Crypto Scholarships: Funding Education with Digital Assets
Scholarship is a popular practice in the Axie Infinity universe where managers lend their free Axie to new players (Scholars) and are passively rewarded in battles.
What is Scholarship?
In Axie Infinity, two groups of people get scholarships. The first group are young players, and the second group are veterans who don’t have the funds.Players cannot use all of their Axies to get SLPs. However, they do take those Axies away from the scholarship players and receive a passive reward in the form of SLPs. The term “scholarship” in the NFT world was introduced in the Axie Infinity (AXS) game, a leading blockchain game with $2.5 billion in sales.
This play2earn game operates on both smartphones and desktops and has an audience of more than 1 million active players. The game is broadly similar to the popular game Pokemon Go, which has digital pets called Axies (not Pokémon). Players use these pets to battle each other to earn in-game rewards.
“Scholars” playing the game using Axies managers earn “smooth love potions” (SLP), which are in-game currency they can use later to breed new Axies and sell them to other players. Alternatively, they can exchange SLPs for fiat money. In-game rewards received by stipendiary players are distributed to the managers who gave them Axies.