Axie Infinity vs Pegaxy: Which play-to-earn economy endures
For Australian gamers weighing their options between two of the most discussed blockchain titles, Axie Infinity and Pegaxy represent two very different visions of how play-to-earn can survive a downturn. Both rose to fame in 2021, both rode the NFT gaming wave into headlines in Sydney and Melbourne newsrooms, and both now face the harder question of whether their in-game economies can still reward players when token prices cool off.
The comparison matters because Australian players have become some of the most active retail adopters of blockchain gaming in the Asia-Pacific region. With local crypto communities thriving in Brisbane and Perth, and scholarship-style models echoed in informal gaming groups from Adelaide to the Gold Coast, the country offers a useful lens for testing how these economies behave under real-world conditions.
Origins and core gameplay
Axie Infinity launched in 2018 from Vietnamese developer Sky Mavis, with its creature-battling loop powered by two tokens: AXS as governance and Smooth Love Potion (SLP) as the main earnable reward. Players breed, trade, and battle creatures called Axies, with each match generating SLP that can be sold on the open market. The Ronin sidechain was built specifically to keep transaction costs low, a major draw for players in markets like Australia where high gas fees have historically killed grassroots adoption.
Pegaxy, by contrast, races digital horses on a track that mimics a derby. Released in late 2021, it leans on a dual-token model of PGX (utility) and VIS (the racing reward), with mechanics closer to horse breeding simulators than turn-based RPGs. The faster pace of each race, lasting only a few minutes, appeals to Australian players used to quick-play mobile sessions during commutes on Sydney's trains or downtime between shifts in Melbourne's outer suburbs.
Tokenomics compared
Axie's tokenomics have been through several painful recalibrations. The shift from SLP-heavy rewards toward AXS emissions and the eventual removal of SLP from common rewards marked a turning point. Daily active users dropped sharply through 2022 and 2023, though the game stabilised after the introduction of "AXS-era" mechanics and Land gameplay updates in 2024. The lesson here is that the broader Web3 versus Web2 gaming divide becomes clearest when an in-game currency depends on speculative liquidity rather than stable utility.
Pegaxy still wrestles with VIS inflation. Racing rewards are issued constantly, and without enough sinks the token has hovered near all-time lows. Developers have leaned into horse breeding burns and tier upgrades to slow the bleed, but the AUD value of a typical scholarship horse often does not cover petrol costs for a weekend trip to a Melbourne Cup sweep, let alone monthly bills. In practice, many Australian players have quietly exited the game altogether.
Accessibility for local players
| Feature | Axie Infinity | Pegaxy |
|---|---|---|
| Entry cost (entry-level NFT) | Around A$120–A$180 | Around A$60–A$110 |
| Device support | Android, iOS, Windows, Mac | Android, Windows, browser |
| Typical daily playtime | 1–2 hours for casual play | 20–40 minutes for casual play |
| Main reward token | AXS, with limited SLP | VIS, with occasional PGX |
| Onboarding friction | Requires Ronin wallet setup | Requires MetaMask and Polygon |
The lower entry cost of Pegaxy once attracted Australian newcomers who wanted to test the waters without committing serious money, but the lower rewards made it harder to keep them engaged. Axie's higher barrier of entry comes with a richer ecosystem and more liquid secondary market for assets, which matters for players who view NFTs as long-term digital property rather than short-term earnings.
Scholarship models and side income
Both games borrowed the "manager" or "scholarship" concept from guilds in the Philippines, and Australian players have adapted these models locally. Common arrangements include:
- A sponsor buys the entry NFT and splits rewards with a player who supplies time and skill
- Discord-based groups in Brisbane pool capital to fund a small roster of Axies
- Casual managers lend a single horse to a friend running races between AFL and NRL fixtures on weekend afternoons
- Pairs of players alternate shifts so a roster keeps earning around the clock
The Axie scholarship scene is more mature, with established cut structures (often 50/50 or 60/40 in favour of the manager), while Pegaxy scholarships tend to be informal and short-lived because the underlying token rewards rarely justify the time spent on race strategy and breeding cycles.
Sustainability and outlook
Axie's pivot toward Land, Origin updates, and a tighter token economy suggests a project learning from its mistakes. Pegaxy's roadmap has been quieter, with development updates arriving in fits and starts, leaving some Australian supporters comparing it to a once-promising local startup that ran out of runway. Neither game is the easy windfall it appeared to be in 2021, but Axie's broader ecosystem, deeper liquidity on exchanges like the now locally familiar BTC Markets, and ongoing developer activity give it a clearer long-term edge.
Looking at real-world earning potential for Australian players, several signs point toward Axie Infinity being the more durable choice:
- The AXS token is listed on major regulated exchanges accessible to Australian residents, with AUD trading pairs
- Land gameplay in the new Origin mode introduces genuine utility sinks beyond breeding
- Active scholarship guilds still operate publicly and pay out in stablecoin or fiat
- The development team ships updates on a roughly quarterly cadence
Community life across Australia
Players who prioritise longevity, asset liquidity, and a battle-tested governance model will likely find Axie Infinity the more resilient hold. Those who prefer fast, accessible races and can stomach thin rewards may still enjoy Pegaxy as a hobby rather than relying on it for side income. Either way, the real lesson from both projects is that sustainable play-to-earn depends on token sinks, genuine utility, and a community willing to keep showing up long after the headlines fade.