Is AXIE a scam?

[Market! Market!]

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Axie Infinity - Axie Infinity

Axie Infinity is a Pokémon-inspired universe where anyone can earn tokens through skilled gameplay and contributions to the ecosystem. Players can battle, collect, raise, and build a land-based kingdom for their pets.

All art assets and Axie genetic data can be easily accessed by 3rd parties, allowing community developers to build their own tools and experiences in the Axie Infinity universe.

While still in early access, Axie is ranked the #1 Ethereum game by daily, weekly, and monthly active users. It has generated over 13,000 ETH in revenue (16M+ USD) so far.

While Axie is a fun game, it's also taken on characteristics of a social network and jobs platform due to the strong community and play to earn opportunities that have come from its early success.

The key difference between Axie and a traditional game is that Blockchain economic design is used to reward our players for their contributions to the ecosystem. This new model of gaming has been dubbed "play to earn". Axie has attracted thousands of players from developing countries in the pursuit of a new income stream during the Covid pandemic. Many of these players are fathers, aunts, and even grandparents who have never used Blockchain technology before!

Players can earn by:
Competing in PVP battles to win leaderboard prizes.
Breeding Axies and selling them on the marketplace.
Collecting and speculating on rare Axies such as Mystics and Origins.
Farming for the love potions that are needed to breed Axies. These can be sold on exchanges such as Uniswap and Binance.
Starting in 2021 players can earn a governance token, AXS, which represents a real slice of the game universe as it has governance rights and fee sharing built into it. Since players can earn this token by playing, a Ready Player one type quest emerges where players can actually earn part of the universe. However, these quests are not winner takes all and rewards each player based on their effort and skill.

[ribshaw]

Players can earn by:

Collecting and speculating on rare Axies such as Mystics and Origins.

As with the threads below if you're paying real money to collect and speculate how do you earn a return beyond the next person taking it off your hands for more?


NBA Top Shot
Earth2

[Soapboxmom]

MM, you really need a new hobby!

[EagleOne]

MM, in regard to your comments starting this thread, and the same for NBA TopShot and Earth2, let me ask you this question:

What would you have done if we had said all 3 of these programs were a Ponzi? I look forward to your answer.

[Market! Market!]

MM, in regard to your comments starting this thread, and the same for NBA TopShot and Earth2, let me ask you this question:

What would you have done if we had said all 3 of these programs were a Ponzi? I look forward to your answer.

It depends on your answer.
If you provided some proof that they are scams or maybe a good enough reason to believe they are, then I could share the same answer to anyone who would ask me.

Anyway, several of my friends are into AXIE. I didn't participate because the entry fee is too large.
If the entry fee is cheap, perhaps I would join even if they are scams just to see the interface (Curiosity). And I mean DIRT CHEAP!!

Edit: I am currently playing a Facebook game that cost me about $2.00 per week. I've been playing it for 3 years now. If Axie is as cheap as that, I might have join to see if I will enjoy the game. If game sucks then I would stop paying.

[EagleOne]

It depends on your answer.
If you provided some proof that they are scams or maybe a good enough reason to believe they are, then I could share the same answer to anyone who would ask me.

Anyway, several of my friends are into AXIE. I didn't participate because the entry fee is too large.
If the entry fee is cheap, perhaps I would join even if they are scams just to see the interface (Curiosity). And I mean DIRT CHEAP!!

Edit: I am currently playing a Facebook game that cost me about $2.00 per week. I've been playing it for 3 years now. If Axie is as cheap as that, I might have join to see if I will enjoy the game. If game sucks then I would stop paying.

MM, thanks for your reply. All you need to know is whether or not these programs meet the definition of a security investment as established by the Howey Test case. The Howey Test says it is a security and investment if it is, and I quote:

1. an investment of money due to
2. an expectation of profits arising from
3. a common enterprise
4. which depends solely on the efforts of a promoter or third party

It makes no difference what you call it, i.e. loan, sharing of profits, widgets, crypto-currency, cash gifting, membership, gaming, etc., it is a security and therefore if the program is not regsitered with the SEC in the US it is operating illegally. The program could be a Ponzi or a Pyramid Scheme, but no matter which one it is, it is illegal if not registered with the SEC.

If the program is operating as MLM, the FTC governs the registration of the MLM company and the company must meet the FTC requirements to be considered a legal MLM program.