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INTRO Rate my business idea! (executing idea 1 already)

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james7

New Contributor
Read Millionaire Fastlane
Apr 2, 2021
3
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Note: I am implementing Idea 1 already and have made a few thousand bucks for a month now. However, I am considering adding or switching to another idea. Appreciate any comments!

Hi everyone, I'm James and I want to run a business in crypto games (NFTs). A business I am running is in Axie Infinity, which is a game full of creatures, named axies, for battling (Yes, I have a huge third party risk right now, but since this game is moving towards decentralization, I should gain more control over time until it is fully decentralized).

Business Idea 1: Breeding Axies
This is what I am currently doing. I get some pairs of axies and start breeding them, eventually selling them in the marketplace in-game. People buy axies for numerous reasons, like battling, breeding, or simply as collection, etc and I breed axies cater to customers who buy axies for battling and breeding. There is a bit of knowledge involved in breeding, like knowing how axies genes work and the percentage, etc, and also some cost (around 2000usd right now to get into breeding). I have made a few thousand bucks from this since last month, but since the entry of barrier is going to reduce in the next few months due to a huge reduction in gas fee (basically, the cost of breeding axies will drop immensely, hence reducing entry barrier), I think this business cannot sustain long due to limited profit margin.

Business Idea 2: Buying limited axies
This is what I am considering moving onto. Since I am earning some profit from breeding, I am wondering if I should start putting my profit into buying limited axies. Generally, battling and breeding axies are inflationary, but limited axies will increase value over time (asset). There is still some knowledge I have to learn to know which are good rare axies, and this have a higher entry cost (right now, a rare axies cost roughly around 4000usd). Is it a good move to start putting the profits I made from breeding into buying limited axies and sell them in the future? Or do you think it's better to expand the breeding production line despite less profit margin over time?

Let me know what your thoughts are!
 

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