is high. This scenario sets a dangerous precedent for the coming future of Axie Infinity
as $SLP pricing is crucial for attracting new players to the game since it is the primary source
of income for most Axie Infinity players, especially those who are starting in the game. The
graphs of $ SLP's historical daily prices and Mint & Burn rate symbolizes the instability of
Axie Infinity's earning potential for future investors, which could be bad for Axie Infinity's
prospect of acquiring new players.
Axie Infinity and the Global Economy
Currently, Axie Infinity is part of the informal economy due to its unregulated nature
in any government where its player base resides from. According to WIEGO, an informal
economy is a group of money-making activities that are not regulated by governments which
Axie Infinity is currently a part of. While it is true that Axie Infinity helped some players during
the COVID-19 pandemic in terms of extra income, it is also fair to say that the unregulated
nature of the game can put a lot of people that invested in the game at risk of rapid devaluation
COLLEGE OF LIBERAL ARTS AND SCIENCES
of purchased assets since the marketplace decides the value of Axie NFTs. In the end, it is up
to player-investors to decide whether Axie Infinity’s risk and gameplay are tolerable for their
own good.
IV. RECOMMENDATION
For Governments
To make Axie Infinity an official part of the Global Economy, various governments
must regulate cryptocurrency first, then Axie Infinity. It is not a secret that the cryptocurrency
market is full of irregularities that make it unsafe for most people to invest in, and governments
may act as mediators to ensure the safety of the assets of their people. In the United States,
there is a push for the regulation of cryptocurrencies for consumer protection, taxation, and
environmental protection (Likos, 2022). Other countries could adopt US policies once it is
passed for the sake of their people as well.
Governments should also warn the public about the dangers of investing in such a
volatile market. In addition to pushing for awareness about the risks regarding investments in
the Cryptocurrency space, governments also need to stop children from playing and earning
play-to-earn games like Axie Infinity. Children should not play Axie Infinity because they are
incredibly prone to be scammed by other people and may not fully recognize the ramifications
of spending real money.
Lastly, governments should work closely with their cybercrime divisions to counteract
the ongoing crimes within the crypto community.
For Player-Investors
Before investing in cryptocurrency or any online transactions, first, it is essential to "do
your research" (DYOR). Do not be caught up by the hype of rising in popularity and immense
potential for a significant amount of income. Find all the possible risks, the technical know-
how of any cryptocurrency or token assets, how the industry works, the potential worth of the
investment in the long run, and how much value those investments could potentially lose.
Before investing in cryptocurrency assets, anyone must understand how the industry works and
the shady things that happen in the space. Take the time to learn about the mainstream
cryptocurrencies first and understand their primary goal as an asset. It is also good to explore
beyond the notable names when hundreds of other currencies and tokens are available, but it is
essential to be careful since there are more scams or failed cryptocurrency projects than
legitimate cryptocurrencies and outstanding tokens or altcoins in the market.
COLLEGE OF LIBERAL ARTS AND SCIENCES
Nowadays, the blockchain and crypto realms move at a fast pace. It is easy to get lost
in believing that if you spend too much time researching a specific investment, you will miss
out. Remember the saying that "Anything worth investing in today will still be there tomorrow
."It is wiser to wait and gain less than you could have rather than rush in too soon and lose
more than you need to. Do not invest more than you are willing to lose. The researchers do not
recommend buying any investment opportunities, and the researchers only want to remind all
player-investors within the play-to-earn community and cryptocurrency space to be careful
with their assets.
For Sky Mavis
There is much work for Sky Mavis to do, but there is one thing that they must do in
order to make Axie Infinity more interesting for current and potential players. The researchers
recommend that Sky Mavis create more utility for their $SLP token. It is clear that there is
more $SLP supply than demand; thus, the most logical conclusion is to create more demand
for $SLP to reignite its price. Sky Mavis needs to prioritize $SLP because $SLP is the
foundation of Axie Infinity's "play-to-earn" model. People wanted to play the game to earn
money within the game. If the primary source of income is becoming purposeless due to the
slowdown of breeding, players will inevitably be disappointed due to the continuous
diminishing returns. Also, potential player-investors could look at $ SLP's continuous decline
as a sign not to invest in the game because earning potential is continually falling. The Axie
economy's long-term viability will always be dependent on user engagement. Dependency in
user engagement could be an issue in future games, especially if people lose interest in the
game for various reasons; thus, how Sky Mavis develops the game in future editions will
determine Axie Infinity's long-term viability as the quintessential play-to-earn game. For now,
it is up to the Sky Mavis team to deliver on their promises. Only time will tell if Axie Infinity
will still be the model for the "play-to-earn" business model in the world of gaming.
V. CONCLUSION AND WAY AHEAD
Despite the success of Axie Infinity in 2021, there are still many challenges ahead for
the Sky Mavis team to continually grow its player base and become part of the potential
COLLEGE OF LIBERAL ARTS AND SCIENCES
mainstream metaverse in the future. Due to many controversies surrounding crypto and the
market's overall volatility, it will be hard for Axie Infinity to deliver continuously. However,
there is hope that the Sky Mavis team will deliver just as they have delivered multiple times.
Axie Infinity's "play-to-earn" model inspired many others, but nothing could match Axie
Infinity's might in the field for now.
In the future, Axie Infinity could be the pioneer for creating a formal and stable earning
potential through the power of gaming. For now, it will still be part of the informal economy.
Sky Mavis has already been aware of the challenges Axie Infinity is facing, and it is
making efforts to improve the overall ecosystem for all shareholders and potential investors.
Hopefully, significant changes will be made for the benefit of everyone before the potential of
the game and the vision of Sky Mavis will not be fully realized.
COLLEGE OF LIBERAL ARTS AND SCIENCES
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COLLEGE OF LIBERAL ARTS AND SCIENCES
Hi, Sir Jumel G. Estrañero. We absolutely enjoyed every minute of your lectures, as
well as your wonderful sense of humor. For making jokes in between lessons, organizing mini
games to lessen the stress, and in-depth lectures but you make sure we understand it in an easier
way.
Thank you for a fun semester! We always enjoy having you as a professor and we appreciate
how approachable you are. It means a lot to us that you check in with how things are going
because school can get pretty stressful especially now that we are online class and under the
stress of the pandemic. You kept us engaged, learning, and laughing.
Thank you for a very great semester.
Sincerely yours
Desireh Ann Aguila and Joshua Miguel Bartolata
