Axie Infinity Marketplace Review | The Ascent by Motley Fool
The Axie Infinity Marketplace is designed around the Axie Infinity game and the NFTs it uses. Here’s a look at the services it offers and how it works.
On the Axie Infinity Marketplace, you can buy and sell gaming NFTs to use in Axie Infinity. These include Axies, which are the game’s creatures, digital land, items, and bundles of multiple items. You need to have at least three Axies to play Axie Infinity.
From your inventory, you can sell any of your NFTs on the marketplace. You can also breed your Axies to create a new one.
The Axie Infinity Marketplace is built on the Ethereum blockchain. It also uses a sidechain called Ronin to process transactions more quickly and minimize transaction fees.
Ronin Wallet is the only supported wallet on the Axie Infinity Marketplace. You need to download it to make transactions on the platform.
You’ll also need MetaMask so you can transfer Ethereum to your Ronin Wallet, since Ethereum is required to make purchases with Axie Infinity. Once you have MetaMask, you can use Ronin Bridge to deposit Ethereum to Ronin Wallet. There are other ways to get Ethereum in your Ronin Wallet without using MetaMask, but they’re unavailable to U.S. customers.
Ethereum is the only payment method accepted on the Axie Infinity Marketplace. You can purchase Ethereum on most of the top cryptocurrency exchanges.
The Axie Marketplace fee is 5.25%, and it’s paid by the seller. There’s no fee for buyers. Of that fee amount, 4.25% is sent to the Community Treasury, and 1% is shared with the NFT’s creator if there’s a creator code. If there’s no creator code, then the Community Treasury receives the full 5.25%.
Compared to other NFT marketplaces, the Axie Infinity Marketplace is expensive for sellers. Other major marketplaces charge 2.5%. However, that’s somewhat balanced out by the fact that buyers don’t pay a fee.