With the crypto market continuing to grow at an unfathomable rate over the course of the last few years, blockchain-based games have been able to garner an increasing amount of traction within the global digital asset realm. Not only that, as we head into an increasingly decentralized future, it stands to reason that the communion currently taking place between the crypto, blockchain, and gaming markets will only continue to grow and expand.
In this regard, Axie Infinity and Decentraland are two such offerings that have piqued the interest of gamers (as well as investors alike) across the globe, especially since they allow players to not only utilize the many features presented by blockchain tech but also earn handsome rewards (such as revenue) in the process.
A Closer Look at Axie Infinity
Developed by Sky Mavis, Axie Infinity, in its most basic sense, can be described as a blockchain-based game that allows users to collect and breed a range of digital pets — referred to as Axies. These Axies are ERC-721 non-fungible tokens (NFTs) that can be used to interact with a virtual world replete with various turn-based card games.
As pointed out earlier, the Axie Infinity universe is designed to allow users to make money by participating in different activities, all of which are linked directly to the platform’s associated metaverse. The first iteration of Axie Infinity came into existence in 2019, with the game taking off in a big way in 2020 when the Axie Infinity Shards (AXS) token made its way onto Binance Launchpad. In this regard, it should be noted that over the course of the last 12 months, the value of this digital currency has risen by a whopping 32170.3%, thereby showcasing a tremendous amount of consumer interest in the Axie universe.
Lastly, in the near future, Sky Mavis is looking to utilize AXS as a progressive decentralization mechanism whose goal will be to eventually enable Axie backers to govern the platform’s metaverse as well as have a say in its monetary management schemes.
What is Decentraland?
Released during Q1 2020, Decentraland is quite simply an Ethereum based metaverse that is owned by its users and managed by a decentralized autonomous organization (DAO). In all, the ecosystem comes replete with three distinct digital assets, all of whom represent different aspects of the platform.
For example, LAND, which as the name suggests, is an ERC-721 token that represents digital land parcels within Decentraland. Similarly, Estate is an ERC-721 token signifying merged digital land parcels while MANA, is an ERC-20 token that is used to facilitate all monetary transactions within the ecosystem — i.e., the official currency of Decentraland.
Much like other blockchain-based virtual worlds, Decentraland can be explored in-depth using a variety of avatars, with players even having the option of buying digital art, indulging in barter trade as well as utilizing MANA for a wide array of financial reasons (such as revenue maximization).
When it comes to picking between Axie Infinity and Decentraland, there is no real clear-cut answer since both platforms come with their share of pros and cons. That said, from a purely financial perspective, AXS tokens have continued to showcase increased growth, therefore individuals looking to book short-term profits may want to consider the asset. However, since AXS is an ERC-721 non-Fungible token, it cannot be used as a currency for regular transaction purposes.
On the other hand, the Decentraland ecosystem features both ERC-20 and ERC-721 tokens, with the former being available for daily trade and exchange, providing it with more utility. To elaborate further, MANA can freely be exchanged for a wide range of ERC-20 assets as well as liquidated across a wide array of exchanges, allowing users to accrue gains much more easily.
In the end, it all boils down to what one may be looking for when choosing between either of the above-stated offerings. Happy investing folks!