Axie Infinity and beyond! HUH Token about to blast off!

November 27, 2021

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Cryptocurrency is a fast-growing sector, owing to its constantly changing environment and technological breakthroughs. Metaworlds and digital universes look to be cryptocurrency’s next major leap forward. Two cryptocurrencies are being examined today: HUH Token and Axie Infinity.

Venezuela is currently in its eighth year of recession, with a monthly minimum salary of around $2.40 and the world’s highest inflation rate.

That is why residents are obliged to find other means of sustaining their families and paying their expenses.

That explains why Axie, a metaverse “play-to-earn” cartoon pet training video game inspired by Pokemon but driven by cryptocurrency prizes, has exploded in popularity in the South American nation during the last year.

Individual players’ ability to make money has garnered attention due to the game’s enormous adoption in the Philippines, where some of the world’s poorest people have discovered a supplementary or major source of income via their daily playing.

Due to the game’s popularity, authorities there have even contemplated charging users’ taxes.

Thus, Venezuelans’ rapid adoption of this game may demonstrate how easily these crypto-powered games may attract new audiences among populations afflicted by skyrocketing inflation, declining economies, and the daily battle to make ends meet.

According to Sky Mavis, the owner of Axe Infinity, Axie has over 2.5 million daily players worldwide.

Given Venezuela’s difficult economic condition, Axie Infinity’s strategy of allowing locals to make money via gaming provides an appealing alternative to citizens signing up for low-wage occupations in order to combat the country’s hyperinflation.

Venezuela, according to the World Bank, has the highest annual inflation rate of any nation.

In Venezuela, where the monthly minimum payment is quite low, the initial cost of playing Axie is rather costly. Axie Infinity needs users to purchase (or borrow) three Axies in order to get started. At that price, beginning the game can cost around $1,065 for a three-player team. As a result, the Axie community has established “scholarships” – not in the usual sense of educational funding, but as a means of supporting players who lack the initial capital required for launch expenditures.

Axie owners lend their Axies in exchange for a share of the tokens generated via these scholarships. To apply for a scholarship, individuals must join Axie’s scholarship-related Discord or Telegram channels, where members advertise available positions. Others visit websites such as Axie University 101 directly.

Axie Infinity offers two utility tokens that may be exchanged for fiat cash: smooth love potions (SLP) and Axie Infinity shards (AXS). The majority of gamers make money through cultivating SLP, which is necessary in order to breed young Axies. Some of our gamers utilize their Axie profits to supplement their income, and some people use it to pay for college.

Players must have internet connectivity in order to participate in Block Esports’ scholarship program. This is a huge obstacle for some Venezuelans. In some places in Argentina, less than 14% of residents have access to the internet.

According to CoinGecko, the price of SLP hit an all-time high of roughly 40 cents in July and has since fallen by 83 percent to about 7 cents. Many Venezuelans, however, may see such volatility as insignificant since they confront considerably larger risks in their everyday lives. The risk is that there is potential to fall further into the clutches of an economy that has been purposefully hammered down by the government and shows no honest signs of recovery.

Apart from the Philippines and Venezuela, Axie Infinity has developed into an important source of revenue for residents of other developing countries, like Brazil and Vietnam. Larsen, the co-founder of Axie, has said that the game’s early community consisted mostly of players from the Western world with a working grasp of crypto.

Axie Infinity’s global player base of 2.8 million demonstrates how swiftly monetary incentives in the form of cryptocurrency may transform the gaming business.

HUH Token is another new cryptocurrency that has announced its impending debut. It has not yet declared its plan, but there are rumors about the direction it intends to go, with its whitepaper being released this week.

HUH Token is scheduled to launch on December 6th and is anticipated to capitalize on the festive fervor that has fuelled the crypto market’s development. The values it has embraced seem to be analogous to the community-led ones pursued by Safemoon and Axie Infinity.

Among these innovations is HUH Token’s referral system; it is a novel and innovative approach to generational wealth creation that allows users to produce two distinct streams of independent income.

The referral program will provide coin owners with a code that they can then share with others in order to buy HUH Tokens at a lower tax rate. 10% of that purchase will then be credited to the wallet of the person who suggested it, processed in BNB, Binance coin. This chain may then continue to grow since the new owner will get a referral code to share.

As you can see, this self-dubbed ‘Utimeme’ has several wonderful potentials, like the power to launch a genuine moon shot, a giving culture, and a promise-filled Metaverse. Being both a meme and a utility cryptocurrency may be the cryptosphere’s next significant breakthrough. They are not fighting alone in this conflict. They will face up against well-known names such as Shiba Inu and Dogecoin.

Regardless of the rivalry, cryptocurrency’s ever-changing environment allows it to adapt and overcome the majority of obstacles. The more innovations and new currencies like HUH Token that are created, the more diverse and stable the world of decentralized finance becomes, which can only be seen as a positive development for all investors.