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Axie Infinity full analysis

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Understand the value of Axie in one article.

Original Source: First Class Warehouse

The biggest feature of blockchain games is the ability for game users to obtain game assets Real ownership to avoid loss of game user assets when the game service provider's centralized server data is lost. Game playability is the basis for attracting game players, players forming a consensus on the value of game assets, game assets having liquidity, and sustainable development of games. Axie Infinity is only issuing tokens on the basis of the original game this time, combining liquidity mining with the game to further improve playability and economic incentives, and there is no major change in the product itself.

1. Fundamentals Summary

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Axie Infinity is a card game improved on the basis of CryptoKitties gameplay, improving game playability through game design and economic incentives . The core gameplay is: 1) pet breeding; 2) card battle; 3) land interaction. Compared with Cryptokitties, Axie Infinity has added card battles and land interaction. On this basis, Axie Infinity has added more types of game assets, increased gameplay and user benefits, thereby increasing users' willingness to participate in the game. Therefore, the liquidity of Axie Infinity's game assets is relatively high, which reduces the possibility of lower liquidity of game assets due to lack of playability. In addition, the team wants to build the land part into a virtual world game platform, which is currently being deployed in stages. Compared with existing virtual platforms (such as Decentraland), Axie Infinity focuses on the diversity of gameplay, rather than being visually similar to reality. There is no direct competition between the two games.

Product: NFT market, full-featured, user-friendly , UI design is also good.

User Data: In the blockchain game section, In the past two years, the number of users of Axie has been growing steadily. In the 2019 NFT Industry Report, the number of users of Axie Infinity ranked among the top 10 NFT projects. The transaction volume of Axie Infinity ranks high on platforms such as Nonfungible and Opensea. Beginning in June 2020, user growth accelerated. In the past 2 months, the user retention rate of Axie Infinity has been above 30%, which is higher than most blockchain games currently on the market, indicating that Axie has high playability and user experience.

Team: Axie Infinity’s team is Sky Mavis, with a total of 20 people, the main members are developers, game engineers, and art designers , which belongs to the normal staffing of game companies. Both the team founder and CTO have rich development experience. The team is currently building a second-tier network exclusive to wallets and games, and the overall development capabilities are relatively high.

Economic model: The design is more reasonable, closely integrated with its own products, 49%~57% of the tokens are used for incentives Gamers and ecological participants.

Funding: The token offering is fully funded with approximately $60 million raised.

2. Economic Model

The total amount of AXS tokens is 270 million. AXS uses include: 1) Axie NFT market for transactions and participation in specific auctions/sales; 2) Pledge AXS to obtain benefits; 3) Participate in governance, which is expected to be realized in 2021.

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3. Evaluation

Judging from the current game design and user growth of Axie, Axie has high playability and diverse gameplay, which can attract more players. Players have formed a basic consensus on the value of game assets, and the game itself can develop sustainably. The "Play To Earn" in the liquidity mining launched by Axie is closely integrated with the gameplay, and Axie's own game design is playable, so it can convert some of the drained users.

Risk points:

1) The NFT of Axie's primary market and secondary market mainly uses ETH as the transaction currency, and AXS tokens may only be used as backup tokens in market transactions, rather than the main transaction currency. Therefore, the token function of AXS is mainly for liquidity mining drainage and governance, and the release amount has been relatively large in recent years.

2) Liquidity mining can strengthen existing players, but the drainage is based on high yield. That is to say, liquidity mining is not the advantage of the game itself, and users brought by drainage may be lost at any time.