Gaming Redefined: Advancing Crypto-Backed, Play-to-Earn Games

By Stan Peterson
Published August 31, 2021 Updated August 31, 2021
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Gaming Redefined: Advancing Crypto-Backed, Play-to-Earn Games

By Stan Peterson
Published August 31, 2021 Updated August 31, 2021

Advances in the cryptocurrency industry know no bounds, as blockchain technology is currently disrupting the global gaming industry. The past year has ushered in a number of innovative protocols in the cryptocurrency world that seeks to incentivize online gamers. While protocols adopt different models in their Play-to-Earn product offerings, Axie Infinity boasts one of the most sustainable ones.

Axie Infinity is a Pokémon-inspired game where anyone can earn tokens through skilled gameplay and contributions to the ecosystem. The platform, built atop the Ethereum blockchain, enables users to collect, breed, and battle in-game pets known as Axies. Axie Infinity has generated over 13,000 ETH in revenue thus far, and is currently ranked as the best Ethereum-based game by daily, weekly, and monthly active users. 

The Axie Infinity world is powered by its native token, AXS, which is what players earn as a reward for their gaming actions that keep the ecosystem functional. Smooth Love Potions (SLP) are used to breed the Axies ,and while this token is not sold by the Axie Infinity protocol, there are ways to earn it in game.

Axie Infinity is well structured with a strong utility attached to its native AXS governance token. AXS price has surged by more than 61,000% in the past 10 months since its launch, and it printed an All-Time High (ATH) of $82.36 earlier in August. The token’s popularity and performance  showcase its potential to usher in a new GameFi ecosystem.

Identifying the Trend: Phemex Under the Radar 

As an innovation driven cryptocurrency exchange, Phemex is highly cognizant of opportunities in the crypto backed Play-to-Earn ecosystem. Phemex has recognized the pioneering efforts of Axie Infinity and will be listing the AXS token for trading on its trading platform. 

As announced by the exchange, the listing will be done through the Grab-a-Coin event that the platform is known for. Users will be able to win as much as $73,000 in AXS rewards through a Gleam campaign scheduled to run from August 27th to September 3rd. During this campaign period, traders who have no Phemex account can also register to participate. Users will be required to deposit AXS tokens and complete a defined set of actions to win rewards.

Core requirements to participate and qualify to win AXS include; following Phemex on all of its social media pages such as Telegram, TikTok, Twitter, and YouTube amongst others, and answering the important question, “How did you find out about this campaign?.” The Phemex exchange also has other terms that prospective participants may want to be familiar with.

Prize Pool

There are three prize Ppools for the AXS/USDT listing campaign. The first pool will see 300 lucky participants chosen at random to share $3000, with each winner receiving $10.

The second prize pool is dedicated to reward users with the largest AXS deposits during the campaign period. A total of $50,000 has been earmarked to be shared based on a predefined formula. The third prize pool will reward participants with the highest AXS spot trading volume with the first place winner getting $8,000, 2nd place $5,000, 3rd place $2,000, 4th to 6th place $1,000 each, and 7th to 10th place $500 each.

The competition is designed to be fair to all participants. The prize pools will be distributed by October 1, while the winners will be announced by September 10th.

To support the GameFi and the play-to-earn niche in the crypto- ecosystem, Phemex exchange will be supporting more projects like Axie Infinity in the near future.

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Stan Peterson
430 Articles
Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.

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