Axie Infinity Marketplace Review: How To Trade Axie NFTs
Axie infinity marketplace — Are you a fan of Axie infinity? or do you have some NFTs you want to trade on the Axie infinity marketplace and you don’t know how to go about it? well I’ve been there sometimes ago and I can say it can be very challenging but not to worry cause in this article, we would be looking at what the Axie infinity marketplace looks like and how to trade your NFTs comfortably there.
If you’re familiar with the Axie Infinity game, you should be familiar with Axie Marketplace, where you can find Axies, Land, and other valuable items that can be used in the game later. If you haven’t heard, Axie Infinity is a digital pet community where you can collect, grow, train, and battle other Axies. The following is a guide to buying and selling NFTs on the Axie Infinity Marketplace.
What Is Axie Marketplace?
Axie Marketplace is the official marketplace for Axie Infinity Game. Through this marketplace, you can easily find Axies, Land, and various other items that you can use in the game.
If you want to buy or sell Axies, you can also do so on the Axie marketplace. Even so, you can also sell or buy Axie on other NFT marketplaces.
How Axie Infinity Marketplace Works
The Axie Infinity ecosystem is entirely owned by the players. These players can exchange their in-game assets and NFTs for digital currencies. Because the game revolves around imaginary creatures, it is a sort of digital pet universe. To begin, every player must have at least three Axies.
Unlike many other NFT Marketplaces, the Axie Infinity Marketplace only sells characters and items from the Axie Infinity ecosystem. So, if you’re looking for a new digital art motif to display on your living room wall via iPad, you’ll have to look elsewhere.
How To Create An Account On Axie Marketplace
- Go to the Axie Marketplace page and click Login at the top right of the page.
- Then, you will be given two options to log in with Ronin Wallet.
- A pop-up will appear, and you can click “Confirm”.
- Set Up Your Email and Password
- Next, you must complete the account verification process. In the middle of the dashboard, you will find the email and password settings button. Click “Set up email & Password”.
- If you have set up your email and password, you must enter a verification code that will be sent via email. Then click “Confirm
Connect to MetaMask
After verifying your email, then you need to attach your MetaMask account.
- Click “Account Settings” and then click “Attach MetaMask.
- A MetaMask pop-up will appear, click ‘Next’, ‘Connect’, and ‘Sign’ when asked.
- The steps to create an account have been completed. Now you can start buying and selling your Axie Infinity items!
Axie Infinity Marketplace Fees
When you make a trade at Axie Infinity Marketplace, a 4.25% marketplace fee is taken from the seller (but not the buyer). This means that if you sell an Axie Infinity NFT for 100 USD, you will receive USD 95.75 for it. The remaining part of the sale price is paid to Sky Mavis, the core developers of Axie Infinity, as a commission.
Starting 2021, however, all marketplace fees will go into The Community Treasury which will ultimately reward AXS token holders.
As a buyer, the fees you need to worry about are the gas fees. There are four separate gas fee categories based on speed — Slow, Standard, Fast and Rapid. The gas prices depend upon the category and nature of the transaction. Here is a snapshot.
How To Buy In-game Items In Axie Marketplace
to start playing Axie Infinity, you will need 3 Axies. You can buy Axie from other players through a marketplace. However, Axie’s price has gone up due to its growing popularity.
Based on information from Coinecko.com, the base price for one Axie is around 0.15 ETH (USD 285). In addition, to purchase an Axie, you also need ETH assets in your Ronin wallet. There are two ways you can get ETH.
Make deposits from Ethereum wallet to Ronin wallet using Ronin Bridge. Most players usually make deposits or withdrawals through their MetaMask wallet via a centralized exchange.
The second way, you can buy ETH with fiat on Ronin using the Ramp Network. However, Ramp Network itself is not available in all countries. So you need to check first whether your country is included in the distribution list.
How To Sell In-game Items In Axie Marketplace
First, you have to connect your Ronin wallet to your Axie Infinity account. You can open the “Inventory” menu section when the two are connected.
Next, click on the Axie that you are going to sell.
then you will be given the option to sell Axie at a fixed or auction price.
Fixed Price Selling
The way to sell Axie using a fixed price method is to set a fixed price, and then Axie will be directly listed on the Axie Marketplace. Compared to auction prices, the fixed price selling method is much easier and more efficient.
Auction Price Selling
In an auction, you have to determine the starting price, ending price, and sale duration. For example, you will set the initial price at 0.3 ETH and the final price at 0.5 ETH for one day. It means that the price of your registered Axie will increase from time to time in a day from 0.3 ETH to 0.5 ETH.
If no one buys your Axie at the end of the auction, then the auction will end at the final price you have set. Alternatively, you can start at a much higher price, end at a lower price, or set it at the same price. In addition, you can also adjust the duration of how long the auction will last.
After you choose the type of sale, click “Confirm” to include it in the Axie marketplace.
Axie Infinity Marketplace Payment Methods
Some NFT Marketplaces accept credit or debit card deposits and payments, and some even accept PayPal deposits. The Axie Marketplace on the other hand does not accept PayPal or Credit Card payments.
Transactions are carried out using Ethereum because it uses the Ethereum network (ETH). For smaller transactions, the platform recommends the Metamask wallet, while for larger transactions, it recommends exchanges such as Coinbase or Binance.
What Is NFT Marketplace?
An NFT marketplace is a platform where you can sell, buy, and trade NFTs. To buy or sell NFTs, you have to sign up on this marketplace and connect your crypto wallets. You can expect to see a lot of NFTs. As of now, Magic Eden is the biggest NFT trading platform.
How To Cancel Axie Transaction on Axie Marketplace
Those of you who have registered Axie for sale but decided to keep your Axie. Or maybe the selling price you listed was too high, and no one has bought your Axie for some time, and you want to re-list it at a lower price.
You can cancel it by opening the Axie you have registered and clicking the “Cancel Selling” button.
What IS Ronin Wallet?
Ronin wallet is a sidechain of the Ethereum blockchain network that was created by Sky Mavis. To play Axie Infinity, players have to sign up on Ronin. With the sidechain, players can dodge gas fees, faster transactions, and easier onboarding for users.
So there you have it, and even as a complete newbie, you can use this guide to know about the Axie marketplace and how to trade in it but I will advise you to take a calculated risk before diving into trading with the Axie infinity marketplace.