Here are 5 ways to earn passive income by playing axie infinity. This tutorial is for beginners who want to start earning money in the metaverse.
Play To Earn NFT Game blows my mind every day now. Especially when you type on google’s top nft game list in 2022 it’s literally showing Axie Infinity is number 1.
In fact, many players in third-world countries are using this game as their main source of income.
So, if you are interested in how to make money in axie infinity then keep on watching.
#1 Staking AXS
For those of you who’re unfamiliar, staking in the crypto world means locking in your tokens in exchange for interest. In the case of Axie Infinity, what drew investors in was the high returns.
The APY was initially around 400%. However, as more AXS got staked, the APY decreased and is currently at around 89%.
- Make sure you’re holding any AXS tokens. If not, you can buy them on crypto exchanges such as Binance & Coinbase.
- Install the Axie dedicated wallet, which is the Ronin wallet extension for Google Chrome and Mozilla Firefox. Select a password and backup your seed.
- Register on the Axie Marketplace. Use the top right blue “Login” button. You will then need to verify an email address and create a password. This step is critical. Otherwise, you won’t be able to proceed and you’ll receive the following error message while trying to send funds: “You’ve Used Your Today Free Transactions in Ronin Wallet.”
- Transfer your AXS tokens to your Ronin wallet. Your Ronin wallet address should be in the following format: “Ronin:xxxxxx”
- Please note: Ronin is running on the Ron network, so you must transfer only via this network (and not from any other ERC-20 or BSC wallets).
- If you withdraw from an exchange, make sure you select the Ron network. Binance supports this option, but please note: when withdrawing from Binance to RON, choose the RON network and insert your Ronin address after replacing the ronin: prefix with 0x, and always withdraw a small test amount.
- If your AXS are on the ERC-20 network (wallet address starts with “0x”), then you can use the Ronin bridge option to swap them into Ron Network’s AXS.
- Go to the AXS Staking dashboard, use the “stake” button, then select the desired AXS amount – press “stake” again, and approve the transaction via your Ronin wallet that pops up.
- Your AXS are now staked. You can use the staking dashboard to see your rewards live, as well as the current APY which is changing over time.
- If you wish, you can claim your rewards or restake them. To unstake, simply use the red Unstake button, which is located under the Stake button.
#2 Farm $Ron
RON is the ecosystem token of the Ronin Chain. It will be used as a fee for all transactions happening in Axie Infinity and also in all other games that will be in the RONIN sidechain. RON is therefore needed to ensure the Ronin blockchain is continually owned by the community.
No RON Is for sale.
At the moment, rewards in the form of RON tokens are given to users who provide liquidity to Katana. This article will explain that in detail, but before everything else, we must understand what Liquidity Pool is first.
When someone says an exchange is “liquid,” it means its users are able to convert their token to another token with ease. For example, if the current ETH price is $4,500, and I want to sell my 1 ETH at $4,502, a liquid exchange ensures that there should always be someone willing to match my price. Most often than not, this is made possible by the so-called market makers, who are professional traders or entities.
In a decentralized exchange, the job to ensure trades are matched rests with the community itself. The community will “add liquidity” to a pool to make sure everyone gets better prices when swapping. In return for their service, they receive fees and in addition, rewards.
When you provide liquidity in Katana right now, you get fees plus RON as rewards. More on this later.
As a liquidity provider, you’ll earn trading fees (instead of the market makers earning this in centralized exchanges)
In the case of Katana Dex, liquidity providers will also be given RON token as reward.
#3 Scholarship Program
The Axie Infinity scholarship lets players, or scholars, who wish to play the game but do not possess adequate financial resources. These scholars are often brought in by managers – players with the required SLPs or AXS tokens but not enough time to play the game.
This is where an Axie Infinity Scholarship comes into action. Managers provide the unused SLP or AXS to the scholars to initiate the game on the manager’s behalf. This allows scholars to earn passive earnings that are later split between the manager and the player/scholar.
A scholar gets three Axie from the manager to commence the game. The revenue earned by the scholar usually follows a 60/40 (subject to change) ratio.
Where to look for scholars?
Go to Axie Infinity discord and go down section call #Scholar Application
You will find tons of people recruit scholars.
#4 Breeding Axies
ABC method
The ABC method can be summarised as follows: ‘breed with uncles/aunts and grandparents but not siblings and parents.’ This essentially means that the breeding loop created by breeding with three Axies is formed by having each breeding pair breed twice with the new generation created breeding with unrelated breeding partners. It is better shown with a diagram, an example of one shown below.
#5 Earn Small Love Potion
The minimum amount of SLPs that you can get in a day is 75. You can get that by completing the daily quest that will reset GMT+ 8 PM.
The quest includes logging in, finishing 10 Adventure levels, and Winning 5 Arena Matches. These can be achieved even without energy so you can repeat the process so you can finish these tasks.
After finishing the quest, you can now claim your 25 SLPs. The next step is to get the 50 SLP in the Adventure mode.
Each level has its own amount of SLPs after you finish it. The amount/cap of SLP that you can get on Adventure Mode is only 50 per day. The good thing is you can get these 50 even without energy, the only catch is you won’t get exp. After getting those, you now have your guaranteed 75 SLP per day.