Players of Axie Infinity collect and mint NFTs which represent axolotl-inspired digital pets known as Axies.[5] 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.[5][6]

In September 2021, most Axie Infinity players were from the Philippines.[7]

Axie Infinity is built on the Ronin Network, an Ethereum-linked sidechain developed by Sky Mavis. The game's official Cryptocurrency is "Axie Infinity Shards/Token" or AXS for short.[8] The game's secondary token, SLP, crashed in February 2022 amid a wider NFT and cryptocurrency crash, losing over 99% of its peak value.[9] In March 2022, hackers compromised the Ronin Network, stealing approximately US$620 million worth of cryptocurrency from the project.[10][11][12][13] The hackers were linked to Lazarus Group, funded by North Korea.[14]