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NFT Game HACKED, Players LOSE $600 Million (Axie Infinity)
What Is Axie Infinity?
– Axie Infinity is an non-fungible token-based online video game developed by Vietnamese studio Sky Mavis, known for its in-game economy which uses Ethereum-based cryptocurrencies.
– Players of Axie Infinity collect and mint NFTs which represent axolotl-inspired digital pets known as Axies. These creatures can be bred and battled with each other within the game. Sky Mavis charges a 4.25% fee to players when they trade Axies on its marketplace.
– Axie Infinity is built on the Ronin Network, an Ethereum-linked sidechain developed by Sky Mavis. In March 2022, hackers compromised the Ronin Network, stealing approximately US$620 million worth of cryptocurrency from the project.
What Are NFTs?
A non-fungible token (NFT) is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded. Types of NFT data units may be associated with digital files such as photos, videos, and audio. Because each token is uniquely identifiable, NFTs differ from most cryptocurrencies, such as Bitcoin, which are fungible.
NFT ledgers claim to provide a public certificate of authenticity or proof of ownership, but the legal rights conveyed by an NFT can be uncertain. NFTs do not restrict the sharing or copying of the underlying digital files, do not necessarily convey the copyright of the digital files, and do not prevent the creation of NFTs with identical associated files.
NFTs have been used as a speculative asset, and they have drawn increasing criticism for the energy cost and carbon footprint associated with validating blockchain transactions as well as their frequent use in art scams. The NFT market has been compared to a Ponzi scheme.
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0:34 Axie Infinity HACKED
1:19 How NFTs Work in Games
3:00 The Problem with Axie Infinity
4:28 Dr Disrespect’s NFT Project
5:23 The Problem with Dr Disrespect’s NFTs
7:05 NFTs Reputation
8:24 Rarity Doesn’t Mean Valuable
9:11 Activision, Ubisoft NFT Games
11:00 NFTs Will Make Games Worse
12:40 Does Gaming NEED NFTs?
Articles Referenced in this video:
“The aftermath of Axie Infinity’s $650M Ronin Bridge hack”
“Axie Infinity sees ‘no signs of buyers’ as AXS price tumbles 30% in two weeks”
“Dr Disrespect is selling NFT beta access to his game that does not exist yet”
“Activision reportedly eyeing “NFT inclusion” in future Call of Duty games”
“Ubisoft has barely sold any Ghost Recon NFTs”
“Logan Paul reveals ’99 Originals’ trailer for massive NFT project”