Fool.com contributor Chris MacDonald and Motley Fool analyst Asit Sharma discuss the fascinating world of Axie Infinity (AXS +0.00%) as one of the top crypto gaming platforms to look at right now -- on this episode of "The Crypto Show" from Backstage Pass, recorded on Oct. 27.
Asit Sharma: What in the world is Axie Infinity, Chris?
Chris MacDonald: I think the picture on the right there does it a lot of service. It's a gaming platform. The actual token, A-X-S, I believe it's Axis -- it's got a different name than the actual token.
Asit Sharma: Axie or Axis.
Chris MacDonald: Yeah. It's essentially a blockchain-based game and there's two million active daily users that use this platform. It's a play-to-earn platform rather than what a lot of games are pay-to-play these days. Any user can go on there, and you have to have an avatar, which you can purchase. Then you earn rewards throughout the game, including NFTs as you go along.
The actual AXS token is used within the game, for voting on governance, for the actual platform and for staking as well. That was a new feature and I believe AXS took off on that news.
In addition, they have a community treasury of over two billion dollars that you can receive dividends from.
It's an intriguing game where you can play and you can also earn dividends while you do it, and you can earn free in-game currency that can be transferred to fiat currency is how I understand it. It's super intriguing. I've only recently started looking into this, but it's an interesting one.
Asit Sharma: As I said, we'll spend some time next week walking through maybe the sides of both this and the next one we're going to talk about. But the idea here is that world-building is very big in the metaverse space, you build a world that one can walk through, maybe with an avatar or play a game.
The extension of this is the rewards components. As Chris said, you're playing to earn, you can vote with the native token AXS once you start accumulating it. You've got rewards for playing. You can stake that, which also gives you more tokens. Then you can interact with that Treasury and convert to fiat money.
If you think that this token is going to appreciate versus other crypto assets and that's even more reason perhaps to play. But here we see the merger of different concepts. The gaming world, the world of NFTs, non-fungible tokens, and cryptocurrencies.
