As we have already mentioned repeatedly, the level of adoption that cryptocurrencies have had has been exponential this last year and a half, especially for Venezuelans inside and outside the national territory, this time, and maintaining the social focus in the region, we have talked Nicolas Cova, a young Venezuelan emigrant in Ecuador, who in the interest and the search to get out of the routine of working from Monday to Saturday all day for a fixed amount of money, also with the difficulty of being in a foreign country, He has managed to dedicate himself fully to trading today, and he owns an Axie Infinity academy with more than thirty scholarship holders in different countries of South America.
Cointelegraph (CT): How did you start in the crypto world, and how was the decision to enter? Knowing the risk of being abroad, and exposing yourself with your money to such a volatile market
Nicolas Cova (NC): It all started with the interest of getting out of the routine of working from Monday to Saturday all day for a fixed amount of money and with the difficulty of being in a foreign country. The risks were great but he who does not risk does not win. It is better to risk and have the possibility of winning than never to risk and that there is no change. While working I started studying the Forex market and once I had a certain level of knowledge I decided to put my work aside and dedicate myself 100% to the world of Trading.
CT: You do trading, how do you see this activity regarding cryptocurrencies or other markets?
NC: Currently there are many markets in which you can invest or trade, Forex, Futures, Commodities, and especially the crypto market that really is the most volatile market in which I have operated. You can get very good benefits in the latter but at the same time the risk is much higher, and you must have good risk management and in addition to working with technical analysis it is extremely important to rely on the fundamental part and on the projects that support each cryptocurrency.
CT: Axie Infinity, what is it, and how did you hear about it?
NC: Axie Infinity is an NFT game in which you can acquire a team of Axies and you go mining a cryptocurrency called Smooth Love Potion (SLP) while you play. Let’s say it is a kind of mix between Pokémon and Yu Gi Oh, with the advantage that it is a Play-To-Earn, that is, you can generate income since you can exchange the SLP for dollars.
I found out from a friend in mid-June of this year and after 48 hours studying the project hard I decided to buy my first team (3 Axies) for a total of USD 800.
CT: Do you think P2E games are a bubble these days?
NC: Play to earn (P2E) games allow you to generate income due to the interest of users in it. Like any market they work with a supply and a demand. As long as the project / game has a strong demand and a solid community it will be an excellent option to invest, as is the case with Axie Infinity.
CT: How to recognize real opportunities in P2E?
NC: It really is a new world and we have to be very cautious because many projects have started very well but after certain changes the economy of the same stops being sustainable, as is the case of CryptoBlades, Plant vs Undead, Overlord, etc. The healthiest thing will always be to evaluate the project’s White paper in detail and confirm compliance with the roadmap before investing.
CT: Do you see Axie maintain his leadership in the future?
NC: Axie Infinity is like the Bitcoin of NFT games. Like any cryptocurrency, AXS has its ups and downs but it is still the most solid project to date. The decisions made by its developers are still the best ones to maintain a fairly healthy economy in the game.
CT: What do you think needs to be strengthened the most within Axie?
NC: One of the things that will help the economy to be more robust will be to increase the ways in which the SLP can be burned. Which the developers have already mentioned will come in the future so it’s a matter of time.
CT: Can anyone enter Axie, how much does it cost to enter?
NC: Currently you can enter up to about USD 500 buying 3 Axies. But the quality of them will not be the best. The price of an Axie can range from USD 150 or USD 160 USD, as much as thousands of dollars depending on the cards and the rarity of the same.
CT: What is the Axie Team Scholarship System, and how does it work?
NC: Scholarships allow people who do not have the capital to buy their own equipment to play. A person or company, who identifies himself as a manager, buys several Axie teams and reaches an agreement with third parties (scholarship holders) so that they play and mine the SLP, obtaining at the end of the fortnight or month a certain percentage of the profits. These percentages usually vary from 15% to 50% depending on the manager.
CT: The entry barrier to these types of games, both technically and economically in many of them, including Axie Infinity, is a matter to be addressed. Do you think it could and should be changed?
NC: As for the barrier to entry, I would say that the most balanced so far is that of Axie Infinity. I think that it should be kept as is, since in some NFT project the barrier is so high that very few people enter, and in other cases the barrier is so low (as it was in PVU) that too many people end up entering at once and it ends up being Counterproductive to the gaming ecosystem.
CT: How do you see the entry of actors like Electronics Arts or Ubisoft to this ecosystem?
NC: I think the participation of these companies is great since they convey greater confidence in the project and additionally add quality to the final product. Partners are very important in this world of NFT games.
CT: Are P2E games the future of video games?
NC: From my point of view, yes. Who doesn’t enjoy a good video game and more so if you can monetize it? The fact that you can generate capital by playing and you can reinvest it to improve your game and go further or simply withdraw it and use it physically is something revolutionary.
CT: In Venezuela these games have penetrated a lot, throughout Latin America. What do you think this phenomenon is due to? What is your opinion?
NC: In short, the countries with the hardest hit economies where there is a greater presence of players. In the case of Axie Infinity, the first country with the most players is the Philippines and the second is Venezuela, followed by Argentina. Many unemployed people currently live on what they make by playing NFT games.
CT: What do you advise people who want to leave their studies or professions to dedicate themselves fully to P2E games?
NC: Like any new project, it is important to analyze it well before investing, and as any investor I would recommend: “We should not put all our eggs in one basket.” It is important to diversify investments and thus have different sources of income.
CT: What do you base on for the scholarship selection process?
NC: Trading Systems is currently awarding Axie Infinity scholarships. We currently have 30 scholarships awarded and we continue to grow.
Interested people fill out a form that would be the first filter. People with previous experience or with a certain level of knowledge in the game as such, or in other games and who have a facility to adapt are selected, these people pass a test of 10 PVP games in the game and if they manage to win the half of the games or more then they are awarded a scholarship.
CT: You are generating employment, how does it feel to be able to contribute to society in this way?
NC: It could be said that the scholarship is a job since a daily responsibility is acquired and certain amounts of SLP mining must be met in order to keep the scholarship. It really is a way to support many people who need extra income or who simply do not have income and with this they can support themselves until their situation improves, but it is important to clarify that it is still an investment on the part of whoever is granting the grant, and therefore Thus, there is an ROI calculated in months for which the grantee must maintain a certain level of performance, since if it drops too much, he runs the risk that the scholarship will be withdrawn.
CT: Currently, where are the nationalities of the scholarship recipients from?
NC: All the scholarship holders are currently from Latin America. We have people from Venezuela, Colombia, Ecuador, Argentina, etc.
CT: If it weren’t Axie Infinity, would you have any other option that would catch your attention or see it as potential?
NC: The other option I invested in and got my investment back in time before I went bust was Plant Vs Undead. Currently version 3.0 of the Farm is coming and I hope that the developers have learned from all the mistakes made. I still have some faith in the project because I love tower defense games and I see a lot of potential for it. I will wait until December or January to see how this next update goes before I reinvest in PVU.
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