Due to these attributes, it can be applied to any industry as a replacement for transaction data storage.
The blockchain enables safe, secure, and pseudo-anonymous transactions without requiring a third party for transaction verification. Blockchain – Also known as a distributed ledger.You can’t understand the Axie game without understanding some key terms, so let’s break them down: The Axie game is built on the Ethereum blockchain, and the Axies are priced in ETH, the native cryptocurrency for Ethereum. Axies can be sold through the in-house peer-to-peer marketplace. The Axie Infinity Game – Core ConceptsĪxie Infinity is a Play-To-Earn game, built on a distributed ledger (aka a blockchain), where Axies are represented as NFTs, which are stored on a blockchain. With nearly three million daily active players and $3.6 billion traded through its in-house NFT marketplace (as per its official webpage), it’s worth looking into Axie Infinity for the gameplay and the potential return on investment. They earned so much that the government declared that revenue generated from this platform was subject to income tax.
The platform actually provided residents of the Philippines with a means of earning an income due to job displacement from the Covid-19 pandemic. The use of the Axie Infinity ecosystem has skyrocketed in recent times. The Axie Infinity game is one of the biggest and most well-known Web 3.0 platforms, built on a blockchain and making use of Non-Fungible Tokens (‘NFTs’).
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