What is Scholarship/Scholar?
Let's find out Scholarship/Scholar meaning, definition in crypto, what is Scholarship/Scholar, and all other detailed facts.
A Scholarship is a term put forward by the top-ranking blockchain play-to-earn video game Axie Infinity (AXS). It describes the practice when new Axie Infinity players, also referred to as scholars, seek out old players, sometimes referred to as managers, in order to borrow their free digital pets. The need for scholarships stems from the fact that in order to be able to play the game, the player needs to have three non-fungible token (NFT) based digital pets.
Axie Infinity (AXS) has similarities to the game that has taken the world by storm - Pokémon Go. However, instead of collecting Pokémons and entering duels, AXS players collect NFT digital pets. The players can receive rewards by participating in battle matches with their AXS pets.
Currently, the game has over 2 million active users. It’s extremely popular in the Philippines.
How does a scholarship work?
Managers lend their Axies to the new players so they can play the game and earn the in-game currency Smooth Love Potions (SLP) which can be traded directly for fiat money. Additionally, SLP allows players to breed their Axies which results in an increased number of them. These digital pets can also be sold to other players for profit.
In order to receive a scholarship, new players have to find a guild that is participating in this program. Generally, every guild has its own criteria for choosing scholars. The next step is getting in touch with the guild’s managers to show interest and motivation.
Whatever scholars earn while in possession of the manager’s Axies is shared between both parties. The most popular ways of dividing earnings are 50/50, 60/40, or 70/30. The percentage is usually decided beforehand.
Another reason why established players participate in this program is to make use of the large amounts of Axies that they’re not able to use anyway. By providing scholarships to newer players they’re able to bring into play every Axie that they’re not using and earn passive income.